ABA Statement on FDIC’s Unbanked Households Report

“We welcome today’s FDIC report indicating that the number of unbanked in the U.S. has reached a new record low. Our industry has worked in close collaboration with a range of stakeholders to expand access to banking services, and those important efforts will continue to ensure that everyone in the country – regardless of their socioeconomic status – can enjoy the safety, security and opportunities that come with a bank account. The overwhelming majority of Americans live in close proximity to multiple bank branches, and banks have invested heavily in technology to ensure customers are able to access their account from anywhere using a range of innovative tools. The report shows consumers are taking advantage of those tools. 

“ABA strongly supports industry initiatives to further expand financial inclusion, including encouraging every bank in the country to offer low or no-cost Bank On-certified accounts. Certified Bank On accounts are now available in more than 45,200 retail banking locations across the United States, from the very smallest community banks to the very largest global banks. In 2023, Bank On accounts were accessible to 97.4% of low- and moderate-income households. We remain concerned that regulatory changes, including the Fed's Reg II proposal to limit debit interchange fees, will make it harder for banks to offer Bank On-certified accounts and fund other important financial inclusion initiatives. 

“This report shows that we continue to make progress in expanding access to banking, but more remains to be done. ABA looks forward to working with the FDIC and others to achieve our shared goal of giving everyone the opportunity to enjoy the many benefits that come with a bank account."