Record number of Americans have bank accounts, govt says
The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system
NEW YORK (AP) — The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system.
A new report from the Federal Deposit Insurance Corp. issued Tuesday found that 4.5% of Americans — representing approximately 5.9 million households — were without a bank account in 2021. That's the lowest level since the FDIC started tracking the data in 2009 and down from 5.4% of Americans in the 2019 survey data.
The decline in unbanked households may partially be attributed to the coronavirus pandemic. States and the federal government distributed trillions of dollars in stimulus to Americans after COVID-19 shut down the U.S. economy in March 2020. The benefit programs largely needed a bank account to send the funds quickly to those impacted.
“During the pandemic, consumers opened bank accounts to access relief funds and other benefits quickly and securely,” said FDIC Acting Chairman Martin J. Gruenberg, in a statement.
