Americans who don’t have a bank account at lowest level ever

NEW YORK — The percentage of Americans who do not have a bank account fell to a record low last year, the Federal Deposit Insurance Corp. said Tuesday, a sign that the economic fortunes of the country’s most vulnerable people continues to improve.

In 2017 approximately 6.5 per cent of U.S. households did not have a primary bank account. That is down from 7 per cent in 2015 and from a high of 8.2 per cent in 2011. That translates into roughly 14.1 million adults without a bank account.

Not having a bank account, also known as being “unbanked,” can make everyday life more challenging. Saving money in a secure place becomes more difficult, doing any sort of online transaction is nearly impossible, and everyday bills need to be routinely paid through expensive check cashers. Without a bank account, it’s also impossible to use other financial services like paying with credit cards, buying a house, or even taking out a payday loan.

The reasons for not having a bank account remained steady from previous surveys, with “not having enough money” being the No. 1 reason for doing so. Not trusting banks was another popular reason for not being banked.