Kirstein Business Library & Innovation Center

Lower Level, Johnson Building, Central Library, 617 536-5400,

People Without Bank Accounts

by blippmeier



In June 2011, the Federal Deposit Insurance Corporation sponsored the second National Survey of Unbanked and Underbanked Households to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons for being unbanked and underbanked.



  • 8.2 percent or nearly 10 million US households are unbanked.
  • The proportion of unbanked households increased slightly since the 2009 survey. The estimated 0.6 percentage point increase represents an additional 821,000 unbanked households.
  • 20.1 percent or 24 million US households are underbanked.  The 2011 underbanked rate in 2011 is higher than the 2009 rate of 18.2 percent, although the proportions are not directly comparable because of differences in the two surveys.
  • 29.3 percent of households do not have a savings account, while about 10 percent do not have a checking account. About two-thirds of households have both checking and savings accounts.
  • One-quarter of households have used at least one non-bank financial product in the last year, and almost one in ten households have used two or more alternative financial services. In all, 12 percent of households used an alternative financial services product in the last 30 days, including four in ten unbanked and underbanked households.

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