Overview

When households open an account at a federally insured depository institution, they establish a mainstream banking relationship. This relationship provides opportunities for households to deposit funds securely, conduct basic financial transactions, accumulate savings, and access credit on fair and affordable terms. Despite these benefits, many households-referred to in this report as unbanked -do not have an account at an insured institution. Additional households have an account, but have also obtained financial services and products from non-bank, alternative financial services (AFS) providers in the prior 12 months. These households are referred to here as underbanked. The existence of unbanked and underbanked households presents an opportunity for banks to expand access to their products and services and forge relationships with these underserved groups, ultimately increasing economic inclusion. The FDIC recognizes that public confidence in the banking system is strengthened when banks effectively serve the broadest possible set of consumers. As a result, the agency is committed to increasing the participation of unbanked and underbanked households in the financial mainstream. The FDIC National Survey of Unbanked and Underbanked Households represents one contribution to this end. Conducted to assess the inclusiveness of the banking system, and in partial response to a statutory mandate, the biennial survey provides estimates of unbanked and underbanked populations. It also seeks to provide insights that will inform efforts to better meet the needs of these consumers. The FDIC partnered with the U.S. Census Bureau to administer this survey in June 2013, collecting responses from 40,998 households.

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