ABA Statement on FDIC's Unbanked Households Report

“We welcome today's encouraging news that the number of unbanked in the U.S. is now at its lowest level since the FDIC started tracking this data. The 17% decrease in the number of unbanked from 2019-2021 shows that a concerted effort by the banking industry, government agencies and community groups can make a meaningful difference in expanding access to banking services, even in the middle of a global pandemic. This is progress that every American should celebrate.

"America's banks' strong commitment to financial inclusion contributed to this progress. In particular, we want to recognize the growing number of banks that now offer low-cost, easy-to-use Bank On-certified accounts. Since ABA encouraged every bank in the country to offer Bank On accounts two years ago, the number has skyrocketed by nearly 700%, with certified accounts now available in more than 40,000 retail banking locations across the United States, from the very smallest community banks to the very largest global banks.

"Thanks to the dedicated efforts of the Cities for Financial Empowerment Fund, which created the Bank On standards, as well as the regional Bank On coalitions that bring together financial institutions, local government officials and community leaders, we believe there is a tremendous opportunity to further reduce the number of unbanked in the country. 

“We will continue to support the Bank On movement, FDIC's #GetBanked campaign and other initiatives to expand access to banking services so that everyone has the opportunity to enjoy the many benefits that come with a bank account."