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Going without a bank account may not seem like a big deal, but being unbanked can be challenging.
Basic tasks like cashing a check can be expensive, and it can be harder to qualify for loans or other forms of credit.
What does it mean to be unbanked? The term refers to individuals who don't have access to checking or savings accounts.
Without a bank account, you may face a number of inconveniences and added costs.
Although the majority of Americans have bank accounts, a significant number are unbanked.
According to the Federal Reserve's latest data, 4.2% of adults, or approximately 5.6 million people, were unbanked in 2023.
The official definition of "unbanked" is a household without a checking, savings, or money market account at a bank or credit union.
There are many reasons why someone would be unbanked.
According to theFederal Deposit Insurance Corporation's 2023 studyon unbanked individuals, these were the most commonly reported reasons: Trouble reaching balance minimums:Some banks require individuals to deposit a minimum amount to open an account, such as $100 or more.
For thoseliving paycheck-to-paycheckwithout extra cash, meeting these deposit requirements can be difficult.
Lack of trust:Some people have concerns about the reliability and transparency of banks, and also have privacy concerns about how their information is used.
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