Unbanked

Adults who do not have their own bank accounts The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available. Causes Some reasons a person might not have a bank account include:[citation needed] Lack of access via a nearby bank branch or mobile phone Minimum balance fees Distrust of the banking system, typically due to lack of transparency regarding fees and deposit timing No access to government-issued ID, which is required to open a bank account To avoid delinquent debts, such as creditors seizing the account in judgements, or the government collecting back taxes or child support In the United States The unbanked are described by the Federal Deposit Insurance Corporation (FDIC) as those adults without an account at a bank or other financial institution and are considered to be outside the mainstream for one reason or another. In the FDIC's 2023 survey, 4.2 percent of U.S. households, representing 5.6 million households, were unbanked, while 14.2 percent, representing 19.0 million households, were underbanked. In a 2025 working paper released by the F