Unbanked Households Have Increased According to New FDIC Report

by Mercator Advisory Group 0

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The FDIC has released a new study that shows from 2009 to 2011 the portion of U.S. households that had no bank account rose from 7.7 percent to 8.2 percent. More people are outside of the financial mainstream, which may push regulators to do more to encourage financial institutions to reach out to these populations.

In conjunction with today’s meeting of its Economic Inclusion Committee meeting, the FDIC released its 2011 Survey of Unbanked and Underbanked Households. This survey is the most complete research available on households in the United States with limited access to mainstream transaction accounts and one of the best resources for uptake in the usage of alternative financial service products.

As this population increases, financial institutions will see more competition from alternative financial services providers. As more companies offer a variety of financial services from check cashing to bill pay to remittances, the financial services landscape is becoming increasingly crowded and this study shows that there is a growing market for providers of all types.

Click here to download the report from PaymentsJournal.