U.S. households not using banks on rise

More than one in four U.S. households are either underbanked or unbanked, the Federal Deposit Insurance Corporation said.

Since 2009, when the FDIC did its initial survey on the subject, 821,000 more households have become unbanked, a 0.6 percent increase

More than one-half of those households that are unbanked said they don’t have a bank account because they think they don’t have enough money or they don’t want an account.

The study also shows that three in 10 households in the U.S. don’t have a savings account.

FDIC acting chairman Martin Gruenberg said, “Access to an account at a federally insured institution provides households with the opportunity to conduct basic financial transactions, build wealth, save for emergency and long-term security needs, and access credit on fair and affordable terms.”

The survey found that one-quarter of U.S. households have used at least one alternative financial service such as non-bank check cashing or payday loans in the last year.

Overall, 8.2 percent of U.S. households are unbanked, or 10 million households total.

Another 20.1 percent are underbanked, or 25 million households.

About 10 percent of households don’t have a checking account and 29.3 percent don’t have a savings account.

10 comments Add your comment

Freddy

September 13th, 2012
9:47 am

Perhaps they are tired of having every transaction traced the government (IRS) that is SUPPOSED to serve the people, not vice-versa?

MrLiberty

September 13th, 2012
10:27 am

Perhaps they are aware that all of the US banks are poised to collapse when the European banks go down. FDIC or not, there is insufficient money to cover all the accounts especially given how unfunded banks are currently thanks to the criminal practice of fractional reserve banking. Smart folks have read their history and know that “bank holidays” do occur, have occurred in the US and recently in Greece and are basically the equivalent of shutting the doors so the management can steal all of your money. Given the horrible rates the banks pay on savings (only this low because of the Federal Reserve), it is also no wonder nobody has a savings account.

Smart folks are keeping their wealth in silver and gold and stashing it in a safe spot at home. Paper money always returns to its intrinsic value. Gold and silver have been market-chosen stores of wealth for over 5000 years.

Tea Party Patriot

September 13th, 2012
11:06 am

Causa Obama. He Muslin and freinds with Bill Ayers.

Bankless and PROUD of It!

September 13th, 2012
11:42 am

I quit using banks altogether years ago. No more lost deposits, usuary (and bogus) transaction fees and customer NO-service.

Dave

September 13th, 2012
11:59 am

Credit Unions are more user friendly!!!

MrLiberty

September 13th, 2012
2:46 pm

You would think that the FDIC would be happy about this. One more big bank failure and their fund is dry. I know the fractional system relies on deposits for their profits, but from a moral hazard perspective, the sooner everyone gets out of the banking system the better they will be (the citizens I mean – screw the banks).

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Tyler Durden

September 14th, 2012
10:58 am

I liked how the movie ended.

A.S.Mathew

September 14th, 2012
4:04 pm

Less income and everybody is watching every dollar. Having a bank account won’t help many people, but the banks will be getting some money from every customer.

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