Yesterday I had the pleasure of talking to a representative from the FDIC who sought our advice on how financial instutions can provide access to affordable transaction products. I was able to give her a host of credit union examples as well as share our product toolkits with her. In talking with her I found that FDIC has just completed a ‘National Survey of Unbanked and Underbanked Households.’
The data gathered in this survey will be used inform the financial services industry and policymakers about economic inclusion issues, and promote the goal of ensuring that all Americans have asess to basic, safe and affordable banking services. The report provides national and state data on unbanked and underbanked households. I was not surprised (sadly) to find that 25.6% of American households are unbanked our underbanked – this represents almost 60 million adults.
How many people in your state are underbanked?