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Lower-income households tend to be unbanked or underbanked.

The 2019 FDIC survey confirms that American households with income less than $15,000 have the highest unbanked rate of 23.3 percent.

The 2019 FDIC survey confirms that American households with income less than $15,000 have the highest unbanked rate of 23.3 percent.Firstly the unbanked are the people who do not have a savings or checking account with a bank. Underbanked customers are those who have a bank account but often rely on alternative financial services such as money orders. The latest data from the Federal Deposit Insurance Corporation shows that 5.4 percent of U.S. households that is approximately 7.1 million, are part of the unbanked population, and 17 percent of households were underbanked.

The official poverty rate in 2019 was 10.5 percent, a decline of 1.3 percentage points from 11.8 percent in 2018. Almost one-third of the population in the country is underbanked lacking essential financial services. According to the Federal Deposit Insurance Corp survey 2019, the number of those unbanked is higher among lower-income households. Meanwhile, 94.6 percent of U.S. households (approximately 124.2 million) were banked in 2019, meaning that at least one household member had a checking or savings account.

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