2023 National Survey of Unbanked and Underbanked Households (FDIC)
Summary
- In 2023, 4.2 percent of U.S. households, representing about 5.6 million households, were unbanked.p.13
- Between 2011 and 2023, the national unbanked rate fell by almost half, corresponding to an additional 5.3 million banked households.p.13
- Mobile banking was used by 48.3 percent of banked households as their primary method of bank account access in 2023.p.16
- Half of all households (49.7 percent) were using nonbank online payment services like PayPal, Venmo, or Cash App in 2023.p.19
- About one in six U.S. households (15.7 percent) had no mainstream credit in 2023, down from 20.0 percent in 2017.p.24
- In 2023, 14.2 percent of U.S. households, representing about 19.0 million households, were underbanked.p.27
Key insights
- Not having enough money to meet minimum balance requirements was the most cited main reason for being unbanked in 2023 at 23.3 percent.p.15
- Use of mobile banking as the primary account access method increased almost ninefold over the past decade.p.16
- Use of prepaid cards among unbanked households dropped by about one-third between 2021 and 2023, falling to 21.6 percent.p.19
- Use of nonbank money orders among all households declined from 18.2 percent in 2013 to 8.0 percent in 2023.p.21
- Nonbank check cashing use fell by more than half over the past decade, reaching 2.7 percent of all households in 2023.p.21
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