The latest Federal Deposit Insurance Corporation (FDIC) survey of unbanked and underbanked households showed shows an estimated 4.2% of U.S. households (approximately 5.6 million) were “unbanked” in 2023, meaning that no one in the household had a checking or savings account at a bank or credit union.
This was the lowest rate since the survey began in 2009 and marks the continuation of an annual trend (see graphic).
Source: FDIC
The 2023 Annual Survey, released in November 2024, showed that the proportion of US households that were unbanked – the unbanked rate – ticked down slightly between 2021 (4.5%) and 2023 (4.2%).
As in previous years, unbanked rates in 2023 varied considerably across households. Unbanked rates were higher among lower-income households; less-educated households; Black, Hispanic, and American Indian or Alaska Native households; working-age households with a disability; households with income that varied a lot from month to month; and single-parent households.
The FDIC study gives a national context to the Direct Express® Annual Cardholder Satisfaction Survey. This showed almost seven in ten cardholders in 2023 were unbanked and that the number of banked cardholders has increased significantly, from 19% in 2014 to 32% in 2023.
The FDIC survey was conducted in June 2023 in partnership with the U.S. Census Bureau and collected responses from more than 30,000 households.
To review the survey and download a PDF version, visit:
2023 FDIC National Survey of Unbanked and Underbanked Households (November 2024).
SOURCE: FDIC
