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Report

Fees and the Unbanked
How Your State Compares with the Nation


Quick Summary

The Pew Health Group’s Safe Checking in the Electronic Age Project investigated checking accounts offered by the ten largest U.S. banks, which held nearly 60 percent of the nation’s deposit volume.

View an interactive graphic presenting a state-by-state overview of Underbanked or Unbanked households.

Fees and the Unbanked
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Contact

Nicolle Grayson, Tel: 202-540-6347

Introduction

According to the FDIC, significant percentages of American households are unbanked or underbanked. The FDIC defines the unbanked as households that lack a checking or savings account and the underbanked as households that "have a checking or savings account, but rely on alternative financial services," such as non-bank money orders or check cashing, payday loans, rent-to-own agreements and pawnshops.

Data from the 2009 FDIC National Survey of Unbanked and Underbanked Households show that 31 percent of U.S. households that dropped a bank account they had previously maintained cited either service charges, minimum balance requirements or overdraft fees as a reason for leaving the banking system.

 Fees and the Unbanked Interactive

Table of Contents
 

Date added:
Oct 26, 2011
Contact:
Nicolle Grayson, Tel: 202-540-6347

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