Unbanked American households hit record low numbers in 2021
Table of Content Are some groups more likely to be unbanked? Why are people unbanked or underbanked? The number of Americans without a bank account drops to lowest level in more than a decade Will the number of unbanked rise if the U.S. has a recession? Are some groups more likely to be unbanked? The FDIC initiated an educational campaign to get more Americans to open an account to enable the direct deposit of those funds. And banks such as Capital One and Ally Financial ended overdraft and other fees that have been a key barrier to some Americans accessing the banking system. "Safe and affordable bank accounts provide a way to bring more Americans into the banking system and will continue to play an important role in advancing economic inclusion for all Americans,'' FDIC acting chairman Martin J. Gruenberg said in a statement. And nearly 16% of households with a single mother were unbanked as compared to about 2% of married couples who lacked an account. And sinc...