The (FDIC) released the 2023 FDIC National Survey of Unbanked and Underbanked Households that revealed millions of households in the U.S. lacked a bank or a credit union account.
The survey reported that overall, 96% of all U.S. households were banked in 2023 but 5.6 million households didn鈥檛 have their money at a credible financial institution.
While the nation鈥檚 overall unbanked rate remains at its lowest level since the FDIC survey began in 2009, lower-income, less-educated, Black, Hispanic, disabled, and single-parent households continue to be significantly more likely to be unbanked.
In addition, the survey found that 66.2% of unbanked households relied entirely on cash, while slightly more than a third, 33.8%, of unbanked households relied upon a combination of prepaid cards or nonbank online payment services such as or to conduct transactions.
鈥淎ccess to safe, affordable bank accounts is fundamental for consumers to be able to participate in and benefit from our nation鈥檚 economy,鈥 said FDIC Chairman 鈥淭his survey reveals that significant disparities in access to the banking system for minority, lower income, disabled, and single-parent households still exist and need to be addressed.鈥
Other key findings include:
- Minority Unbanked Rates: While unbanked rates among minority households fell by about half since 2011, they remain significantly higher than white households: Black (10.6%); Hispanic (9.5%); American Indian or Alaska Native (12.2%); and white (1.9%).
- The Underbanked Rate: 14.2% of U.S. households (representing 19 million households) were underbanked in 2023, meaning these households had a bank or credit union account yet primarily used nonbank products and services to meet their financial needs.
- Mobile Banking: Nearly half of banked households (48.3%) used mobile banking as their primary method to access their accounts.聽
- Credit Cards: 76.4% of all households had a credit card in 2023. However, about one-in-six households (15.7%) had no access to mainstream credit, down from 20% in 2017. These households likely did not have a credit score with the nationwide credit reporting agencies, which could make it more difficult to obtain mainstream credit should a credit-need arise.
- Buy Now, Pay Later: For the first time, the FDIC asked households about their use of Buy Now, Pay Later (BNPL), short-term loans that allow consumers to split their payments on purchases over time. In 2023, 3.9% of all households used BNPL in the past 12 months.
- Crypto: The survey included questions about household use of crypto or digital assets to store and transfer money. In 2023, 4.8% of U.S. households owned or used crypto or digital assets in the previous 12 months.
For more information on the survey, go to聽