CFED Assets & Opportunity Scorecard
Percentage of households that have either a checking or savings account but have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements or pawn shops at least once a year or refund anticipation loans at least once in the past five years, 2009.
More than 21 million American households have a checking or savings account, but still rely on costly alternative financial service providers for basic transaction and credit needs, including check cashers, payday lenders and pawn shops. An estimated 81% of underbanked households use non-bank money orders, while 30% use check-cashing transaction services. Underbanked households are more prone to loss or theft and face challenges in building credit and achieving financial security compared to banked households. When combined with the rate of unbanked households, this measure can paint a broad picture of which states have more households that are financially underserved.
For more information on the underbanked, see the Center for Financial Services Innovation, FDIC's economicinclusion.gov and joinbankon.org, where you can also find estimates of the underbanked at the local level.
FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2009.