Unbanked and Underbanked

More than one in four U.S. households (28.3 percent) were either “unbanked” or “underbanked” in 2011, up slightly from 2009, according to a survey by the Federal Deposit Insurance Corporation. Respondents were considered unbanked if they had no bank account and underbanked if they had a bank account but also relied on alternative banking services such as money orders. Other key findings include:

  • 8.2 percent of U.S. households, or 10 million households, are unbanked.
  • 20.1 percent of U.S. households, or 24 million households, are underbanked.
  • One-quarter of households used at least one alternative financial service such as nonbank check cashing or payday loans in 2011.