In six states, at least 1 out of 10 households doesn’t have a bank account
According to an annual survey by the Federal Deposit Insurance Corporation (FDIC), 7.0 percent of U.S. households were “unbanked” in 2015, which means that no one in the household had a checking or savings account. That’s around 9 million households consisting of 15.6 million adults and 7.6 million children. The percentage of the population that is unbanked varies considerably across states, ranging from a low of less than 2 percent in New Hampshire and Vermont to more than 10 percent in Alabama, Georgia, Louisiana, Mississippi, Oklahoma and Tennessee. Louisiana has the highest rate at 14 percent.
The regional differences are even more striking when you include those that were “underbanked” in 2015 – households that had an account at an insured institution but also obtained financial services and products outside of the banking system.* Nationally, 26.9 percent of households – 33.5 million – were unbanked or underbanked in 2015. The percentage of those households ranged from 14.3 percent in Vermont to a high of 38.1 percent in Mississippi. More than half of the states with more than 30 percent of their population in this category are in the South.
*A household that had a checking or savings account and also used one to the following products or services from an alternative financial services provider in the past 12 months: money orders, check cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans.