Understanding What It Means to Be 'Unbanked' and Its Financial Implications
Approximately 4.2% of American adults, or around 5.6 million people, are unbanked according to the Federal Reserve's 2023 data. Being unbanked means lacking access to checking, savings, or money market accounts at a bank or credit union and can lead to higher fees for basic financial services.
Topics: banking fees financial services unbanked