Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesFinancial inclusion means being able to access and effectively use financial services that are safe, affordable, and relevant—not merely having an account on paper. In the United States, it includes usable bank or credit union accounts, fair access to credit, clear financial information, and ways to address problems. To understand who is being counted as unbanked, check whether a statistic describes adults or households and how the survey defines an account.
What is financial inclusion?
Financial inclusion is a broad policy and practice goal, not one uniform US legal standard or a single statistic. The US Department of the Treasury’s October 2024 National Strategy for Financial Inclusion describes its objective as “a set of objectives and recommendations designed to expand access to safe and affordable financial products and services for all Americans.”
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Access is only part of the picture. A service also needs to work for the person using it: its costs, features, eligibility rules, and protections matter. The Treasury strategy also addresses access to useful financial information, consumer rights, and recourse when problems arise.
What does “unbanked” mean—and how is “underbanked” different?
The terms depend on the measure being used. The Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED) counts adults. The FDIC’s National Survey of Unbanked and Underbanked Households counts households. Their percentages are not interchangeable.
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- Federal Reserve SHED definition: An adult is unbanked if neither that adult nor their spouse or partner has a checking, savings, or money market account.
- FDIC definition: A household is unbanked if no one in it has a checking or savings account at a bank or credit union.
- FDIC underbanked definition: A household has a checking or savings account but used at least one of eight specified nonbank financial services in the prior 12 months. The services include check cashing and money orders, as well as credit alternatives such as payday, pawn, auto title, rent-to-own, and tax refund anticipation loans.
The CFPB consumer glossary uses a related plain-language distinction: unbanked households lack a checking or savings account at an FDIC- or NCUA-insured institution, while underbanked households have an account and also use an alternative service such as payday lending, check cashing, or a pawn loan. For statistics, use the originating survey’s operational definition rather than assuming all sources count the same way.
How many people in the US are unbanked?
The answer varies with the population unit and survey definition. The figures below retain each source’s measure so they are not mistaken for directly comparable rates.
| Source and reference year | Population and definition | Reported result |
|---|---|---|
| Federal Reserve SHED, 2024 data reported in 2025 | Adults; unbanked means neither the adult nor their spouse or partner has a checking, savings, or money market account. | 6% of adults were unbanked. The rate was similar to recent years and above the 5% reported for 2020. |
| Federal Reserve SHED, 2024 data reported in 2025 | Adults by family income; the same adult unbanked definition applies. | 22% of adults with family income below $25,000 were unbanked, compared with 1% of adults with family income of $100,000 or more. |
| Federal Reserve SHED, 2024 data reported in 2025 | Adults by reported race and ethnicity; the same adult unbanked definition applies. | 13% of Black adults and 12% of Hispanic adults were unbanked, compared with 3% of White adults. |
| Federal Reserve SHED, 2024 data reported in 2025 | Adults by disability status; the same adult unbanked definition applies. | 12% of adults with a disability were unbanked, compared with 5% of adults without a disability. |
| FDIC survey, 2023 data reported in 2024 | Households; unbanked means no one in the household has a checking or savings account at a bank or credit union. | 4.2% of US households, an estimated 5.6 million households, were unbanked. |
| FDIC survey, 2023 data reported in 2024 | Households; underbanked means an account-holding household used at least one of the specified nonbank services during the preceding 12 months. | 14.2% of US households, an estimated 19.0 million households, were underbanked. The FDIC estimated that 81.6% of households were fully banked. |
The demographic differences in the Federal Reserve’s 2024 adult figures describe reported associations; they do not, by themselves, establish why the rates differ. The same survey found that 11% of adults with a bank account paid an overdraft fee in the prior 12 months. That measure illustrates why inclusion is not only about opening an account: costs and usability matter after enrollment too.
How can you identify a safe, affordable transaction account?
Bank On, a Cities for Financial Empowerment Fund initiative, offers one starting point for finding transaction accounts that meet its standards. Its goal is access to a safe, affordable bank or credit union account. Certification can help narrow the options, but it does not guarantee that an account is available locally or suitable for every person. Check the institution’s current disclosures and terms before opening an account.
Compare the features that affect how you will use the account:
- Fees: Check monthly charges, minimum-balance requirements, and fees for common transactions.
- Overdraft treatment: Find out whether overdraft services are offered, what they cost, and what happens if a payment exceeds the available balance.
- Everyday transactions: Confirm access to deposits and withdrawals, a debit or prepaid card if needed, and convenient ways to reach cash.
- Bill payment: Check whether online bill pay is available and whether the features match the payments you need to make.
- Eligibility and availability: Confirm application requirements, any geographic limits, and whether you can access the account through a nearby branch, ATM network, or online service.
Use Bank On’s certified-account resources to create a shortlist, then verify each candidate’s actual terms with the bank or credit union. Standards and account listings can change; consult the current 2025–2026 standards and list when checking certification.
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Where can you find community-based financial services?
A Community Development Financial Institution (CDFI) is a Treasury-certified, mission-driven institution serving low-income communities or people with limited access to financing. CDFIs include banks, credit unions, loan funds, and venture capital funds, so what they offer varies. Some provide financial services, financial education, or affordable lending; the CDFI Fund itself does not lend directly to individuals.
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Use Treasury’s certified CDFI information and award database to identify institutions, then contact them directly. Ask:
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- Does the institution serve your location and situation?
- Does it offer the particular account, loan, or other service you need?
- What are the eligibility rules, total costs, and repayment terms?
- Does it offer financial education or counseling, and is that service free or paid?
Do not assume that every CDFI offers the same products or that certification means you will qualify. Local community organizations may also be able to point you toward education or counseling; ask about services and costs before enrolling.
What is the broader US policy approach?
Treasury’s 2024 National Strategy treats financial inclusion as a whole-of-market objective. Its recommendations include attention to disparities in credit availability and cost, possible use of consumer-permissioned alternative data—such as bank cash-flow or utility-payment history—in underwriting, and clearer, more relevant financial information alongside consumer recourse. These are strategy recommendations, not laws, guaranteed outcomes, or evidence that every lender has adopted those practices.
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