National Survey of Unbanked and Underbanked Households

National Survey of Unbanked and Underbanked Households When households open an account at a federally insured depository institution they establish a main stream banking relationship This relationship provides opportunities for households to deposit fund

  • Title: National Survey of Unbanked and Underbanked Households
  • Author: Federal Deposit Insurance Corporation
  • ISBN: 9781503086012
  • Page: 191
  • Format: Paperback
  • When households open an account at a federally insured depository institution, they establish a main stream banking relationship This relationship provides opportunities for households to deposit funds securely, conduct basic financial transactions, accumulate savings, and access credit on fair and affordable terms Despite these benefits, many households referred to in tWhen households open an account at a federally insured depository institution, they establish a main stream banking relationship This relationship provides opportunities for households to deposit funds securely, conduct basic financial transactions, accumulate savings, and access credit on fair and affordable terms Despite these benefits, many households referred to in this report as unbanked do not have an account at an insured institution Additional house holds have an account, but have also obtained finan cial services and products from non bank, alternative financial services AFS providers in the prior 12 months These households are referred to here as underbanked The existence of unbanked and underbanked households presents an opportunity for banks to expand access to their products and services and forge relationships with these underserved groups, ultimately increasing economic inclusion The FDIC recognizes that public confidence in the banking system is strengthened when banks effec tively serve the broadest possible set of consumers As a result, the agency is committed to increasing the participation of unbanked and underbanked house holds in the financial mainstream The FDIC National Survey of Unbanked and Underbanked Households represents one contribution to this end Conducted to assess the inclusiveness of the banking system, and in partial response to a statutory mandate, the biennial survey provides estimates of unbanked and underbanked populations It also seeks to provide insights that will inform efforts to better meet the needs of these consumers The FDIC part nered with the U.S Census Bureau to administer this survey in June 2013, collecting responses from 40,998 households.

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      191 Federal Deposit Insurance Corporation
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      Posted by:Federal Deposit Insurance Corporation
      Published :2018-05-15T08:48:15+00:00

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