Money 20/20 – Laughing All The Way to the Un-Bank


Dan Simon


As we approach 2015, bank accounts, like cellphones or those annoying Facebook quizzes, seem like something we should take for granted as part of the fabric of our life. Yet you may be surprised to learn that more Americans actually own and operate a cellphone (90%) than have a bank account (80%). In fact, there’s a lot about banking today that might surprise you.

According to the FDIC and my friends at PayNearMe here are some pretty shocking statistics:

  • 50 million US adults don’t have a bank account at all (That’s more than don’t have health insurance — 41 million)
  • 68 million are ‘underbanked’ i.e. they may have a bank account but rarely use it, instead relying on cash transactions or alternative financial service providers
  • A quarter of US households are financially under-served

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