Expanding Financial Services Access for Justice System-Involved Individuals Infographic

Financial education, tailored financial products and services, and other novel approaches can knock down barriers to financial inclusion for people who were previously in the criminal justice system. Your bank can effectively reach this unbanked population by learning new strategies.

• 7.7 million people have been imprisoned
• 2.1 million people in the U.S. were in the criminal justice system in 2019
• 29% of formerly incarcerated people lack a bank account
• 47 million people have misdemeanor convictions
• 12 million people have felony convictions but are not incarcerated

The Impact on Families

• 1 in 5 people in the U.S. have an experience within the justice system
• 36% of Black people have justice-involved family members
• 26% of Latine/Hispanic people have justice-involved family members
• 35% of justice-involved individuals make less than $25,000 annually
• 85% more debt is incurred by family members of incarcerated individuals

Barriers to Financial Inclusion

Justice-involved individuals often:

• Did not have a bank account before going into criminal justice system
• Lack government-issued ID, access to records or documents, no permanent address
• Owe court fees, fines, or child support payments
• Face collections and garnishments on past-due debt
• Are victims of fraud or are targeted by financial scams

How Banks Can Help

• Collaborate or partner with justice system and or community partners to target financial education programming and fill gaps in product offerings
• Accept a wider variety of IDs, such as from a correctional facility or financial education program certificate
• Offer Bank On-certified accounts or other basic accounts with low or no minimum balance or fees

More information

The ABA Foundation has created an issue brief to inform your bank about how to effectively reach this vulnerable population in your community. Read it here.