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Just 4.5% of 132.5m U.S. households were considered “unbanked” in 2021, data from the Federal Deposit Insurance Corporation (FDIC) show. That rate, which represents about 5.9m U.S. households, is almost a full percentage point lower than when the survey was last conducted in 2019, and is the lowest level recorded since the FDIC began conducting the survey in 2009.
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Another 14.1% of households were considered “underbanked” in 2021, meaning they had traditional bank accounts but also relied on alternative financial products like payday loans or money orders in the last 12 months.
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