Who Does Not Have a Bank Account?

This is the question the 2009 National Survey of Unbanked and Underbanked Households prepared by the FDIC attempts to answer.

Key Overall Findings

• An estimated 7.7 percent of U.S. households, approximately 9 million, are unbanked.3 At least 17
million adults reside in these unbanked households .
• The proportion of U.S. households that are unbanked varies considerably among different racial
and ethnic groups, with certain racial and ethnic minorities more likely to be unbanked than the
population as a whole. Minorities more likely to be unbanked include blacks (an estimated 21.7 percent
of black households are unbanked), Hispanics (19.3percent), and American Indian/Alaskans (15.6
percent). Racial groups less likely to be unbanked are Asians (3.5 percent) and whites (3.3 percent).5
• In addition to the unbanked households, an estimated 17.9 percent of U.S. households, roughly 21
million, are underbanked.6 The number of adults that reside in these underbanked households is about 43 million.7
• Certain racial and ethnic minorities are more likely to be underbanked than the population as a whole.
Minorities more likely to be underbanked include blacks (an estimated 31.6 percent), American Indian/
Alaskans (28.9 percent), and Hispanics (24.0 percent). Asians and whites are less likely to be
underbanked (7.2 percent and 14.9 percent, respectively).

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“When people don’t have savings, they become vulnerable. Whenever there is even a small crisis, everything comes tumbling down. We need to emphasize the need to save and the need for delayed gratification. It’s important to save for tomorrow.”

—Ann Baddour, senior policy analyst at Texas Appleseed, a public interest law organization, at the FDIC’s Face Your Finances Road Show in Dallas