2015



FDIC National Survey of 

Unbanked and Underbanked 

Households 

OCTOBER 20, 2016 

Members of the FDIC Unbanked/ 

Underbanked Survey Study Group 

Susan Burhouse 

Karyen Chu 

Keith Ernst 

Ryan Goodstein 

Alicia Lloro 

Gregory Lyons 

Joyce Northwood 

Yazmin Osaki 

Sherrie Rhine 

Dhruv Sharma 

Jeffrey Weinstein 

FEDERAL DEPOSIT INSURANCE CORPORATION 

Division of Depositor and Consumer Protection 

ECONOMICINCLUSION.GOV 

V 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

Table of Contents 

1. Executive Summary ................................................................................................................................................ 1



2. Background and Objectives.................................................................................................................................. 11



3. Banking Status of U.S. Households ..................................................................................................................... 13



4. Banked Households: Types of Accounts and Methods Used to Access Accounts ............................................. 24



5. Prepaid Cards ....................................................................................................................................................... 28



6. Alternative Financial Services ............................................................................................................................... 33



7. Saving for Unexpected Expenses or Emergencies............................................................................................... 37



8. Bank and Nonbank Credit .................................................................................................................................... 42



9. How Households Conduct Their Financial Transactions in a Typical Month ........................................................ 49



10. Household Learning About Finances: The Role of Banks .................................................................................... 55



11. Implications and Conclusions............................................................................................................................... 57



Appendix 1. FDIC Technical Notes................................................................................................................................ 61



Appendix 2. 2015 Revisions to the FDIC National Survey of Unbanked and Underbanked Households .................... 66



Appendix 3. Survey Instrument..................................................................................................................................... 69



Appendix Tables A – G (published separately) 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

 

 

 

 

 

	 

	 

	 

1. Executive Summary 

Public confidence in the banking system stems in part from 

how effectively banks serve the needs of the nation’s diverse 

population. Accordingly, the FDIC is committed to expanding 

Americans’ access to safe, secure, and affordable banking 

services. The FDIC National Survey of Unbanked and Underbanked Households is one contribution to this end. 

To assess the inclusiveness of the banking system, and in 

partial response to a statutory mandate, the FDIC has conducted the survey biennially since 2009.1

 The most recent 

survey was administered in June 2015 in partnership with the 

U.S. Census Bureau, collecting responses from more than 

36,000 households. The survey provides estimates of the proportion of U.S. households that do not have an account at an 

insured institution, and the proportion that have an account 

but obtained (nonbank) alternative financial services in the 

past 12 months. The survey also provides insights that may 

inform efforts to better meet the needs of these consumers 

within the banking system. 

This executive summary presents key results from the 2015 

survey and summarizes the implications of these results for 

policymakers, financial institutions, and other stakeholders 

who are working to improve access to mainstream financial 

services. 

Banking Status of U.S. Households 

•		 In 2015, 7.0 percent of U.S. households were “unbanked,” 

meaning that no one in the household had a checking or 

savings account. The unbanked rate fell by 0.7 percentage 

points from 2013 (7.7 percent) and was lower in 2015 than 

in any of the past years of the survey. 

»	 Approximately 9.0 million U.S. households, made up 

of 15.6 million adults and 7.6 million children, were 

unbanked in 2015.2 

Figure ES.1 National Estimates, Household Unbanked 

Rates by Year 

7.6

8.2 7.7

7.0

2009 2011 2013 2015 

•		 An additional 19.9 percent of U.S. households were “underbanked” in 2015, meaning that the household had an 

account at an insured institution but also obtained financial services and products outside of the banking system. 

Specifically, a household is categorized as underbanked if 

it had a checking or savings account and used one of the 

following products or services from an alternative financial services (AFS) provider in the past 12 months: money 

orders, check cashing, international remittances, payday 

loans, refund anticipation loans, rent-to-own services, 

pawn shop loans, or auto title loans. 

»	 Approximately 24.5 million U.S. households, composed 

of 51.1 million adults and 16.3 million children, were 

underbanked in 2015. 

»	 The underbanked rate was essentially unchanged from 

2013 (20.0 percent). 

•		 68.0 percent of households in 2015 were “fully banked,” 

meaning that the household had a bank account and did 

not use AFS in the past 12 months. This was a 1.0 percentage point increase from the fully banked rate in 2013 

(67.0 percent). 

1

Section 7 of the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Pub. L. 109–173) calls for the FDIC to conduct ongoing surveys, “on 

efforts by insured depository institutions to bring those individuals and families who have rarely, if ever, held a checking account, a savings account or other type of 

transaction or check cashing account at an insured depository institution [‘unbanked’] into the conventional finance system.” Section 7 further instructs the FDIC to 

consider several factors when conducting the surveys, including estimating the size and worth of the unbanked market in the United States and identifying the primary 

issues that prevent unbanked individuals from establishing conventional accounts.

 2Adults are defined as people aged 16 and older. This is a lower-bound estimate of the number of unbanked adults in the United States, because it is based on the 

assumption that all adults residing in a “banked” household are banked in the sense that they may benefit from the account. A banked household may have one or 

more unbanked adults; such adults are not included in the 15.6 million adults estimate cited in this report. 

1 
 

 

 

 

 

 

 

 

 

 

 

2 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

Changes in Banking Status 

• Approximately half of the decline in the unbanked rate 

from 2013 to 2015 can be attributed to improvements in 

the socioeconomic circumstances of U.S. households. 

However, even after accounting for these changes, the 

remaining decline in the unbanked rate across years was 

statistically significant.3 

• Consistent with previous results, banking status varied 

considerably across the U.S. population in 2015. For 

example, unbanked and underbanked rates were higher 

among the following groups: lower-income households, 

less-educated households, younger households, black 

and Hispanic households, and working-age disabled 

households.4 

• Reflecting the decline in the unbanked rate at the national level, unbanked rates fell between 2013 and 2015 for 

many segments of the population. 

» In particular, unbanked rates declined substantially among groups that had high unbanked rates in 

2013, including households with incomes of less than 

$15,000, younger households, and black and Hispanic 

households. Despite these improvements, unbanked 

rates within these groups remained substantially higher 

than the overall unbanked rate in 2015. 

» Some segments of the population that experienced 

declines in unbanked rates also experienced declines 

in underbanked rates. This was true for black households, for whom the unbanked rate decreased from 

20.6 percent in 2013 to 18.2 percent in 2015. The 

underbanked rate also decreased among black households, resulting in a large increase in the fully banked 

rate from 40.0 percent in 2013 to 45.5 percent in 2015.5 

• Unbanked rates increased between 2013 and 2015 for 

some groups. In particular, among Asian households the 

unbanked rate increased from 2.2 to 4.0 percent. Underbanked rates also increased among Asian households, 

leading to a substantial decline in the fully banked rate 

(from 73.4 to 67.2 percent). 

Income Volatility and Banking Status 

The 2015 survey added a new question to examine the potential influence of income volatility on the ways households 

manage their finances. 

• More than one in five U.S. households had income that 

“varied somewhat from month to month” or “varied a lot 

from month to month” (over the past 12 months). Unbanked and underbanked rates were higher among these 

households. 

• Unbanked rates among households with income that 

varied somewhat or a lot from month to month were 8.7 

and 12.9 percent, respectively, compared to 5.7 percent 

among households with income that “was about the same 

each month.” 

• An additional 26.6 and 30.9 percent of households with 

income that varied somewhat or a lot, respectively, were 

underbanked, compared to 19.1 percent among those 

with steady monthly income. 

• Even among households with higher levels of income, 

unbanked and underbanked rates were higher when that 

income was volatile. For example, among households with 

annual income between $50,000 and $75,000, unbanked 

rates among those with income that varied somewhat or 

a lot were 2.9 and 4.1 percent, respectively, compared to 

less than 1 percent for those with steady monthly income. 

3

A linear probability model was estimated to account for changes from 2013 to 2015 in the distribution of households across the household-level characteristics 

shown in Appendix Table A.2. Changes in the socioeconomic characteristics of households (income, employment status, homeownership status, and educational 

attainment) between 2013 and 2015 accounted for about half of the difference in unbanked rates between 2013 and 2015. Adding additional controls for the remaining 

demographic characteristics listed in Appendix Table A.2 had little effect on the remaining difference.

 4For characteristics that vary at the person-level, such as race, age, education, and employment, the characteristics of the owner or renter of the home (i.e., 

“householder”) are used to represent the household. For convenience, abbreviated language is used when referring to certain household characteristics. For example, 

the term “white household” refers to a household in which the householder has been identified as white, non-black, non-Hispanic, and non-Asian. The phrase 

“working-age disabled” refers to a household in which the householder has a disability and is aged 25 to 64. See Appendix 1 for additional details. 

5

As noted in Table 3.3, the decline in the underbanked rate among black households is not statistically significant at the 10 percent level, although the increase in the 

fully banked rate is statistically significant. 

Year Number of Households 

(1000s) 

Unbanked 

(Percent) 

Underbanked 

(Percent) 

Fully banked 

(Percent) 

Banked, underbanked 

status unknown 

(Percent) 

2011 120,408 8.2 20.1+ 68.8+ 2.9+ 

2013 123,750 7.7 20.0 67.0 5.3 

2015 127,538 7.0 19.9 68.0 5.0 

Notes: The + symbol indicates that the 2011 estimates of the underbanked, fully banked, and underbanked status unknown rates are not directly comparable to the 

2013 and 2015 estimates. Specifically, the 2011 definitions do not incorporate use of auto title loans because this information was not collected in the 2011 survey. 

Table ES.1 National Estimates, Household Banking Status by Year 

For all households, row percent 
 

 

 

 

 

 	 

Reasons Households Were Unbanked 

As in previous years, the 2015 survey asked unbanked households about the reasons why they did not have an account. 

The 2015 estimates were qualitatively quite similar to those 

from the 2013 survey. 

•		 The most commonly cited reason was “Do not have 

enough money to keep in an account.” An estimated 57.4 

percent of unbanked households cited this as a reason 

and 37.8 percent cited it as the main reason. 

•		 Other commonly cited reasons were “Avoiding a bank 

gives more privacy,” “Don’t trust banks,” “Bank account 

fees are too high,” and “Bank account fees are unpredictable.” Of these, the most cited main reasons were “Don’t 

trust banks” (10.9 percent) and “Bank account fees are too 

high” (9.4 percent). 

•		 A higher proportion of unbanked households that previously had an account cited high or unpredictable fees as 

reasons for not having an account (33.8 and 31.5 percent, 

respectively), compared to those that never had an account (23.1 and 17.7 percent, respectively). 

Perceptions of Banks’ Interest 

The 2015 survey included a new question asked of all households: “How interested are banks in serving households like 

yours?” The survey results revealed pronounced differences 

across households. 

•		 Overall, 76.6 percent of households perceived that banks 

were “very interested” or “somewhat interested” in serving 

households like theirs. Approximately 16 percent thought 

that banks were “not at all interested” in serving households like theirs, and the perceptions of the remaining 8 

percent were unknown. 

•		 Unbanked households were substantially less likely than 

underbanked or fully banked households to perceive that 

banks were interested in serving households like theirs. 

More than half (55.8 percent) thought that banks were 

not at all interested, compared to roughly 17 percent of 

underbanked households and 12 percent of fully banked 

households. 

»	 The perception that banks were not at all interested 

in serving households like theirs was similar among 

unbanked households that previously had an account 

(54.2 percent) and those that never had an account 

(58.7 percent). 

Figure ES.2 Reasons for Not Having a Bank Account, Unbanked Households, 2015 (Percent) 

13.4

10.3

8.5

3.3

9.0

2.0

15.4

1.3

16.4

5.7

24.0

1.9

27.7

9.4

28.0

10.9

28.5

3.4

57.4

37.8

Other reason 

Inconvenient hours 

Inconvenient locations 

Banks do not offer needed products or services 

ID, credit, or former bank account problems 

Account fees unpredictable 

Account fees too high 

Don't trust banks 

Avoiding bank gives more privacy 

Do not have enough money to keep in account 

Cited 

Main 

3 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 

	 

	 

Figure ES.3 “How Interested Are Banks in Serving Households Like Yours?” by Banking Status, 2015 (Percent) 

76.6 15.8 5.5 2.1

30.9 55.8 9.1 4.2

79.4 16.6 4.0

83.9 12.0 4.0

Very or somewhat Not at all Unknown: Don't know/Refused Unknown: Dropped out 

All 

Unbanked 

Underbanked 

Fully banked 

Notes: The category “Unknown: Don’t know/Refused” includes households that were asked the survey question but did not select a response (“very interested,” 

“somewhat interested,” or “not at all interested”). The category “Unknown: Dropped out” includes households that dropped out of the survey before this question. 

»	 Among unbanked households that thought banks were 

not at all interested in serving households like theirs, 

only 17.3 percent were very or somewhat likely to open 

an account in the next 12 months compared to 50.4 

percent among unbanked households that perceived 

banks to be very or somewhat interested in serving 

households like theirs. 

Banked Households: Types of Accounts 

•		 Among banked households in 2015, patterns of savings 

and checking account ownership were generally similar to 

previous years. 

»	 Almost all banked households had a checking account 

(98.0 percent), while roughly three in four (77.8 percent) 

had a savings account. 

»	 Savings account ownership was substantially lower 

among certain segments of the population, including 

households with lower income and lower education, 

black and Hispanic households, and working-age 

disabled households. 

Banked Households: Methods Used to Access 

Accounts 

•		 Use of online and mobile banking to access accounts increased substantially from 2013 to 2015, while use of bank 

tellers decreased. However, use of bank tellers remained 

quite prevalent, particularly among segments of the population that had higher unbanked and underbanked rates. 

» The proportion of banked households that used online 

banking to access their accounts in the past 12 months 

increased from 55.1 percent in 2013 to 60.4 percent in 

2015. Further, 31.9 percent of banked households in 

2015 used mobile banking, compared to 23.2 percent 

in 2013. 

» The proportion of households that used a bank teller to 

access their accounts in the past 12 months fell from 

78.8 percent in 2013 to 75.5 percent in 2015. 

» Use of bank tellers was especially prevalent among 

lower-income households, less-educated households, 

older households, and households located in rural 

areas. 

» Slightly less than half (49.2 percent) of banked households used a physical channel (bank branch or ATM/ 

kiosk) as the primary method for accessing a bank 

account. 

4 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Figure ES.4 All Methods Used to Access Bank Accounts by Year (Percent) 

78.8

Bank teller 

75.5

69.6

ATM/Kiosk 

69.8

Telephone 

23.2

55.1

60.4

26.1

27.0

2013 

2015 

Online 

Mobile 

31.9

1.0

Other 

1.1

Figure ES.5 Primary Method Used to Access Bank Accounts by Year (Percent) 

32.2

Bank teller 

5.7

3.3

3.0

24.4

21.0

2013 

2015 

28.2

ATM/Kiosk 

Telephone 

32.9

Online 

36.9

Mobile 

9.5

0.8

Other 

0.9

5 
6 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 

	 

	 

	 

	 

	 

Prepaid Cards	

Some consumers use general purpose reloadable prepaid 

cards to address their financial transaction needs. Similar to a 

checking account, these cards can be used to pay bills, withdraw cash at ATMs, make purchases, deposit checks, and 

receive direct deposits. These cards may have been obtained 

from sources such as a bank location or bank website, a nonbank store or website, a government agency, or an employer. 

Many, although not all, such cards store funds in accounts 

eligible for deposit insurance.6 

•		 Between 2013 and 2015, the proportion of households 

that used a prepaid card in the past 12 months increased 

from 7.9 percent to 9.8 percent. This growth occurred 

broadly across socioeconomic and demographic groups. 

•		 Consistent with results from the 2013 survey, prepaid card 

use in 2015 was higher among lower-income households, 

less-educated households, younger households, black 

households, and working-age disabled households. 

•		 Households with income that varied somewhat or a lot 

from month to month were more likely to use prepaid 

cards in 2015 (13.5 percent and 15.5 percent, respectively) 

than households with income that was about the same 

each month (9.2 percent). This pattern held for households 

of all income levels. 

•		 Use of prepaid cards was most prevalent among unbanked households. An estimated 27.1 percent of unbanked households used a prepaid card in 2015, compared to 15.4 percent of underbanked households and 6.9 

percent of fully banked households. 

»	 Unbanked households that used prepaid cards were 

more likely to have had a bank account at some point 

in the past: 64.1 percent of unbanked households that 

used prepaid cards had a bank account in the past 

versus 42.3 percent of unbanked households that did 

not use prepaid cards. 

•		 Households that used prepaid cards obtained the cards 

from a variety of sources. The most common source was a 

store or website that is not a bank (42.6 percent of households that used prepaid cards obtained cards from this 

source), followed by a bank location or a bank’s website 

(17.3 percent). 

Alternative Financial Services 

•		 In 2015, almost one in four households (24.0 percent) used 

AFS in the past 12 months.7 

»	 Use of transaction AFS continued to be substantially 

more common than use of credit AFS: 20.2 percent of 

households used transaction AFS, and 7.7 percent of 

households used credit AFS.8 

•		 Consistent with previous reports, use of AFS was much 

higher among unbanked households than banked households. 

»	 The proportion of unbanked households that used 

AFS, however, fell by about 10 percent between 2013 

and 2015. This decline was attributable to decreased 

use of transaction AFS among the unbanked. 

•		 Households with volatile income were more likely to use 

AFS. 

»	 Use of transaction AFS among households with 

income that varied somewhat or a lot from month to 

month was 27.7 and 34.3 percent, respectively, compared to 18.9 percent among households with income 

that was about the same each month. Similarly, use of 

credit AFS was substantially higher among households 

with more volatile income. 

»	 These patterns held even among households with 

higher levels of income. 

Saving for Unexpected Expenses or Emergencies 

Savings can help households better manage unexpected 

expenses or emergencies, such as health issues or major automobile repairs. The absence of savings can sometimes be a 

barrier to financial stability and resilience, particularly for consumers with uneven or low incomes. To gain insight into these 

issues, the 2015 survey included new questions on whether 

households saved for unexpected expenses or emergencies 

and the methods they used. 

•		 Overall, 56.3 percent of households saved; that is, they set 

aside money in the past 12 months that could be used for 

unexpected expenses or emergencies, even if the funds 

were later spent. 

»	 Rates of saving for unexpected expenses or emergencies were lower among certain segments of the popu6

Unless noted otherwise, estimates of prepaid card use are based on the 12 months before the survey. Households were instructed that the survey questions about 

prepaid cards were “not asking about gift cards or debit cards linked to a checking account.” 

7

Unless noted otherwise, all estimates of AFS use are based on the 12 months before the survey. 

8

For the purposes of this report, transaction AFS include the following nonbank products and services: money orders, check cashing, and international remittances. 

Credit AFS include the following nonbank products and services that may be used in lieu of bank credit: payday loans, refund anticipation loans, rent-to-own services, 

pawn shop loans, and auto title loans. 
 

 

 

 

	 

	 

	 

lation, including lower-income households, less-educated households, black and Hispanic households, and 

working-age disabled households. 

»	 Unbanked households saved for unexpected expenses 

or emergencies at a much lower rate than underbanked 

and fully banked households: 20.2 percent of unbanked households saved for this purpose, compared 

to 55.2 percent of underbanked households and 60.0 

percent of fully banked households. 

•		 Among all households that saved for unexpected expenses or emergencies, savings accounts were the most used 

savings method followed by checking accounts: more 

than four in five (84.9 percent) kept savings in one of these 

accounts. About one in ten (10.5 percent) households that 

saved maintained savings in the home, or with family or 

friends. 

»	 The use of formal (e.g., savings or checking accounts) 

and informal (e.g., in the home, or with family or 

friends) savings methods varied by household characteristics. For example, among households that saved 

for unexpected expenses or emergencies, lower-income households, less-educated households, and 

working-age disabled households were less likely to 

keep savings in a savings account and more likely to 

maintain savings in the home, or with family or friends. 

»	 Unbanked households generally saved using informal 

methods, while underbanked and fully banked households generally saved using formal methods. Unbanked households that saved primarily kept savings 

in the home, or with family or friends, and on prepaid 

cards. In contrast, underbanked and fully banked 

households that saved primarily used savings and 

checking accounts. 

70.1

24.5

10.5

0.5 3.0 0.7

67.8

12.6

65.7

24.7

16.7

0.7

73.4

25.2

7.0

0.1

All Unbanked Underbanked Fully banked 

Savings account Checking account In home, or with family or friends Prepaid card 

Figure ES.6 Selected Savings Methods for Households That Saved by Banking Status, 2015 (Percent) 

7 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 

	 

	 

	 

Bank and Nonbank Credit •		 Lower-income, less-educated, black, Hispanic, and workTo gain a more complete picture of household credit behavior, ing-age disabled households were more likely to use nonthe 2015 survey included a new series of questions on bank bank credit only or not to use any of the credit products 

credit, in addition to questions about nonbank credit asked in asked about in the survey. 

previous surveys. Specifically, households were asked wheth­ •	 Households with volatile income were more likely to use 

er, in the past 12 months, they had a credit card or a personal nonbank credit, either on its own or in addition to bank 

loan or line of credit from a bank (i.e., “bank credit”), applied credit. 

for bank credit, were denied bank credit or not given as much »	 7.9 percent of households with income that varied a credit as they applied for (i.e., “denied”), or thought about lot from month to month used only nonbank credit, applying for bank credit but did not because they thought and 7.6 percent used both bank and nonbank credit. they might be turned down (i.e., “felt discouraged about ap­ In comparison, 3.4 percent of households with income plying”). Households were also asked whether they fell behind that was about the same each month used nonbank on bills in the past 12 months. credit only and 3.5 percent had credit from both banks 

and nonbanks. 

•		 Most households had bank credit, though a significant 

» Income volatility was associated with greater nonbank share of households used nonbank credit. 


credit use even for higher-income households. 
 »	 67.9 percent of households had bank credit, and 63.8 

percent of households had bank credit only. •		 Use of nonbank credit was strongly associated with 

whether the household was denied bank credit, felt »	 8.2 percent of households used nonbank credit. discouraged about applying for bank credit, or reported About half of these households had a mix of bank and falling behind on bills. nonbank credit (4.0 percent), and the other half (4.1 

percent) had nonbank credit only. » Among households that applied for bank credit and 

were denied, 24.7 percent used nonbank credit (15.2 »	 The remaining 28.0 percent of households did not use percent had both bank and nonbank credit, while 9.5 any of the credit products asked about in the survey. percent used nonbank credit only). In comparison, only 

7.7 percent of households that were not denied (or did Figure ES.7 Bank and Nonbank Credit, 2015 (Percent) not apply) used nonbank credit. 

»	 Similarly, 28.7 percent of households that were discouraged about applying for bank credit used nonbank 

credit, compared to 6.8 percent among those that were 

not discouraged about applying. Also, 24.7 percent 

of households that fell behind on bills used nonbank 

Nonbank credit, compared to 4.8 percent among those that did credit only 

4.1 not fall behind on bills. 

Bank and 

•		 For the purposes of this report, we classify a household as nonbank credit 

having credit needs that were not fully met by banks if the 

household was denied bank credit, felt discouraged about 

Note: Households may have used credit products that were not asked about in applying for bank credit, or used any nonbank credit prod­ the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and 

informal loans from family or friends). uct. Applying this convention, 13.7 percent of households 

had credit needs that were not fully met by banks. About 

•		 Similar shares of underbanked and fully banked house­ half (52.5 percent) of these households reported that they 

holds had credit: 74.9 percent of underbanked and 75.6 stayed current on bills. 


percent of fully banked households had at least one of the 


credit products asked about in the survey. 

•		 Many underbanked households had credit from nonbank 

sources. While 42.1 percent of underbanked households 


had bank credit only, nearly one in five (18.5 percent) had 


both bank and nonbank credit and 14.4 percent had only 


nonbank credit. 


Bank 

credit only 

63.8 

4.0 

No credit 

28.0 

8 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
 

 

 

 

 

 

 

	 

	 

16.4

Figure ES.8 Bank and Nonbank Credit by Banking Status, 2015 (Percent) 

Unbanked 

Underbanked 

Fully banked 

No credit Nonbank credit only Bank and nonbank credit Bank credit only 

75.7

25.1

24.4

14.4

2.2

18.5

5.7

42.1

75.6

Note: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and informal 

loans from family or friends). 

How Households Conduct Their Financial 

Transactions in a Typical Month 

To learn more about the extent to which households use 

banks and other methods to meet their financial transactions 

needs, the 2015 survey contained a number of new questions 

about the ways households pay bills and receive income in a 

typical month. 

•		 Unbanked households used a variety of methods outside 

of the banking system to pay bills and receive income. 

»	 To pay bills, 62.3 percent used cash, 35.5 percent used 

nonbank money orders, and 18.2 percent used prepaid 

cards in a typical month. The most prevalent method of 

receiving income among unbanked households was by 

paper check or money order. Among the 42.1 percent 

of unbanked households that received income in this 

way, roughly 45 percent (or 19.1 percent of all unbanked households) went to a place other than a bank 

to cash the check or money order. 

•		 Underbanked households, on the other hand, used banks 

extensively to pay bills and receive income in a typical 

month. The key difference between underbanked and fully 

banked households is that, in addition to bank methods, 

underbanked households also widely used other methods, 

particularly for paying bills. 

»	 Electronic payment from a bank account was the most 

used method of paying bills among both underbanked 

(62.3 percent) and fully banked (70.4 percent) households. Relative to the fully banked, use of personal 

checks was lower among underbanked households, 

and use of bank debit cards was higher. Direct deposit 

into a bank account was by far the most used method 

of receiving income, both for underbanked (82.0 percent) and fully banked (87.9 percent) households. 

» 27.7 percent of underbanked households paid bills 

using cash in a typical month, and 25.6 percent used 

nonbank money orders. 

» Overall, nearly half (44.9 percent) of underbanked 

households exclusively used banks to pay bills and 

receive income in a typical month. 

Implications 

The survey results presented in this report suggest implications for policymakers, financial institutions, and other stakeholders that are working to improve access to mainstream 

financial services. 

1.		 Households with volatile income have higher unbanked and underbanked rates. Bank products and 

services that enable households to better manage 

their account relationships and meet their financial 

needs when income is volatile may help these consumers open and sustain bank accounts and conduct 

a greater share of their financial transactions within 

the banking system. 

2.	 	Use of smartphones to engage in banking activities continues to grow at a rapid pace. Consistent 

with implications from the 2013 survey, this growth 

presents promising opportunities to use the mobile 

platform to increase economic inclusion. At the same 

time, physical access to branches remains important. 

9 
 

 

 

 

 

3.	 	One in five unbanked households save for unexpected expenses, although for the most part not in 

insured depositories. Bringing these savings into 

the banking system could allow these households to 

build banking relationships that help them safeguard 

funds, enhance access to credit, and increase financial security. 

4.	 	Banks may have the opportunity to help meet the 

credit needs of some households that have an unmet 

demand for bank credit. The vast majority of these 

households are banked, yet few applied for bank 

credit in the past 12 months. Many are also young. 

Banks could help meet the credit needs of these 

households by promoting the importance of building 

a credit history, incorporating nontraditional data 

into underwriting, and increasing households’ awareness of personal credit products. 

5.	 	The great majority of underbanked households use 

banks to pay bills, although many also use cash and 

nonbank money orders. Efforts to encourage and 

make it easier for a range of payees to accept electronic payments, and outreach to raise awareness of 

bill pay and other electronic payments among lower-income households, may facilitate the movement 

of these transactions into the banking system. 

6.	 	The majority of unbanked households think that 

banks have no interest in serving households like 

theirs, and a significant share of unbanked households do not trust banks. These findings suggest 

that understanding and addressing the sources of 

these attitudes and building trust and familiarity are 

important to attract and develop relationships with 

unbanked consumers. 

10 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
11 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

2. Background and Objectives 

Background 

When households open an account at a federally insured 

depository institution, they establish a mainstream banking relationship that provides them the opportunity to deposit funds 

securely, conduct basic financial transactions, accumulate 

savings, and access credit on fair and affordable terms. 

Despite these benefits, many households—referred to in 

this report as “unbanked”—do not have an account at an 

insured institution. Other households have an account, but 

also obtained financial services and products from alternative financial services (AFS) providers in the past 12 months. 

These households are referred to as “underbanked” in this 

report. Unbanked and underbanked households present an 

opportunity for banks to expand access to and utilization of 

their products and services. 

The FDIC recognizes that public confidence in the banking 

system is strengthened when banks effectively serve the 

broadest possible set of consumers. As a result, the agency 

is committed to expanding economic inclusion in the financial mainstream by ensuring that all Americans have access 

to safe, secure, and affordable banking services. The FDIC 

National Survey of Unbanked and Underbanked Households 

represents one contribution to this end. 

Conducted to assess the inclusiveness of the banking system, and in partial response to a statutory mandate, this biennial survey provides estimates of unbanked and underbanked 

populations. It also seeks to offer insights that will inform 

efforts to better meet the needs of these groups. 

The FDIC conducts the household survey in partnership 

with the U.S. Census Bureau. Specifically, the FDIC sponsors a special supplement on unbanked and underbanked 

households that is administered in conjunction with Census 

Bureau’s Current Population Survey (CPS). 

The first FDIC National Survey of Unbanked and Underbanked Households was conducted in January 2009, and 

subsequent surveys were conducted in June 2011, June 

2013, and June 2015. Results from these surveys are available at http://www.economicinclusion.gov. 

This report presents the results of the 2015 FDIC National 

Survey of Unbanked and Underbanked Households. This survey was conducted in June 2015, collecting responses from 

36,189 households. See Appendix 1 (FDIC Technical Notes) 

for additional details. 

Where appropriate, this report discusses trends in survey 

results over time. In certain cases, results are not comparable 

across years, because of changes in the survey instrument. 

For example, underbanked rates in 2015 and 2013 are not 

comparable to the 2011 or 2009 estimates, because of differences in the types of AFS included in the survey that were 

used to categorize households as underbanked. 

The results of this survey complement other FDIC efforts 

to increase sustainable and safe access to the financial 

mainstream. For more information on those efforts and for 

additional resources from this survey, including the ability 

to query the underlying data, readers should visit 

http://www.economicinclusion.gov. 

The FDIC encourages researchers, policymakers, consumer 

and community groups, and financial institutions to use the 

publicly available data to improve understanding of the issues 

and challenges underserved households perceive when deciding how and where to conduct financial transactions. The 

information provided in this report, as well as future analyses 

produced with the publicly available data, will contribute to 

efforts to create sustainable banking opportunities for a broad 

set of consumers. 

What’s New 

A number of changes were made to the 2015 survey 

instrument to provide additional information about the 

characteristics of unbanked and underbanked households. 

The details of these changes, summarized below, are 

provided in Appendix 2. 

The notable additions to the 2015 survey instrument fall into 

five main areas. 
 

First, questions were added to obtain additional information 

about household economic circumstances and perceptions. 

A new question asked households to indicate the extent to 

which their income varied from month to month over the past 

12 months, and another asked households whether they fell 

behind on bill payments over the same period. Households 

were also asked, “How interested are banks in serving households like yours?” 

Second, questions about certain mainstream credit products 

were added. Specifically, a new question asked households 

whether they had a credit card in the past 12 months, and 

another asked about personal loans or lines of credit from a 

bank. These “bank credit” products are potential substitutes 

for the small-dollar, short-term credit available from AFS 

providers. Households were also asked about new applications and denials for such bank credit, and whether they felt 

discouraged about applying for such credit because they 

thought they might be turned down. 

Third, the survey included new questions about household 

saving for unexpected expenses or emergencies. Households 

were asked whether they saved for this purpose in the past 

12 months (even if they later spent the funds). Households 

that saved were also asked where they kept the funds. 

Fourth, to explore the ways that households use banks and 

other providers to meet their financial transactions needs, the 

survey included new questions about the ways households 

pay bills (for things like a mortgage, rent, utilities, or child 

care) and receive income (from work, government benefits, or 

other regular sources) in a typical month. 

Finally, the survey included new questions about the role that 

banks play in helping consumers learn about managing their 

finances and financial products. Specifically, a question was 

added on whether households asked a bank teller or customer service agent about financial products or services, or 

about managing money. Another question asked households 

whether they attended a financial education or counseling 

session, and if so, whether they learned about the session 

from a bank. 

12 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
2015 FDIC National Survey of Unbanked and Underbanked 

Households


 


 

	 

3. Banking Status of U.S. Households 

2015 Estimates 

An estimated 7.0 percent of U.S. households were “unbanked” in 2015, meaning that no one in the household had 

a checking or savings account. This proportion represents 

approximately 9.0 million U.S. households composed of 15.6 

million adults and 7.6 million children.9 

An additional 19.9 percent of U.S. households (24.5 million) 

were “underbanked” in 2015, meaning that the household had 

a checking or savings account and used one of the following 

products or services from an alternative financial services 

(AFS) provider in the past 12 months: money orders, check 

cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto 

title loans. These underbanked households were made up of 

51.1 million adults and 16.3 million children. 

Most households in the United States (68.0 percent) were 

“fully banked” in 2015, meaning that the household had a 

bank account and did not use an AFS in the past 12 months. 

The remaining 5.0 percent of U.S. households had a bank 

account, but information on their use of AFS was insufficient 

to categorize the household as either underbanked or fully 

banked. 

Figure 3.1 Banking Status of U.S. Households, 2015 

(Percent)

 7.0 

 Unbanked 

Underbanked 

19.9 

Fully
 

banked
 

68.0 Banked,

 underbanked

 status unknown

 5.0 

Changes in Banking Status 

The proportion of U.S. households that were unbanked (i.e., 

the “unbanked rate”) in 2015 was lower than in any of the 

past years of the survey, as shown in Figure 3.2. For example, 

the unbanked rate in 2013 was 7.7 percent, 0.7 percentage 

points higher than the 2015 estimate.10 

The decline in the unbanked rate from 2013 to 2015 was 

attributable in part to changes in household characteristics 

across survey years. Approximately half of the decline can 

be attributed to improvements in the socioeconomic circumstances of U.S. households. Even after accounting for these 

changes, the remaining decline in the unbanked rate across 

years was statistically significant.11 

Figure 3.2 National Estimates, Household Unbanked 

Rates by Year 

7.6

8.2 7.7

7.0

2009 2011 2013 2015 

In contrast to the unbanked rate, the underbanked rate in 

2015 (19.9 percent) was essentially unchanged from the 2013 

estimate (20.0 percent), as shown in Table 3.1. 

9

Adults are defined as people aged 16 and older. The estimates of 15.6 million adults and 7.6 million children may understate the total number of people in the United 

States who do not have access to a bank account, because these figures do not include residents of “banked” households who do not have an account in their name 

and do not benefit from a bank account owned by another household resident. 

10All differences discussed in the text of this report are statistically significant at the 10 percent level, unless noted otherwise. In other words, there is a 10 percent or 

lower probability that the difference observed in the survey is due to chance. 

11A linear probability model was estimated to account for changes from 2013 to 2015 in the distribution of households across the household-level characteristics 

shown in Appendix Table A.2. Changes in the socioeconomic characteristics of households (income, employment status, homeownership status, and educational 

attainment) between 2013 and 2015 accounted for about half of the difference in unbanked rates between 2013 and 2015. Adding controls for the remaining 

demographic characteristics shown in Appendix Table A.2 had little effect on the remaining difference. 

13 
14 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

12The 2011 estimates of the underbanked and fully banked rates are not directly comparable to the 2013 and 2015 estimates because of changes in the definitions of 

these categories. Specifically, beginning with the 2013 survey, use of auto title loans was considered when determining whether a household was underbanked or fully 

banked. Further, as discussed in the 2013 report, the proportion of unknown responses for most of the AFS questions generally doubled from 2011 to 2013, resulting 

in an increase in the proportion of households that were categorized as underbanked status unknown. Excluding households with unknown underbanked status and 

using the 2011 definitions of underbanked and fully banked (that exclude use of auto title loans), the underbanked rate in 2015 was similar to the 2013 and 2011 

estimates, and the fully banked rate in 2015 was higher than the 2013 and 2011 estimates. 

13For characteristics that vary at the person-level, such as race, age, education, and employment, the characteristics of the owner or renter of the home (i.e., the 

“householder”) are used to represent the household. For convenience, abbreviated language is used when referring to certain household characteristics. For example, 

the term “white household” refers to a household for which the householder has been identified as white, non-black, non-Hispanic, and non-Asian. The phrase 

“working-age disabled” refers to a household in which the householder has a disability and is aged 25 to 64. See Appendix 1 for additional details. 

14As noted in Table 3.3, the decline in the underbanked rate among black households is not statistically significant at the 10 percent level, although the increase in the 

fully banked rate is statistically significant. 

15For example, the Federal Reserve Board’s “Report on the Economic Well-Being of U.S. Households in 2015” examined monthly income and expense volatility 

among U.S. consumers, showing that this volatility was associated with difficulty in paying bills (see http://www.federalreserve.gov/2015-report-economic-wellbeing-us-households-201605.pdf). The 2013 FDIC National Survey of Unbanked and Underbanked Households showed that household transitions into and out of 

the banking system were related to economic shocks, such as changes in employment or income (see https://www.economicinclusion.gov/surveys/2013household/ 

documents/2013_FDIC_Unbanked_HH_Survey_Report.pdf). 

Table 3.1 National Estimates, Household Banking Status by Year 

For all households, row percent 

Year Number of Households 

(1000s) 

Unbanked 

(Percent) 

Underbanked 

(Percent) 

Fully banked 

(Percent) 

Banked, underbanked 

status unknown 

(Percent) 

2011 120,408 8.2 20.1+ 68.8+ 2.9+ 

2013 123,750 7.7 20.0 67.0 5.3 

2015 127,538 7.0 19.9 68.0 5.0 

Note: The + symbol indicates that the 2011 estimates of the underbanked, fully banked, and underbanked status unknown rates are not directly comparable to the 

2013 and 2015 estimates because of a change in how these categories were defined. 

The fully banked rate increased from 67.0 percent in 2013 to 

68.0 percent in 2015, reflecting the decline in the unbanked 

rate and the relative stability of the underbanked rate.12 

Banking Status by Household Characteristics 

Consistent with previous FDIC National Surveys of Unbanked and Underbanked Households, banking status in 

2015 varied considerably across the U.S. population. For 

example, unbanked and underbanked rates were higher 

among lower-income households, less-educated households, 

younger households, black and Hispanic households, and 

working-age disabled households.13 

Reflecting the decline in the unbanked rate at the national 

level, unbanked rates fell between 2013 and 2015 for many 

segments of the population. In particular, unbanked rates 

improved substantially among groups with high unbanked 

rates in 2013. For example, as illustrated in Table 3.2, the unbanked rate fell from 27.7 to 25.6 percent among households 

with less than $15,000 in income, while the unbanked rate 

was similar across years for other income groups. Unbanked 

rates also fell disproportionately among younger households, 

and among black and Hispanic households. Despite these 

improvements, unbanked rates within these groups remained 

substantially higher than the overall unbanked rate in 2015. 

No clear pattern emerged between changes in unbanked 

rates and changes in underbanked rates. Some segments of 

the population saw a decline in both unbanked and underbanked rates. For example, the unbanked rate among black 

households fell from 20.6 percent in 2013 to 18.2 percent in 

2015. As shown in Table 3.3, the underbanked rate also decreased among black households, resulting in a large increase 

in the fully banked rate from 40.0 percent in 2013 to 45.5 

percent in 2015.14 

In contrast, the underbanked rate increased for some segments of the population where the unbanked rate fell. For 

example, the unbanked rate declined among households 

with less than $15,000 in income, while the underbanked rate 

increased. As a result, the fully banked rate for this group was 

essentially unchanged from 2013. 

Although the unbanked rate declined for most segments of 

the population, it increased for some groups. In particular, 

among Asian households the unbanked rate increased from 

2.2 percent in 2013 to 4.0 percent in 2015. Underbanked 

rates among Asian households also increased, leading to a 

substantial decline in the fully banked rate (from 73.4 percent 

to 67.2 percent). 

Income Volatility and Banking Status 

Recent research has documented the presence of financial 

volatility among U.S. households and has examined the potential influence of volatility on the ways households manage 

their finances.15 To further explore this topic, the 2015 survey 

included a new question that asked households whether their 

income over the past 12 months “was about the same each 

month,” “varied somewhat from month to month,” or “varied 

a lot from month to month.” 
Table 3.2 Unbanked Rates by Selected Household Characteristics and Year 

For all households 

Characteristics 2011 

(Percent) 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

All 

Family income 

8.2 7.7 7.0 -0.7* 

Less than $15,000 28.2 27.7 25.6 -2.1* 

$15,000 to $30,000 11.7 11.4 11.8 0.5 

$30,000 to $50,000 4.9 5.1 5.0 -0.1 

$50,000 to $75,000 2.0 1.7 1.6 -0.1 

At least $75,000 

Education 

0.4 0.5 0.5 -0.1 

No high school diploma 25.8 25.1 23.2 -1.9 

High school diploma 10.9 10.8 9.7 -1.2* 

Some college 5.9 5.6 5.5 -0.1 

College degree 

Age group 

1.1 1.1 1.1 0.0 

15 to 24 years 17.4 15.7 13.1 -2.7* 

25 to 34 years 12.7 12.5 10.6 -1.8* 

35 to 44 years 9.3 9.0 8.9 -0.1 

45 to 54 years 8.1 7.5 6.7 -0.9 

55 to 64 years 5.5 5.6 5.8 0.2 

65 years or more 

Race/Ethnicity 

3.9 3.5 3.1 -0.4 

Black 21.4 20.6 18.2 -2.4* 

Hispanic 20.1 17.9 16.2 -1.7* 

Asian 2.7 2.2 4.0 1.8* 

White 4.0 3.6 3.1 -0.5* 

Other 

Disability status 

13.0 15.0 11.1 -3.9* 

Disabled, age 25 to 64 18.9 18.4 17.6 -0.8 

Not disabled, age 25 to 64 7.4 7.2 6.5 -0.7* 

Notes: Asterisks indicate differences that are statistically significant at the 10 percent level. See Appendix Table A.3 for estimates by other household 

characteristics, as well as for selected confidence intervals. 

15 
 

 

Table 3.3 Underbanked and Fully Banked Rates by Selected Household Characteristics and Year 

For all households 

Characteristics 

Underbanked 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

Fully banked 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

Banked, 

underbanked status unknown 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

All 

Family income 

20.0 19.9 -0.1 67.0 68.0 1.0* 5.3 5.0 -0.2 

Less than $15,000 22.4 24.3 2.0* 45.2 45.1 -0.1 4.7 4.9 0.2 

$15,000 to $30,000 25.0 23.6 -1.4* 57.9 59.5 1.5 5.7 5.1 -0.6 

$30,000 to $50,000 23.3 23.7 0.5 65.7 66.2 0.4 5.9 5.1 -0.8* 

$50,000 to $75,000 19.8 20.2 0.5 73.2 73.0 -0.2 5.2 5.1 -0.1 

At least $75,000 

Education 

13.6 13.4 -0.2 81.0 81.3 0.3 4.9 4.9 0.0 

No high school 

diploma 

24.1 25.9 1.8* 46.3 46.4 0.1 4.6 4.5 -0.1 

High school diploma 21.9 22.2 0.3 61.7 62.9 1.2 5.6 5.3 -0.3 

Some college 23.0 22.0 -1.1 66.2 67.7 1.5* 5.2 4.8 -0.4 

College degree 

Age group 

14.3 14.5 0.2 79.3 79.1 -0.1 5.3 5.2 -0.1 

15 to 24 years 30.8 29.4 -1.4 48.8 52.1 3.2 4.6 5.5 0.9 

25 to 34 years 24.7 24.5 -0.2 58.3 60.8 2.5* 4.6 4.0 -0.5 

35 to 44 years 23.8 22.7 -1.2 62.5 63.1 0.6 4.6 5.3 0.6 

45 to 54 years 21.9 21.1 -0.8 65.4 67.5 2.1* 5.2 4.8 -0.4 

55 to 64 years 17.7 18.5 0.8 71.7 70.9 -0.9 5.0 4.8 -0.2 

65 years or more 

Race/Ethnicity 

11.6 13.0 1.4* 78.2 78.1 -0.1 6.7 5.8 -0.9* 

Black 33.2 31.1 -2.0 40.0 45.5 5.5* 6.3 5.2 -1.1* 

Hispanic 28.6 29.3 0.7 48.4 48.9 0.5 5.1 5.6 0.5 

Asian 17.7 21.0 3.3* 73.4 67.2 -6.3* 6.7 7.8 1.1 

White 15.9 15.6 -0.3 75.4 76.6 1.2* 5.0 4.7 -0.3 

Other 

Disability status 

25.3 27.5 2.2 55.2 56.7 1.6 4.5 4.6 0.1 

Disabled, age 25 to 64 28.1 28.4 0.3 49.0 49.7 0.7 4.5 4.3 -0.3 

Not disabled, age 25 

to 64 

21.1 20.6 -0.5 66.8 68.1 1.3* 4.9 4.8 -0.1 

Notes: Asterisks indicate differences that are statistically significant at the 10 percent level. See Appendix Tables A.4 and A.5 for underbanked and fully banked rates 

by other household characteristics, as well as for selected confidence intervals. 

16 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
17 

As illustrated in Figure 3.3, 71.8 percent of households in 

2015 had income that was about the same each month, 

16.3 percent had income that varied somewhat from month 

to month, and 4.5 percent had income that varied a lot from 

month to month. Income volatility affected households at all 

income levels. For example, 21.6 percent of households with 

less than $15,000 in annual income had income that varied 

somewhat or a lot from month to month, as did 19.6 percent 

of households with annual income of $75,000 or more.16 

Figure 3.3 Monthly Income Volatility, 2015 (Percent) 

Unknown 

7.3 

Varied 

a lot 

About 4.5 

the same 

71.8 Varied 

somewhat 

16.3 

Higher income volatility was associated with higher 

unbanked rates. As shown in Figure 3.4, the unbanked rate 

for households with income that varied a lot from month to 

month (12.9 percent) was more than twice as high as the 

unbanked rate for households with steady monthly income 

(5.7 percent). 

The influence of income volatility on bank account ownership 

was most pronounced among the lowest-income households. Indeed, among households with less than $15,000 in 

annual income, the unbanked rate was more than 30 percent 

for households with income that varied somewhat or a lot, 

compared to about 22 percent for households with steady income. Volatility appeared to play a role even at higher income 

levels. For example, among households with annual income 

between $50,000 and $75,000, the unbanked rate was 2.9 for 

households with income that varied somewhat and 4.1 percent for households with income that varied a lot, compared 

to 0.9 percent for households with steady monthly income. 

Income volatility was also associated with substantial differences in underbanked rates, as shown in Figure 3.5. The 

underbanked rate was 26.6 percent among households with 

income that varied somewhat and 30.9 percent among those 

with income that varied a lot, compared to 19.1 percent 

among those with steady income. These patterns held across 

household income levels. For example, the underbanked rate 

was about 30 percent for households with annual income 

between $50,000 and $75,000 that varied somewhat or a lot 

from month to month. In contrast, the underbanked rate was 

substantially lower among households at the same income 

level with steady monthly income (19.0 percent). 

Banking Status by Geography 

Regional variation in unbanked and underbanked rates in 

2015 was similar to previous years: unbanked and underbanked rates were highest among households in the Southern 

region. However, underbanked rates declined among Southern households from 23.5 percent in 2013 to 21.6 percent in 

2015, contributing to an increase in the fully banked rate from 

62.1 to 65.0 percent. Unbanked rates in the Western region 

declined from 7.4 to 5.9 percent, but this was offset by an 

increase in the underbanked rate from 17.6 to 19.9 percent. 

As a result, the fully banked rate was essentially unchanged 

from 2013. 

Unbanked and underbanked rates varied considerably across 

states, as illustrated in Figures 3.6 and 3.7. Reflecting the 

regional variation described above, and similar to estimates 

from previous years, unbanked and underbanked rates 

were generally higher among states in the Southern region. 

Unbanked rates ranged from 1.5 percent (Vermont) to 14.0 

percent (Louisiana), and underbanked rates ranged from 12.8 

percent (Vermont) to 27.3 percent (Nevada). Some states saw 

large swings in unbanked rates between 2013 and 2015. For 

example, the unbanked rate in Alabama increased from 9.2 

to 12.5 percent while the unbanked rate in Arizona declined 

from 12.8 to 8.5 percent. (See Appendix Tables A.7 – A.14 for 

detailed state- and MSA-level estimates, along with selected 

confidence intervals.) 

16See Appendix Table A.6 for the distribution of households by income level and income volatility. 
 

Figure 3.4 Unbanked Rates by Income Level and Income Volatility, 2015 


0.2

0.7

1.9

0.9

2.9

4.1

4.0

7.2

8.5

9.9

15.9

14.4

22.4

30.9

32.5

5.7

8.7

12.9

At least $75,000 

$50,000 to $75,000 

$30,000 to $50,000 

$15,000 to $30,000 

Less than $15,000 

All 

Varied a lot 

Varied somewhat 

About the same 

Figure 3.5 Underbanked Rates by Income Level and Income Volatility, 2015
 

13.1

16.4

19.4

19.0

28.6

31.4

22.5

31.6

39.4

22.9

31.3

37.4

23.9

34.2

30.6

19.1

26.6

30.9

At least $75,000 

$50,000 to $75,000 

$30,000 to $50,000 

$15,000 to $30,000 

Less than $15,000 

All 

Varied a lot 

Varied somewhat 

About the same 

18 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
 

 

 

 

Figure 3.6 Unbanked Rates by State, 2015 


CA

CO

CT

DE

FL

ID

IL IN

IA

ME

MD

MA

MI

MN MT

NE

NH

ND

OH

OR

PA

SD

UT

VT

VA

WA

WI

WY

DC

AK

NJ

HI

RI

NM

OK

AR

LA

MS AL

GA

WV

NY

AZ

MO

NC

SC

NV KS

TN

TX

KY

Less than 4.0 

4.0 to 5.0 

5.0 to 7.4 

7.4 to 9.4 

At least 9.4 

Figure 3.7 Underbanked Rates by State, 2015
 

AZ

CA

CO

CT

DE

FL

IL IN

IA

KS

KY

ME

MD

MA

MI

MN MT

NH

NC

OH

OR

PA

SD

TN

VT

VA

WV

WI

WY

DC

AK

NJ

HI

RI

ID

NM

OK

AR

LA

MS AL

GA

NY

WA

UT

ND

MO

SC

NV

NE

TX Less than 17.4 

17.4 to 18.8 

18.8 to 20.7 

20.7 to 23.8 

At least 23.8 

19 
20 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

17The 2013 survey included a number of questions examining household transitions into and out of the banking system and the events that may have contributed to 

these transitions. As discussed in Appendix 2, those questions were not repeated in the 2015 survey. 

18Although the proportion of unbanked households that previously had an account was slightly higher in 2015 (46.5 percent) than in 2013 (45.9 percent) and 2011 (44.7 

percent), the differences between these estimates are not statistically significant. 

19The proportion of unbanked households that were not at all likely to open an account in the next 12 months was substantially higher in 2015 than in 2013, even after 

accounting for differences in observable household characteristics (listed in Appendix Table A.2) and in the use of prepaid cards between 2013 and 2015. 

20For a detailed description of changes to the survey instrument, see Appendix 2. 

Unbanked Households: Previous Banking Status 

and Future Banking Plans 

As discussed in detail in the 2013 report, bank account 

ownership is not static and some households appear to cycle 

in and out of the banking system.17 Consistent with these 

findings, Table 3.4 shows that nearly half (46.5 percent) of 

unbanked households in 2015 had a bank account at some 

point in the past (i.e., were “previously banked”). This estimate is similar to those from previous years.18 

Further, some households that did not have a bank account 

at the time of the survey were interested in opening one in 

the future. As shown in Table 3.5, approximately 26 percent 

of unbanked households in 2015 were “very” or “somewhat” 

likely to open an account in the next 12 months. Interest in 

opening an account in the future was higher among certain 

segments of the unbanked population, including previously 

banked households, younger households, and unemployed 

households. (See Appendix Table A.15 for detailed estimates 

of the likelihood of opening a bank account by previous banking status and household characteristics.) 

The proportion of unbanked households that were very or 

somewhat likely to open an account in the next 12 months 

declined in 2015 compared to earlier years, while the 

proportion that were “not at all likely” increased. An estimated 

48.6 percent of unbanked households in 2015 were not at 

all likely to open an account, an increase of 11.0 percentage 

points from the 2013 estimate (37.6 percent). This increase 

did not appear to be driven by any particular segment of the 

unbanked population, nor was it attributable to the growth 

in prepaid card use among unbanked households between 

survey years.19 

Reasons Households Were Unbanked 

As in previous years, the 2015 survey asked unbanked households about the reasons why they did not have an account. 

Although changes to the survey instrument make it difficult to 

make direct comparisons, the 2015 estimates were qualitatively quite similar to those from the 2013 survey.20 

The most commonly cited reason for not having a bank 

account was “Do not have enough money to keep in an account.” As illustrated in Figure 3.8, 57.4 percent of unbanked 

households cited this as a reason and 37.8 percent cited 

it as the main reason. Other commonly cited reasons were 

“Avoiding a bank gives more privacy,” “Don’t trust banks,” 

“Bank account fees are too high,” and “Bank account fees are 

unpredictable.” Of these, the most cited main reasons were 

“Don’t trust banks” (10.9 percent) and “Bank account fees are 

too high” (9.4 percent). Less commonly cited reasons included “Cannot open an account due to personal identification, 

credit, or former bank account problems,” “Banks do not offer 

products or services you need,” “Bank hours are inconvenient,” and “Bank locations are inconvenient.” 

Reasons for not having an account were generally similar for 

previously banked households and those that never had an 

account, with two notable exceptions. Higher proportions of 

previously banked households cited “Bank account fees are 

too high” (33.8 percent) or “Bank account fees are unpredictable” (31.5 percent), compared to households that never 

had an account (23.1 and 17.7 percent, respectively). (See 

Appendix Table A.16.) 

Table 3.4 Previous Banking Status of Unbanked 

Households by Year 

For all unbanked households, row percent 

Year 

Number of 

Unbanked 

Households 

(1000s) 

Once had 

bank 

account 

(Percent) 

Never 

had bank 

account 

(Percent) 

Unknown 

(Percent) 

2011 9,875 44.7 53.4 2.0 

2013 9,582 45.9 52.6 1.5 

2015 8,969 46.5 51.8 1.8 
 

 

 

Table 3.5 Unbanked Households’ Likelihood of Opening Bank Account in Next 12 Months by Year 

For all unbanked households, row percent 

Year 

Number of 

Unbanked 

Households 

(1000s) 

Very likely 

(Percent) 

Somewhat likely 

(Percent) 

Not very likely 

(Percent) 

Not at all likely 

(Percent) 

Unknown 

(Percent) 

2011 

2013 

2015 

9,875 

9,582 

8,969 

13.5+ 

13.8 

9.5 

20.4+ 

21.9 

16.9 

21.7+ 

20.9 

18.1 

39.0+ 

37.6 

48.6 

5.3+ 

5.9 

6.8 

Note: The + symbol indicates that the 2011 estimates are not directly comparable to those from 2013 and 2015, because the 2011 survey asked about the likelihood 

of opening an account in the “future” instead of in the “next 12 months.” 

Figure 3.8 Reasons for Not Having a Bank Account, Unbanked Households, 2015 (Percent) 

13.4

10.3

8.5

3.3

9.0

2.0

15.4

1.3

16.4

5.7

24.0

1.9

27.7

9.4

28.0

10.9

28.5

3.4

57.4

37.8

Other reason 

Inconvenient hours 

Inconvenient locations 

Banks do not offer needed products or services 

ID, credit, or former bank account problems 

Account fees unpredictable 

Account fees too high 

Don't trust banks 

Avoiding bank gives more privacy 

Do not have enough money to keep in account 

Cited 

Main 

Figure 3.9 “How Interested Are Banks in Serving Households Like Yours?” by Banking Status, 2015 (Percent) 

76.6 15.8 5.5 2.1

30.9 55.8 9.1 4.2

79.4 16.6 4.0

Fully banked 83.9 12.0 4.0

Underbanked 

Unbanked 

All 

Very or somewhat Not at all Unknown: Don't know/Refused Unknown: Dropped out 

21 
22 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

Perceptions of Banks’ Interest 

The 2015 survey included a new question asked of all households: “How interested are banks in serving households like 

yours?” The survey results revealed pronounced differences 

across households. 

As illustrated in Figure 3.9, more than three-quarters of U.S. 

households thought that banks were “very interested” or 

“somewhat interested” in serving households like theirs. 

Approximately 16 percent thought that banks were “not at all 

interested,” and the perceptions of the remaining 8 percent 

were unknown. 

Unbanked households were substantially less likely than 

underbanked or fully banked households to perceive that 

banks were interested in serving households like theirs. More 

than half (55.8 percent) of unbanked households thought that 

banks were not at all interested, compared to 16.6 percent 

of underbanked households and 12.0 percent of fully banked 

households. In contrast, the perceptions of underbanked 

households were quite similar to those of fully banked households. Indeed, nearly 80 percent of underbanked households 

thought that banks were very or somewhat interested in serving households like theirs, compared to 83.9 percent of fully 

banked households who felt this way. 

Figure 3.9 also shows that a higher proportion of unbanked 

households had “don’t know” or “refused” recorded for 

this question, compared to underbanked and fully banked 

households. Unbanked households that had not had a bank 

account in the past were especially likely to have don’t know 

or refused recorded for this question. These results suggest 

that some unbanked households might not have been familiar 

with banks.21 

Perceptions among unbanked households varied based on 

whether the household was previously banked. As shown in 

Table 3.6, similar shares of previously banked (54.2 percent) 

and never banked households (58.7 percent) perceived that 

banks were not at all interested in serving households like 

theirs. However, a higher share of previously banked households (38.2 percent) perceived that banks were very or somewhat interested in serving households like theirs, compared 

with 25.1 percent of households that were never banked. 

Perceptions of bank interest also varied by household characteristics. For example, the proportion that thought banks were 

very or somewhat interested in serving households like theirs 

ranged from 59.8 percent among the lowest income group 

(less than $15,000) to 85.9 percent among the highest income 

group ($75,000 or more). Perceptions also varied by race and 

ethnicity: the proportions of black and Hispanic households 

that thought banks were interested in serving households like 

theirs were lower than for white households. Working-age 

disabled households were less likely than nondisabled 

households to think that banks were interested in serving 

households like theirs. The differences in perceptions of bank 

interest across household characteristics were generally 

smaller in magnitude than the differences between banked 

and unbanked households discussed above. 

Finally, the likelihood of unbanked households opening an 

account in the future was associated with differences in their 

perceptions of banks’ interest in serving households like 

theirs. Among unbanked households that thought banks were 

not at all interested in serving households like theirs, only 17.3 

percent were very or somewhat likely to open an account in 

the next 12 months. In contrast, among unbanked households that perceived banks to be very or somewhat interested 

in serving households like theirs, 50.4 percent were very or 

somewhat likely to open an account in the next 12 months. 

21Households recorded as “Unknown: Don’t know/Refused” were asked the survey question but did not select a response (“very interested,” “somewhat interested,” or 

“not at all interested”). Households recorded as “Unknown: Dropped out” dropped out of the survey before being asked this question. 
Table 3.6 “How Interested Are Banks in Serving Households Like Yours?” by Previous Banking Status and Selected 

Household Characteristics, 2015 

For all households, row percent 

Characteristics 

Very or somewhat 

interested 

(Percent) 

Not at all interested 

(Percent) 

Unknown: 

Don’t know / Refused 

(Percent) 

Unknown: 

Dropped out 

(Percent) 

All 

Previous banking status 

76.6 15.8 5.5 2.1 

Banked 80.0 12.8 5.2 2.0 

Unbanked, once had bank account 38.2 54.2 5.2 2.4 

Unbanked, never had bank account 

Family income 

25.1 58.7 12.1 4.1 

Less than $15,000 59.8 30.2 7.5 2.5 

$15,000 to $30,000 68.5 22.1 7.0 2.4 

$30,000 to $50,000 76.7 16.3 5.1 2.0 

$50,000 to $75,000 81.2 11.9 4.6 2.3 

At least $75,000 

Education 

85.9 7.7 4.6 1.8 

No high school diploma 60.6 29.5 7.5 2.3 

High school diploma 72.3 19.6 5.8 2.4 

Some college 77.8 15.4 4.7 2.1 

College degree 

Age group 

84.1 8.8 5.3 1.9 

15 to 24 years 71.2 20.9 5.7 2.2 

25 to 34 years 76.2 16.4 5.8 1.7 

35 to 44 years 75.7 17.0 5.1 2.2 

45 to 54 years 77.8 15.4 4.7 2.1 

55 to 64 years 77.8 15.7 4.5 2.0 

65 years or more 

Race /Ethnicity 

76.8 13.7 7.0 2.5 

Black 67.2 23.7 6.2 2.9 

Hispanic 68.5 23.3 5.3 2.8 

Asian 76.5 13.0 8.3 2.3 

White 80.2 12.9 5.1 1.8 

Other 

Disability status 

72.4 18.3 7.3 2.0 

Disabled, age 25 to 64 63.5 29.2 5.1 2.2 

Not disabled, age 25 to 64 78.9 14.2 5.0 2.0 

Note: See Appendix Table A.18 for estimates by additional household characteristics. 

23 
24 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

 

4. Banked Households: Types of Accounts and Methods Used to Access Accounts 

Types of Accounts Owned by Banked Households 

Patterns of savings and checking account ownership among 

banked households in 2015 were generally similar to previous 

years, as shown in Table 4.1.22 Almost all banked households 

had a checking account (98.0 percent), while roughly three in 

four (77.8 percent) had a savings account. 

Savings account ownership rates in 2015 varied widely across 

the population. For example, savings account ownership 

rates were lower among black and Hispanic households, 

working-age disabled households, and households in rural 

areas. Differences by income and education were especially 

pronounced. For example, among banked households with 

less than $15,000 in income, only 52.6 percent had a savings 

account in 2015, compared to 91.6 percent among those with 

over $75,000 in income. (See Appendix Table B.1 for details.) 

Methods Banked Households Used to Access Their 

Accounts 

Knowing how households access their bank accounts can 

help inform discussions about how best to serve different 

groups of consumers. As in the 2013 survey, banked households were asked about the methods they used to access 

their accounts in the past 12 months and about the most 

common (i.e., “primary”) method used.23 The results show 

that use of online and mobile banking increased from 2013 

to 2015, while use of bank tellers fell. Use of bank tellers 

remained quite prevalent, however, particularly among 

segments of the population that have higher unbanked and 

underbanked rates. 

As illustrated in Figure 4.1, 75.5 percent of banked households in 2015 used bank tellers to access their accounts in 

the past 12 months, a higher proportion than any other method asked about in the survey.24 However, use of bank tellers 

to access accounts fell slightly in 2015 compared to 2013 

(78.8 percent). During the same period, use of online banking 

and mobile banking grew substantially. The growth in mobile 

banking was particularly striking, as 31.9 percent of banked 

households in 2015 accessed an account using a mobile 

phone compared to 23.2 percent in 2013. 

These patterns were also present when looking at the primary 

methods banked households used to access their accounts 

(Figure 4.2). Use of bank tellers and ATMs/kiosks fell from 

2013 to 2015, while use of online and mobile banking increased. Notably, 36.9 percent of banked households used 

online banking as the primary method of account access in 

2015, more than any other method asked about in the survey. 

Slightly less than half (49.2 percent) used a physical channel 

(bank teller or ATM/kiosk) as their primary method of bank 

account access. 

Table 4.3 shows changes in the proportion of banked households that primarily used bank tellers, online banking, and 

mobile banking between 2013 and 2015, by banking status 

and selected household characteristics. Patterns were similar 

within each of the groups listed in the table: use of bank tellers fell, while use of online and mobile banking increased. 

The estimates by banking status show that use of mobile 

banking grew substantially among both underbanked and 

fully banked households. The proportion of underbanked 

households that used mobile banking as their primary means 

of account access in 2015 (12.6 percent) was higher than the 

share of fully banked households (8.7 percent) that primarily 

used mobile banking, although this gap closed somewhat 

between 2013 and 2015. 

Changes in the use of bank tellers and online banking were 

less pronounced for underbanked households than for fully 

banked households. The proportion of underbanked households that primarily used bank tellers in 2015 was 27.8 

percent, and the proportion that primarily used online bank22As in previous years, the 2015 survey asked about savings and checking account ownership for each person within the household. The analysis of checking and 

savings account ownership presented in this section excludes 647 observations (representing roughly 2.4 million banked households) where at least one person in 

the household had missing information on bank account type, and there was not enough information from the remaining persons in the household to categorize the 

household by the types of bank accounts owned. Estimates of checking and savings account ownership among banked households presented in this section may 

differ slightly from the 2011 and 2013 reports, because observations with missing information on bank account type were not dropped in prior years.

 23Specifically, banked households were asked about bank tellers, ATMs/kiosks, telephone banking, online banking, mobile banking, and other methods of account 

access used in the past 12 months. Households were then asked which method they most commonly used. The estimates presented in this section do not necessarily 

reflect intensity of use. 

24The analysis of bank account access methods presented in this section excludes 1,423 observations (representing roughly 5.3 million banked households) that did 

not access their accounts in the past 12 months or that did not report whether they accessed their accounts. 
25 

Table 4.1 Types of Accounts Owned by Banked Households by Year 

For all banked households, row percent 

Year 

Number of 

Households 

(1000s) 

Checking and 

savings 

(Percent) 

Savings only 

(Percent) 

Checking only 

(Percent) 

Memo: 

Has savings 

(Percent) 

Memo: 

Has checking 

(Percent) 

2011 108,682 74.5 2.2 23.4 76.6 97.8 

2013 111,926 73.8 2.2 24.0 76.0 97.8 

2015 116,137 75.8 2.0 22.2 77.8 98.0 

ing was 27.6 percent. These are fairly similar to the proportions from the 2013 survey. In contrast, among fully banked 

households the proportion that primarily used bank tellers 

decreased from 33.0 to 28.2 percent, and the proportion that 

primarily used online banking increased from 35.1 to 39.9 

percent. 

Use of bank tellers as the primary means of account 

access remained quite prevalent among certain segments 

of the population, including lower-income households, 

less-educated households, older households, and 

households located in rural areas. These groups also were 

disproportionately more likely to access their accounts using 

only bank tellers. For example, approximately one-quarter 

of banked households with income of $30,000 or less and 

one-third of banked households with no high school degree 

exclusively used bank tellers to access their accounts (see 

Appendix Table B.10). 

Mobile Phone, Smartphone, and Home Internet Access 

Financial institutions, nonbank prepaid card issuers, and AFS providers are increasingly seeking to interact with customers 

through the Internet and mobile phones, especially smartphones. 

As shown in Table 4.2, smartphone access grew markedly, from 55.7 percent in 2013 to 67.1 percent in 2015. As in 2013, 

the vast majority of U.S. households had access to a mobile phone in 2015. 

Mobile phone and smartphone access continued to be lower among unbanked households than underbanked and fully 

banked households. Notably, unbanked households in 2015 were more likely to own or have regular access to a smartphone 

(42.9 percent) than to have Internet access at home using a desktop, laptop, or tablet computer (27.7 percent). 

Table 4.2 Mobile Phone, Smartphone, and Home Internet Access by Banking Status and Year 

For all households 

Mobile phone Smartphone Internet at home 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

2015 

(Percent) 

All 82.7 84.2 1.5* 55.7 67.1 11.4* 72.0 

Banking status 

Unbanked 68.1 69.0 0.9 33.1 42.9 9.8* 27.7 

Underbanked 90.5 91.4 0.9 64.5 75.5 11.0* 72.8 

Fully banked 86.8 88.6 1.8* 59.0 71.1 12.1* 80.6 

Notes: Asterisks indicate differences that are statistically significant at the 10 percent level. Estimates of Internet access at home are not available for 2013. 

See Appendix Tables B.11 – B.15 for estimates by household characteristics, and for selected confidence intervals. 
 

Figure 4.1 All Methods Used to Access Bank Accounts by Year (Percent) 

78.8

Bank teller 

75.5

69.6

ATM/Kiosk 

69.8

Telephone 

23.2

55.1

60.4

26.1

27.0

2013 

2015 

Online 

Mobile 

31.9

1.0

Other 

1.1

0.8

0.9

5.7

9.5

32.9

36.9

3.3

3.0

24.4

21.0

32.2

28.2

Other 

Mobile 

Online 

Telephone 

ATM/Kiosk 

Bank teller 

2013 

2015 

Figure 4.2 Primary Method Used to Access Bank Accounts by Year (Percent) 

26 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Table 4.3 Use of Bank Tellers, Online Banking, or Mobile Banking as Primary Method of Account Access by Selected 

Household Characteristics and Year 

For all banked households that accessed their account in the past 12 months 

Characteristics 

Bank teller 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

Online banking 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

Mobile banking 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

All 

Banking status 

32.2 28.2 -4.1* 32.9 36.9 4.0* 5.7 9.5 3.8* 

Underbanked 29.0 27.8 -1.3 26.6 27.6 1.0 9.5 12.6 3.1* 

Fully banked 

Family income 

33.0 28.2 -4.8* 35.1 39.9 4.8* 4.7 8.7 4.0* 

Less than $15,000 47.5 41.7 -5.8* 14.5 18.0 3.5* 4.0 7.1 3.0* 

$15,000 to $30,000 44.9 40.5 -4.4* 17.3 20.8 3.5* 5.3 8.1 2.7* 

$30,000 to $50,000 35.7 32.5 -3.3* 26.7 29.1 2.4* 6.3 9.7 3.4* 

$50,000 to $75,000 28.3 25.8 -2.5* 36.8 39.7 2.8* 6.4 11.3 4.9* 

At least $75,000 

Education 

20.1 16.7 -3.4* 49.4 53.6 4.2* 5.7 9.7 4.0* 

No high school diploma 55.6 50.8 -4.8* 8.8 11.8 3.0* 2.4 4.0 1.6* 

High school diploma 41.8 38.2 -3.6* 21.0 24.5 3.5* 4.3 7.5 3.2* 

Some college 30.2 25.6 -4.6* 32.5 36.8 4.2* 7.4 11.6 4.2* 

College degree 

Age group 

21.0 17.9 -3.1* 48.0 51.5 3.5* 6.2 10.4 4.2* 

15 to 24 years 21.1 15.9 -5.2* 27.8 31.4 3.6* 20.3 25.0 4.7* 

25 to 34 years 17.0 14.3 -2.8* 42.5 42.6 0.1 13.2 21.9 8.7* 

35 to 44 years 21.1 16.9 -4.2* 41.5 45.8 4.3* 8.9 14.3 5.4* 

45 to 54 years 26.7 22.9 -3.8* 37.7 42.0 4.3* 3.7 7.6 3.8* 

55 to 64 years 36.1 31.7 -4.4* 31.6 37.3 5.7* 1.4 3.4 2.0* 

65 years or more 

Race/Ethnicity 

54.6 48.7 -5.9* 17.8 23.8 5.9* 0.6 1.2 0.6* 

Black 33.1 30.1 -3.0* 21.3 25.1 3.7* 7.8 11.3 3.5* 

Hispanic 34.0 29.3 -4.7* 23.0 27.2 4.2* 8.3 12.6 4.3* 

Asian 29.7 25.5 -4.2* 40.2 44.4 4.1* 5.7 9.0 3.3* 

White 32.0 27.9 -4.1* 35.8 40.0 4.2* 5.0 8.6 3.6* 

Other 

Disability status 

32.0 25.4 -6.7* 29.4 33.8 4.4 3.7 12.5 8.8* 

Disabled, age 25 to 64 35.6 32.4 -3.2* 24.8 25.9 1.1 2.7 6.6 3.9* 

Not disabled, age 25 to 64 

Metropolitan status 

24.5 20.6 -3.9* 39.7 43.8 4.1* 6.9 11.9 5.0* 

Metro area - principal city 28.9 24.6 -4.3* 32.9 36.9 4.1* 6.8 11.1 4.3* 

Metro area - balance 29.1 24.9 -4.2* 37.0 40.8 3.8* 6.0 9.5 3.5* 

Not in metro area 44.9 41.5 -3.3* 23.2 27.4 4.2* 3.2 6.7 3.5* 

Not identified 34.0 31.9 -2.2* 31.1 34.0 2.8* 5.5 8.9 3.4* 

Notes: Asterisks indicate differences that are statistically significant at the 10 percent level. See Appendix Tables B.5 – B.9 for estimates by other household 

characteristics, and for selected confidence intervals. 

27 
 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

5. Prepaid Cards 

Some consumers use general purpose reloadable prepaid 

cards to address their financial transaction needs. Similar to 

a checking account, these cards can be used to pay bills, 

withdraw cash at ATMs, make purchases, deposit checks, 

and receive direct deposits. These cards may have been 

obtained from sources such as a bank location or bank website, a nonbank store or website, a government agency, or an 

employer.25 Many, although not all, such cards store funds in 

accounts eligible for deposit insurance. 

As with the 2013 survey, the 2015 survey asked households 

whether they used a prepaid card in the past 12 months, 

which we refer to as prepaid card use.26 Between 2013 and 

2015, the proportion of households that used a prepaid card 

increased from 7.9 percent to 9.8 percent, as shown in Table 

5.1.27 

Table 5.1 Prepaid Card Use in Past 12 Months by Year 

For all households, row percent 

Year 

Number of 

Households 

(1000s) 

Used 

(Percent) 

Did not use 

(Percent) 

Unknown 

(Percent) 

2013 

2015 

123,750 

127,538 

7.9 

9.8 

86.4 

85.8 

5.7 

4.4 

Prepaid Card Use by Household Characteristics 

Differences in prepaid card use across households were 

similar in 2015 to earlier survey years. As shown in Table 5.2, 

prepaid card use was higher among lower-income households, less-educated households, younger households, black 

households, and working-age disabled households. Growth in 

prepaid card use from 2013 to 2015 occurred broadly among 

socioeconomic and demographic groups. 

Table 5.2 Prepaid Card Use in Past 12 Months by Selected 

Household Characteristics and Year 

For all households 

Characteristics 2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

All 

Family income 

7.9 9.8 1.8* 

Less than $15,000 11.4 14.3 3.0* 

$15,000 to $30,000 8.3 10.8 2.5* 

$30,000 to $50,000 8.3 8.8 0.6 

$50,000 to $75,000 6.4 9.2 2.8* 

At least $75,000 

Education 

6.5 8.1 1.5* 

No high school diploma 8.9 11.0 2.1* 

High school diploma 8.1 10.3 2.2* 

Some college 8.8 10.8 2.0* 

College degree 

Age group 

6.7 8.0 1.4* 

15 to 24 years 12.7 12.4 -0.3 

25 to 34 years 10.9 12.6 1.6* 

35 to 44 years 10.3 11.4 1.1 

45 to 54 years 9.1 11.0 1.8* 

55 to 64 years 6.4 9.3 2.9* 

65 years or more 

Race/Ethnicity 

3.0 5.5 2.6* 

Black 11.5 13.9 2.4* 

Hispanic 7.8 9.6 1.9* 

Asian 4.4 5.7 1.3 

White 7.3 9.1 1.7* 

Other 

Disability status 

13.8 17.0 3.2 

Disabled, age 25 to 64 12.4 15.2 2.8* 

Not disabled, age 25 

to 64 8.7 10.4 1.7* 

Notes: Asterisks indicate differences that are statistically significant at the 

10 percent level. See Appendix Table C.2 for estimates by other household 

characteristics, as well as for selected confidence intervals.

 25Households were instructed that the survey questions about prepaid cards were “not asking about gift cards or debit cards linked to a checking account.”

 26Several questions on prepaid cards were added to the 2015 survey, and some questions from the 2013 survey were either revised or dropped. The introductory 

description of prepaid cards was made more concise in the 2015 survey, and the list of prepaid card sources was revised. The 2013 survey included questions 

about whether households used a prepaid card in the past 30 days or had ever used a prepaid card, reasons for prepaid card use, and reloading prepaid cards; 

these questions were not repeated in the 2015 survey. The 2015 survey included new questions about the use of prepaid cards to save for unexpected expenses or 

emergencies, receive income in a typical month, and pay bills in a typical month (these questions are discussed in sections 7 and 9). See Appendix 2 for additional 

details.

 27Between 2011 and 2013, prepaid card use also increased, as measured by the proportion of households that had ever used a prepaid card. Estimates of prepaid 

card use in 2011 are not comparable to 2015 because in 2011, households were only asked if they had ever used a prepaid card, while in 2015 households were only 

asked if they used a prepaid card in the past 12 months. 

28 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
 

 

Figure 5.1 Prepaid Card Use in Past 12 Months by Income Level and Income Volatility, 2015 (Percent) 

7.7

11.1

9.4

8.6

13.7

13.0

8.4

12.4

12.1

10.1

14.7

18.0

13.4

19.6

24.1

9.2

13.5

15.5

Varied a lot 

Varied somewhat 

About the same 

All 

Less than $15,000 

$15,000 to $30,000 

$30,000 to $50,000 

$50,000 to $75,000 

At least $75,000 

Figure 5.1 presents prepaid card use for 2015 by income level Prepaid Card Use by Geography 

and income volatility. Households with income that varied Prepaid card use was higher in the Southern (10.7 percent) 

somewhat or a lot from month to month were more likely to and Midwestern regions (10.2 percent) and lower in the 

use prepaid cards (13.5 percent and 15.5 percent, respec- Western (8.8 percent) and Northeastern regions (8.4 percent). 

tively) than households with income that was about the same Figure 5.2 shows that prepaid card use varied considerably 

each month (9.2 percent). This pattern held for households of by state, ranging from 6.2 percent in Hawaii to 17.7 percent 

all income levels. in Arkansas. (See Appendix Tables C.5 and C.6 for detailed 

state- and MSA-level estimates of changes in prepaid card use 

from 2013 to 2015, along with selected confidence intervals.) 

Figure 5.2 Prepaid Card Use in Past 12 Months by State, 2015 (Percent) 

AZ

CA

CO

CT

DE

FL

ID

IL IN

IA

MD

MA

MT

NH

NM

NY

NC

OH

OR

PA

SC

TX

VT

VA

WA

WV

WI

WY

DC

AK

NJ

HI

RI

OK

AR

LA

MS AL

GA

UT

ND

SD

MN

MO

ME

NV KS

NE

TN

KY

MI

Less than 8.1 

8.1 to 9.5 

9.5 to 10.3 

10.3 to 11.8 

At least 11.8 

29 
 

Prepaid Card Use by Banking Status 

Use of prepaid cards in 2015 was most prevalent among 

unbanked households, consistent with earlier survey results. As illustrated in Figure 5.3, 27.1 percent of unbanked 

households used a prepaid card, compared to 15.4 percent 

of underbanked households and 6.9 percent of fully banked 

households. Prepaid card use increased substantially within 

each of the banking status groups relative to 2013 estimates. 

For example, 27.1 percent of unbanked households used a 

prepaid card in 2015, an increase of 4.8 percentage points 

from the 2013 estimate of 22.3 percent. 

Overall, approximately half (51.1 percent) of households that 

used prepaid cards in 2015 were either unbanked or underbanked, as shown in Figure 5.4. For context, this is substantially higher than the 27.0 percent of households in 2015 that 

were either unbanked or underbanked (see Figure 3.1). 

Figure 5.3 Prepaid Card Use in Past 12 Months by Banking 

Status and Year (Percent) 

22.3

27.1

13.1

15.4

5.3 6.9

Unbanked Underbanked Fully banked 

2013 2015 

Figure 5.4 Banking Status of Households That Used 

Prepaid Cards in Past 12 Months, 2015 (Percent) 

Banked,

 underbanked 

status unknown 

1.1 

Underbanked 

31.5 

Unbanked 

19.5 

Fully banked 

47.8 

Unbanked households that used prepaid cards were more 

likely to have had a bank account at some point in the past: 

64.1 percent of unbanked households that used prepaid 

cards had a bank account in the past versus 42.3 percent of 

unbanked households that did not use prepaid cards. 

Though many of the cited reasons for not having a bank 

account were similar for households that used prepaid cards 

and those that did not, in some cases differences existed 

between these groups. For example, as illustrated in Figure 

5.5, unbanked households that used prepaid cards were more 

likely than those that did not use prepaid cards to cite the 

following reasons for not having an account: bank account 

fees are too high; bank account fees are unpredictable; and 

personal identification, credit, or former bank account problems.28 Irrespective of prepaid card use, the most commonly 

cited reason for not having a bank account was not having 

enough money to keep in an account. 

Sources of Prepaid Cards 

Households that used prepaid cards in 2015 obtained them 

from a variety of sources. As shown in Figure 5.6, the most 

common source for obtaining a prepaid card was a store or 

website that is not a bank (42.6 percent of households that 

used prepaid cards obtained cards from this source), followed 

by a bank location or a bank’s website (17.3 percent).29 

Sources of prepaid cards differed by banking status, as 

indicated in Table 5.3. In particular, higher proportions of 

fully banked (19.8 percent) and underbanked (18.4 percent) 

households that used prepaid cards obtained them from a 

bank, in comparison to unbanked households (9.3 percent). 

Regardless of banking status, stores or websites that are not 

banks were the most common sources of prepaid cards: 46.5 

percent of unbanked, 47.1 percent of underbanked, and 38.2 

percent of fully banked households that used prepaid cards 

obtained them from this source. 

28The main reasons cited for not having a bank account were similar across unbanked households, regardless of prepaid card use. 

29Estimates of the share of households that obtained prepaid cards from the various sources were not comparable in 2013 and 2015. The 2013 survey asked which 

location was typically used to get the prepaid card, allowing only one selection, while the 2015 survey allowed households to select multiple sources. In addition, the 

list of prepaid card sources was different in 2013. For example, while the 2015 survey asked households that used prepaid cards whether they obtained a card from 

a bank location or bank’s website, the 2013 survey asked households whether they typically used a bank branch to obtain the card. Approximately one in ten (10.7 

percent) households that used prepaid cards in 2013 typically got the card from a bank branch. 

30 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Figure 5.5 Cited Reasons for Not Having a Bank Account by Prepaid Card Use, 2015 (Percent) 

14.3

13.9

11.1

8.0

9.1

9.6

18.3

14.9

22.0

15.4

33.8

21.7

35.4

26.6

31.8

28.4

31.7

29.7

60.8

60.7

Other reason 

Inconvenient hours 

Inconvenient locations 

Banks do not offer needed products or services 

ID, credit, or former bank account problems 

Account fees unpredictable 

Account fees too high 

Don't trust banks 

Avoiding bank gives more privacy 

Do not have enough money to keep in account 

Used prepaid card 

Did not use prepaid card 

1.3

6.8

9.2

14.2

14.8

17.3

42.6

Unknown 

Other 

Employer payroll card 

Family or friends 

Government agency 

Bank location or bank's website 

Store or website that is not a bank 

Figure 5.6 Sources of Prepaid Cards for Households That Used Prepaid Cards in Past 12 Months, 2015 (Percent) 

31 
32 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

Bank location 

or bank’s 

website 

(Percent) 

Store or 

website that is 

not a bank 

(Percent) 

Government 

agency 

(Percent) 

Employer 

payroll card 

(Percent) 

Family or 

friends 

(Percent) 

Other 

(Percent) 

Unknown 

(Percent) 

All 17.3 42.6 14.8 9.2 14.2 6.8 1.3 

Banking status 

Unbanked 9.3 46.5 24.8 13.8 4.4 5.2 1.0 

Underbanked 18.4 47.1 13.1 9.9 13.2 4.8 1.0 

Fully banked 19.8 38.2 12.1 7.0 19.1 8.9 0.9 

Table 5.3 Sources of Prepaid Cards by Banking Status, 2015 

For all households that used prepaid cards in past 12 months, row percent 
2015 FDIC National Survey of Unbanked and Underbanked 

Households

 

	 

	 

6. Alternative Financial Services 

As in earlier surveys, the 2015 survey asked households 

about their use of alternative financial services (AFS) during 

the past 12 months.30 Households were asked if they went 

to a place other than a bank to send a money order, cash a 

check, or send an international remittance (transaction AFS). 

Households were also asked whether they used any of the 

following nonbank products and services that may be used 

in lieu of bank credit: payday loans, refund anticipation loans, 

rent-to-own services, pawn shop loans, and auto title loans 

(credit AFS). 

Patterns of AFS use among households in 2015 were generally similar to 2013. As shown in Table 6.1, about one in four 

households (24.0 percent) used an AFS in 2015, compared 

with 24.9 percent in 2013. Use of transaction AFS continued 

to be substantially more common than use of credit AFS: 20.2 

percent of households used transaction AFS and 7.7 percent 

of households used credit AFS. However, use of transaction 

AFS decreased (from 21.9 percent in 2013), while use of credit AFS increased (from 7.0 percent in 2013). 

Alternative Financial Services Use by Bank Account 

Ownership 

Use of AFS continued to be much higher among unbanked 

households than banked households. As shown in Figures 6.1 

and 6.2, 57.3 percent of unbanked households used an AFS 

in 2015, compared to 21.4 percent of banked households. 

Although AFS were more widely used by unbanked households, the proportion that used AFS fell from 63.2 percent 

in 2013 to 57.3 percent in 2015. This decrease was almost 

entirely attributable to a decline in the use of transaction AFS 

among the unbanked, which occurred broadly across socioeconomic and demographic groups, and among unbanked 

households that used (or did not use) prepaid cards. 

In contrast, similar proportions of banked households used 

AFS in 2013 and 2015. While use of transaction AFS fell 

slightly among banked households (from 18.6 to 17.6 percent), this decline was offset by an increase in the use of 

credit AFS (from 6.2 to 7.0 percent). 

Figure 6.1 Alternative Financial Services Use in Past 12 

Months by Year, Unbanked Households (Percent) 

Any AFS	 Transaction AFS Credit AFS 

2013 2015 

Figure 6.2 Alternative Financial Services Use in Past 12 

Months by Year, Banked Households (Percent) 

63.2

57.3 60.5

54.1

16.7 16.5

21.7 21.4 18.6 17.6

6.2 7.0

Any AFS	 Transaction AFS Credit AFS 

2013 2015 

Table 6.1 Alternative Financial Services Use in Past 12 Months by Year 

For all households, row percent 

Year 

Number of 

Households 

(1000s) 

Any AFS 

Used 

(Percent) 

Did not use 

(Percent) 

Unknown

 (Percent) 

Transaction AFS 

Used 

(Percent) 

Did not use 

(Percent) 

Unknown

 (Percent) 

Credit AFS 

Used 

(Percent) 

Did not use 

(Percent) 

Unknown

 (Percent) 

2011 

2013 

2015 

120,408 

123,750 

127,538 

25.4+ 

24.9 

24.0 

71.2+ 

69.3 

70.3 

3.4+ 

5.8 

5.8 

23.3 

21.9 

20.2 

73.8 

72.9 

74.2 

2.9 

5.2 

5.6 

6.0+ 

7.0 

7.7 

90.8+ 

87.2 

86.9 

3.2+ 

5.8 

5.5 

Note: The + symbol indicates that estimates of Any AFS and Credit AFS in 2011 are not directly comparable to years 2013 and 2015 because the 2011 survey did 

not ask about auto title loans. 

30In this section, all estimates of AFS use are based on the past 12 months. The 2013 and 2015 surveys asked about the same set of AFS. The 2013 survey included 

questions about whether households used AFS in the past 30 days or had ever used AFS. As discussed in Appendix 2, those questions were not repeated in the 2015 

survey. 

33 
 

Table 6.2 shows use of specific AFS by bank account 

ownership and year. Overall, as shown in panel A, money 

orders were the most commonly used AFS in 2015, followed 

by check cashing. Use of nonbank money orders declined 

substantially in recent years, however, particularly among 

unbanked households. Use of nonbank check cashing also 

declined sharply among unbanked households, from 35.9 

percent in 2013 to 30.3 percent in 2015. 

Alternative Financial Services Use by Household 

Characteristics 

Consistent with past survey results, AFS use differed widely 

across households. As shown in Appendix Table D.1, use of 

AFS was higher among lower-income households, less-educated households, younger households, black and Hispanic 

households, and working-age disabled households. As indicated in Appendix Table D.4, declines in the use of transaction AFS between 2013 and 2015 were fairly widespread 

across segments of the population. 

Income volatility was also related to AFS use, as illustrated 

in Figures 6.3 and 6.4. For example, 34.3 percent of households with income that varied a lot from month to month used 

transaction AFS, compared to 18.9 percent of households 

with steady monthly income. Similarly, use of credit AFS was 

substantially higher among households with more volatile 

income. 

Even at higher levels of income, AFS use was higher among 

households with volatile income. For example, among households with annual income of at least $75,000 that varied a 

lot from month to month, 17.5 percent used transaction AFS 

and 8.6 percent used credit AFS. In contrast, for households 

with annual income of at least $75,000 and steady monthly 

income, 10.8 percent used transaction AFS and 3.4 percent 

used credit AFS. 

Table 6.2 Use of Specific Alternative Financial Services by 

Bank Account Ownership and Year 

For all households 

Specific AFS 2011 

(Percent) 

2013 

(Percent) 

2015 

(Percent) 

Difference 

(2015-2013) 

A. All 

households 

Money orders 18.3 17.3 15.0 -2.3* 

Check cashing 7.7 6.5 6.5 -0.1 

Remittances 3.7 3.7 3.7 0.0 

Pawn shop 

loans 2.9 2.9 1.8 -1.1* 

Payday loans 

Refund 

1.7 2.0 2.0 0.0 

anticipation 

loans 

1.2 1.8 2.6 0.8* 

Rent-to-own 1.5 1.5 1.8 0.3* 

Auto title loans 

B. Unbanked 

households 

0.9 1.3 0.5* 

Money orders 49.1 47.3 43.2 -4.2* 

Check cashing 38.0 35.9 30.3 -5.6* 

Remittances 9.2 9.2 7.9 -1.3 

Pawn shop 

loans 10.5 9.9 6.6 -3.3* 

Payday loans 

Refund 

1.6 2.7 3.6 0.9* 

anticipation 

loans 

3.4 3.8 4.5 0.7 

Rent-to-own 5.1 4.5 5.0 0.6 

Auto title loans 

C. Banked 

households 

1.7 2.3 0.7 

Money orders 15.6 14.7 12.8 -1.9* 

Check cashing 5.0 4.1 4.7 0.6* 

Remittances 3.2 3.2 3.4 0.2 

Pawn shop 

loans 2.2 2.3 1.5 -0.8* 

Payday loans 

Refund 

1.7 1.9 1.8 -0.1 

anticipation 

loans 

1.0 1.6 2.5 0.8* 

Rent-to-own 1.2 1.2 1.5 0.3* 

Auto title loans 0.8 1.3 0.5* 

Notes: Asterisks indicate differences that are statistically significant at the 10 

percent level. Estimates of auto title loan use are not available for the year 

2011. 

34 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Figure 6.3 Use of Transaction AFS in Past 12 Months by Income Level and Income Volatility, 2015 (Percent) 

10.8

13.6

17.5

16.2

24.2

29.1

20.1

30.6

37.1

25.3

38.8

41.9

32.0

49.0

47.0

18.9

27.7

34.3

At least $75,000 

$50,000 to $75,000 

$30,000 to $50,000 

$15,000 to $30,000 

Less than $15,000 

All 

Varied a lot 

Varied somewhat 

About the same 

Figure 6.4 Use of Credit AFS in Past 12 Months by Income Level and Income Volatility, 2015 (Percent) 

3.4

4.8

8.6

5.6

10.9

14.7

8.7

14.3

18.6

9.6

14.7

17.8

10.9

19.3

19.7

6.9

11.4

15.7

At least $75,000 

$50,000 to $75,000 

$30,000 to $50,000 

$15,000 to $30,000 

Less than $15,000 

All 

Varied a lot 

Varied somewhat 

About the same 

35 
 

International Remittances 

The 2015 survey included a series of questions about the ways households send money abroad to family or friends (i.e., 

remittances). Households were asked whether they sent money abroad using a bank in the past 12 months and if so, whether 

they did this in a typical month. Households were asked analogous questions about nonbank remittance use. 

Among all U.S. households in 2015, 5.7 percent sent money abroad in the past 12 months. Of these households, roughly 40 

percent (or 2.4 percent of all households) sent money abroad in a typical month. Remittance activity was substantially higher 

among certain segments of the population, including Hispanic and Asian households, and foreign-born citizen and noncitizen 

households. 

Most households that sent a remittance did not use a bank. Specifically, as shown in Table 6.3, of the households that sent a 

remittance in the past 12 months, roughly 20 percent (or 1.2 percent of all households) used only banks and 8 percent (or 0.5 

percent of all households) used both banks and nonbanks. Certain groups were more likely to use banks to send a remittance. 

For example, among households that sent a remittance in the past 12 months, over 30 percent of Asian and white households 

used only banks to do so, compared to 10 percent of Hispanic households.31 

Table 6.3 Use of Banks and Nonbanks to Send Remittances in Past 12 Months by Selected Household Characteristics, 2015 

For all households, row percent 

Characteristics Nonbank only 

(Percent) 

Nonbank and 

bank 

(Percent) 

Bank only 

(Percent) 

Sent, place 

unknown 

(Percent) 

Did not send 

(Percent) 

Unknown 

(Percent) 

All 

Bank account ownership 

3.2 0.5 1.2 0.9 88.9 5.4 

Unbanked 7.5 0.4 0.2 1.0 80.5 10.4 

Banked 

Race /Ethnicity 

2.9 0.5 1.2 0.9 89.5 5.0 

Black 3.8 0.6 0.9 0.6 87.2 6.9 

Hispanic 13.1 1.7 1.9 2.9 73.5 7.0 

Asian 9.8 1.3 7.3 2.4 71.5 7.8 

White 0.8 0.2 0.6 0.4 93.4 4.6 

Other 

Nativity 

2.1 0.3 0.6 1.8 90.4 4.8 

U.S.-born 0.8 0.2 0.5 0.4 93.1 5.0 

Foreign-born citizen 12.4 2.1 5.1 2.4 71.4 6.5 

Foreign-born noncitizen 22.0 2.3 4.9 4.1 58.2 8.5 

Notes: “Sent, place unknown” includes households that sent a remittance, but use of banks or nonbanks is unknown. “Unknown” indicates households with 

unknown remittance activity. 

31Patterns of household use of banks to send remittances in a typical month (not shown) were generally similar to those described here. 

36 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
37 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

7. Saving for Unexpected Expenses or Emergencies 

Savings can help households better manage unexpected 

expenses or emergencies, such as health issues or major automobile repairs. The absence of savings can sometimes be a 

barrier to financial stability and resilience, particularly for consumers with uneven or low incomes. To gain insight into these 

issues, the 2015 survey included new questions on whether 

households saved for unexpected expenses or emergencies 

and the methods they used. 

Specifically, households were asked whether they set aside 

any money in the past 12 months that could be used for 

unexpected expenses or emergencies, even if the funds were 

later spent.32 Households were prompted to consider only 

funds that could have been easily spent, if necessary, and 

not retirement or other long-term savings. Households that 

set aside money for this purpose were then asked where 

they kept the money, choosing one or more of the following 

methods: savings accounts; checking accounts; prepaid 

cards; other accounts such as certificates of deposit, brokerage accounts, or savings bonds; in the home, or with family 

or friends; buying something with the intent to pawn it or sell 

it later, if necessary; or other methods. 

Overall, 56.3 percent of households saved for unexpected 

expenses or emergencies in the past 12 months.33 

Savings Rates by Household Characteristics 

Rates of saving for unexpected expenses or emergencies varied by household characteristics (see Table 7.1). For example, 

savings rates were lower among lower-income households, 

less-educated households, black and Hispanic households, 

and working-age disabled households. Differences by income 

and education were especially pronounced. For instance, only 

30.8 percent of households with income of less than $15,000 

saved for unexpected expenses or emergencies, compared to 

72.9 percent of households with income of at least $75,000. 

Savings rates varied little by income volatility: 56.3 percent of 

households with income that was about the same each month 

saved, compared to 58.3 percent of households with income 

that varied somewhat from month to month and 51.3 percent 

of households with income that varied a lot.34 

Savings Rates by Geography 

Rates of saving for unexpected expenses or emergencies 

were higher in the Midwestern (61.1 percent) and Western regions (59.1 percent) and lower in the Northeastern (56.2 percent) and Southern regions (52.1 percent). Figure 7.1 shows 

that savings rates varied widely across states, ranging from 

42.7 percent in Florida to 71.3 percent in Utah. (See Appendix 

Tables E.2 and E.3 for detailed estimates of savings rates by 

state and MSA.) 

Savings Methods 

Figure 7.2 shows that among all households that saved for 

unexpected expenses or emergencies, savings accounts 

were the most used savings method followed by checking 

accounts: more than four in five (84.9 percent) kept savings 

in one of these accounts. About one in ten (10.5 percent) 

households that saved maintained savings in the home, or 

with family or friends. 

32The question allows for funds to be later spent because a household might have experienced an unexpected expense or emergency that required the household to 

draw on the money that had been saved. 

33The analysis presented in this section excludes 2,658 observations (representing roughly 10.1 million households) with missing information on whether the household 

saved for unexpected expenses or emergencies. 

34The absence of a strong association between income volatility and savings rates may be due to the fact that the survey focused on saving for unexpected expenses 

or emergencies, and month-to-month volatility in income could be expected or unexpected. For example, households that expected their income to vary from month 

to month might have saved in higher-income months to pay for regular expenses in lower-income months, but they might not have viewed this activity as having saved 

for unexpected expenses or emergencies. 
 

Table 7.1 Rates of Saving for Unexpected Expenses or Savings Methods by Household Characteristics 

Emergencies by Selected Household Characteristics, 2015 

For all households, row percent 

Characteristics Saved 

(Percent) 

All 

Family income 

56.3 

Less than $15,000 30.8 

$15,000 to $30,000 42.2 

$30,000 to $50,000 53.2 

$50,000 to $75,000 63.6 

At least $75,000 

Education 

72.9 

No high school diploma 30.1 

High school diploma 47.2 

Some college 58.9 

College degree 

Age group 

69.4 

15 to 24 years 55.7 

25 to 34 years 60.7 

35 to 44 years 58.8 

45 to 54 years 58.2 

55 to 64 years 56.4 

65 years or more 

Race/Ethnicity 

50.1 

Black 45.6 

Hispanic 42.5 

Asian 52.9 

White 61.3 

Other 

Disability status 

56.2 

Disabled, age 25 to 64 39.0 

Not disabled, age 25 to 64 

Monthly income volatility 

61.3 

Income was about the same each month 56.3 

Income varied somewhat from month to month 58.3 

Income varied a lot from month to month 51.3 

Note: See Appendix Table E.1 for estimates by other household 

characteristics. 

The use of formal (e.g., savings or checking accounts) and 

informal (e.g., in the home, or with family or friends) savings 

methods varied by household characteristics (see Table 7.2). 

For example, among households that saved for unexpected 

expenses or emergencies, lower-income households, less-educated households, and working-age disabled households 

were less likely to keep savings in a savings account and 

more likely to maintain savings in the home, or with family or 

friends. As with savings rates, differences in savings methods 

by income and education were considerable. For instance, 

among households that saved, 47.3 percent of households 

with income of less than $15,000 kept savings in a savings 

account, compared to 77.6 percent of households with income of at least $75,000.35 

Differences in savings methods by household race and 

ethnicity were small relative to differences by income and 

education. Among households that saved, black and Hispanic 

households were somewhat less likely than white households 

to keep savings in a savings account and more likely to maintain savings in the home, or with family or friends.36 

35Among households that saved, 67.2 percent of households with income of less than $15,000 kept savings in a savings or checking account, relative to 88.8 percent 

of households with income of at least $75,000. 

36After accounting in a multivariate model for household income and the other household characteristics listed in Appendix Table A.1, these disparities in savings 

methods by race and ethnicity were even smaller and, for savings accounts, no longer statistically significant. 

38 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Figure 7.1 Rates of Saving for Unexpected Expenses or Emergencies by State, 2015
 

AL

AR

CA

CT

DE

FL

GA

ID

IN

KS

KY

LA

MD

MA

MI

MS

NE

NV

NM

NY

NC

OH

OK

PA

TN

TX

VA

WV

DC

AK

NJ

HI

RI

WA

OR

MT

WY

UT CO

AZ

ND

SD WI

MN

IA

MO

ME

IL

NH

VT

SC

Less than 53.0 

53.0 to 57.2 

57.2 to 60.3 

60.3 to 64.3 

At least 64.3 

Figure 7.2 All Savings Methods for Households That Saved, 2015 (Percent) 

1.4

2.0

0.2

0.5

9.5

10.5

24.5

70.1

Unknown method 

Other method 

Intent to pawn or sell 

Prepaid card 

Other accounts 

In home, or with family or friends 

Checking account 

Savings account 

39 
 

Table 7.2 Savings Methods by Selected Household Characteristics, 2015 

For all households that saved for unexpected expenses or emergencies, row percent 

Characteristics Checking account 

(Percent) 

Savings account 

(Percent) 

Prepaid card 

(Percent) 

In home, or with 

family or friends 

(Percent) 

All 

Family income 

24.5 70.1 0.5 10.5 

Less than $15,000 25.5 47.3 2.2 26.5 

$15,000 to $30,000 27.8 59.7 1.1 15.8 

$30,000 to $50,000 25.4 66.5 0.5 12.4 

$50,000 to $75,000 23.5 73.1 0.5 9.8 

At least $75,000 

Education 

23.4 77.6 0.1 5.3 

No high school diploma 26.6 52.1 1.6 21.6 

High school diploma 24.8 62.9 0.8 15.8 

Some college 23.5 70.5 0.6 11.6 

College degree 

Age group 

24.8 76.0 0.1 5.3 

15 to 24 years 23.7 66.1 1.5 17.8 

25 to 34 years 22.8 70.7 1.0 12.5 

35 to 44 years 21.1 72.9 0.5 10.9 

45 to 54 years 24.3 71.4 0.5 10.3 

55 to 64 years 25.3 69.4 0.3 9.1 

65 years or more 

Race/Ethnicity 

28.5 67.6 0.1 7.9 

Black 24.6 65.1 1.9 16.1 

Hispanic 24.3 65.2 0.8 16.0 

Asian 28.6 72.8 0.2 6.8 

White 24.3 71.4 0.2 9.1 

Other 

Disability status 

23.1 63.7 2.7 14.3 

Disabled, age 25 to 64 22.3 55.1 1.5 22.2 

Not disabled, age 25 to 64 23.5 72.5 0.5 9.6 

Note: See Appendix Table E.4 for the full set of savings methods and for estimates by other household characteristics. 

40 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Savings Rates and Methods by Banking Status 

Figure 7.3 shows that unbanked households saved for unexpected expenses or emergencies at a much lower rate than 

underbanked and fully banked households: 20.2 percent of 

unbanked households saved for this purpose, compared to 

55.2 percent of underbanked households and 60.0 percent of 

fully banked households. 

Figure 7.3 Rates of Saving for Unexpected Expenses or 

Emergencies by Banking Status, 2015 

20.2

55.2

60.0

Unbanked Underbanked Fully banked 

Figure 7.4 shows that unbanked households generally saved 

using informal methods, while underbanked and fully banked 

households generally saved using formal methods. Unbanked 

households that saved primarily kept savings in the home, 

or with family or friends (67.8 percent), and on prepaid cards 

(12.6 percent).37 In contrast, underbanked and fully banked 

households that saved primarily used savings and checking 

accounts. The vast majority of underbanked (82.0 percent) 

and fully banked (88.2 percent) households that saved kept 

savings in one of these accounts. 

Although prepaid cards are generally thought of as transactional, some households, particularly the unbanked, used 

them as savings vehicles. Among households that saved and 

used a prepaid card in the past 12 months, 27.0 percent of 

unbanked households kept savings on a prepaid card, compared to only 4.1 percent of underbanked households and 1.2 

percent of fully banked households. 

Figure 7.4 Selected Savings Methods for Households That Saved by Banking Status, 2015 (Percent) 

3.0 0.7

67.8

12.6

65.7

24.7

16.7

0.7

73.4

25.2

7.0

0.1

Unbanked Underbanked Fully banked 

Savings account Checking account In home, or with family or friends Prepaid card 

37In addition, 12.3 percent of unbanked households selected other method, which is substantially higher than the percentage of underbanked (2.2 percent) and fully 

banked (1.6 percent) households that selected other method. (See Appendix Table E.4.) 

41 
42 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

8. Bank and Nonbank Credit 

To gain a more complete picture of household credit behavior, 

the 2015 survey included a new series of questions on bank 

credit, in addition to questions about nonbank (AFS) credit 

asked in previous surveys. Specifically, the new questions 

asked households whether, in the past 12 months, they had 

a credit card or a personal loan or line of credit from a bank 

(i.e., “bank credit”), applied for bank credit, were denied 

bank credit or not given as much credit as they applied for 

(i.e., “denied”), or thought about applying for bank credit but 

did not because they thought they might be turned down 

(i.e., “felt discouraged about applying”). Households were 

also asked whether they fell behind on bills in the past 12 

months.38 

The survey results indicate that most households (67.9 percent) had bank credit. Credit cards were much more common than personal loans or lines of credit from a bank: 66.5 

percent of households had a credit card, and 9.8 percent of 

households had a personal loan or line of credit from a bank. 

In contrast, 8.2 percent of households used nonbank credit 

(rent-to-own services or payday, auto title, pawn shop, or 

refund anticipation loans). 

As illustrated in Figure 8.1, a majority of households had 

bank credit only (63.8 percent). Some had a mix of bank and 

nonbank credit (4.0 percent) or used only nonbank credit (4.1 

percent).39 The remaining 28.0 percent of households are 

classified as “no credit,” meaning that they did not use any of 

the credit products asked about in the survey. 

Figure 8.1 Bank and Nonbank Credit, 2015 (Percent) 

No credit 

28.0 

Nonbank 

credit only 

4.1 

Bank and 

nonbank credit 

4.0 

Bank 

credit only 

63.8 

Note: Households may have used credit products that were not asked about in 

the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and 

informal loans from family or friends). 

Credit Use by Banking Status and Household 

Characteristics 

Figure 8.2 shows use of bank and nonbank credit by banking status. Roughly three-quarters of unbanked households 

did not use any of the credit products asked about in the 

survey, compared to one-quarter of underbanked and fully 

banked households. Among unbanked households that did 

have credit, the majority (67.3 percent, or 16.4 percent of all 

unbanked households) used nonbank credit only. 

The share of households with credit was fairly similar among 

underbanked and fully banked households: 74.9 percent of 

underbanked households and 75.6 percent of fully banked 

households had one of the credit products asked about in 

the survey. Underbanked households were much less likely 

to have only bank credit compared to fully banked households (42.1 percent versus 75.6 percent). Nearly one in five 

(18.5 percent) underbanked households had both bank and 

nonbank credit, while a similar share (14.4 percent) used only 

nonbank credit. By definition, fully banked households did not 

use any nonbank credit products.

 38The analysis presented in this section excludes 3,078 observations (representing roughly 11.8 million households) with any missing information on whether the 

household had bank credit, used nonbank credit, applied for or was denied bank credit, was discouraged about applying for bank credit, or fell behind on bills. 

As a result, estimates of nonbank credit use presented in this section differ slightly from estimates presented in other sections.

 39Use of specific nonbank credit products differed for households with both bank and nonbank credit and those with only nonbank credit. Payday loans, pawn shop 

loans, and rent-to-own services were the most common types of nonbank credit products used among households that only used nonbank credit, whereas auto title 

and refund anticipation loans were more widely used by households that had both bank and nonbank credit. 
Household credit use varied by household characteristics, 

as shown in Table 8.1. Lower-income households were more 

likely to use nonbank credit only or not to have credit, and 

were less likely to have only bank credit. For example, 10.0 

percent of households with income of less than $15,000 used 

nonbank credit only, and 57.8 percent did not have any of the 

credit products asked about in the survey. Among households 

with income greater than $75,000, less than 1 percent (0.7 

percent) used nonbank credit only and 10.6 percent had no 

credit. Patterns were similar by educational attainment. 

Black and Hispanic households were more likely not to have 

credit (45.4 percent and 44.2 percent, respectively) compared 

to white and Asian households (22.0 percent and 19.7 percent, respectively). Moreover, 9.4 percent of black households 

used only nonbank credit, compared to 2.8 percent of white 

households. 

Working-age disabled households were much more likely than 

nondisabled households to use nonbank credit only (10.5 

percent versus 3.9 percent) or not to have credit (47.0 percent 

versus 24.3 percent). Working-age disabled households were 

also much less likely to have only bank credit: 37.3 percent 

had only bank credit, compared to 67.4 percent of nondisabled households. 

Another factor associated with credit use was income volatility. As shown in Table 8.1, households with income that varied 

a lot from month to month were less likely to have only bank 

credit and were more likely to use nonbank credit, either on its 

own or in addition to bank credit. Income volatility was associated with greater nonbank credit use even for higher-income 

households (see Figure 6.4). 

Figure 8.2 Bank and Nonbank Credit by Banking Status, 2015 (Percent) 

75.7

25.1

24.4

16.4

14.4

2.2

18.5

5.7

42.1

Fully banked 75.6

Underbanked 

Unbanked 

No credit Nonbank credit only Bank and nonbank credit Bank credit only 

Note: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and informal 

loans from family or friends). 

43 
 

Table 8.1 Bank and Nonbank Credit by Selected Household Characteristics, 2015 

For all households, row percent 

Characteristics Bank credit only 

(Percent) 

Bank and 

nonbank credit 

(Percent) 

Nonbank 

credit only 

(Percent) 

No credit 

(Percent) 

All 

Family income 

63.8 4.0 4.1 28.0 

Less than $15,000 29.1 3.1 10.0 57.8 

$15,000 to $30,000 46.8 4.1 6.9 42.2 

$30,000 to $50,000 59.9 5.5 4.8 29.9 

$50,000 to $75,000 72.7 4.7 2.3 20.3 

At least $75,000 

Education 

85.6 3.1 0.7 10.6 

No high school diploma 30.4 4.0 8.2 57.3 

High school diploma 53.0 4.2 6.3 36.5 

Some college 63.9 4.9 4.4 26.8 

College degree 

Age group 

82.6 3.2 0.9 13.3 

15 to 24 years 47.0 6.4 7.9 38.7 

25 to 34 years 59.1 5.7 6.4 28.8 

35 to 44 years 62.5 4.9 5.4 27.2 

45 to 54 years 64.7 4.3 4.3 26.7 

55 to 64 years 67.4 3.2 3.0 26.4 

65 years or more 

Race/Ethnicity 

68.2 2.2 1.5 28.0 

Black 40.4 4.8 9.4 45.4 

Hispanic 45.3 4.8 5.8 44.2 

Asian 75.5 3.7 1.1 19.7 

White 71.5 3.7 2.8 22.0 

Other 

Disability status 

48.0 6.3 10.8 35.0 

Disabled, age 25-64 37.3 5.1 10.5 47.0 

Not disabled, age 25-64 

Monthly income volatility 

67.4 4.4 3.9 24.3 

Income was about the same each month 65.3 3.5 3.4 27.8 

Income varied somewhat from month to month 60.8 5.5 6.1 27.6 

Income varied a lot from month to month 53.4 7.6 7.9 31.1 

Notes: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and 

informal loans from family or friends). See Appendix Table F.2 for estimates by other household characteristics. 

As shown in Figure 8.3, households that saved for unexpected expenses or emergencies were less likely to use nonbank 

credit only, less likely not to have credit, and more likely to 

have bank credit only. For example, among households that 

saved, 2.6 percent used nonbank credit only, 17.6 percent 

did not have credit, and 75.7 percent had bank credit only. In 

comparison, of the households that did not save, 6.1 percent 

used nonbank credit only, 41.3 percent did not have credit, 

and 48.6 percent had bank credit only.40 

40The differences in bank and nonbank credit associated with savings activity were statistically significant in a multivariate model that accounted for income and 

other household characteristics listed in Appendix Table A.1. Nonetheless, the differences in bank and nonbank credit associated with savings activity should not 

be interpreted as causal, because there are likely factors associated with both savings activity and credit behavior that are not observed in the survey and therefore 

omitted from the model. 

44 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Figure 8.3 Bank and Nonbank Credit by Savings Activity, 2015 (Percent) 

41.3

17.6

6.1

2.6

4.0

4.1

48.6

Saved 75.7

Did not save 

No credit Nonbank credit only Bank and nonbank credit Bank credit only 

Note: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and informal 

loans from family or friends). 

Applications for Bank Credit, and Indicators of 

Potential Ability to Qualify for Bank Credit 

Table 8.2 presents the proportions of households in 2015 

that applied for a credit card or a personal loan or line of 

credit from a bank (bank credit), by banking status and 

selected household characteristics. Overall, 13.9 percent of 

households applied for bank credit in the past 12 months. 

Unbanked households applied for bank credit at a substantially lower rate (2.5 percent) than underbanked (17.8 percent) 

and fully banked households (13.8 percent). Applications for 

bank credit were also lower among lower-income households, 

less-educated households, and black and Hispanic households. 

Table 8.2 also shows the shares of households that applied 

for bank credit and were denied, that felt discouraged about 

applying, and that reported falling behind on bills. These 

measures may reflect a household’s ability to qualify for bank 

credit. Differences across household groups were generally similar to the patterns observed for nonbank credit use. 

Lower-income households, households with volatile income, 

and working-age disabled households were all more likely to 

be denied bank credit (conditional on applying for bank credit) 

or to be discouraged about applying for bank credit. These 

groups also fell behind on bills at higher rates. 

Household use of nonbank credit was strongly associated 

with whether the household was denied bank credit, discouraged about applying for bank credit, or fell behind on bills. 

As shown in Table 8.3, among households that applied for 

bank credit and were denied, 24.7 percent used nonbank 

credit (15.2 percent used both bank and nonbank credit, while 

9.5 percent used nonbank credit only). In contrast, only 7.7 

percent of households that were not denied (or did not apply) 

used nonbank credit. Similarly, 28.7 percent of households 

that were discouraged about applying for bank credit used 

nonbank credit, compared to 6.8 percent among those that 

were not discouraged. Also, 24.7 percent of households that 

fell behind on bills used nonbank credit, compared to 4.8 

percent of households that did not fall behind on bills. 

45 
 

Table 8.2 Applications for Bank Credit and Indicators of Potential Ability to Qualify for Bank Credit by Banking Status and 

Selected Household Characteristics, 2015 

For all households, row percent 

Characteristics 

Applied for 

bank credit 

(Percent) 

Denied bank 

credit 

(Percent) 

Discouraged 

about applying 

for bank credit 

(Percent) 

Fell behind 

on bills 

(Percent) 

Denied bank 

credit, conditional 

on applying 

(Percent) 

All 

Banking status 

13.9 2.8 6.1 16.9 20.0 

Unbanked 2.5 1.5 10.7 42.2 NA 

Underbanked 17.8 5.8 13.3 32.5 32.5 

Fully banked 

Family income 

13.8 2.0 3.5 10.0 14.6 

Less than $15,000 6.0 2.5 9.5 32.0 42.0 

$15,000 to $30,000 9.3 3.3 8.7 24.8 35.3 

$30,000 to $50,000 12.1 3.1 6.4 18.3 25.9 

$50,000 to $75,000 15.9 3.2 5.6 13.6 20.4 

At least $75,000 

Education 

19.8 2.1 3.3 7.1 10.8 

No high school diploma 5.5 1.9 7.0 25.5 35.4 

High school diploma 10.3 2.7 7.3 21.2 25.9 

Some college 15.5 3.7 7.1 19.5 23.6 

College degree 

Age group 

17.9 2.4 4.0 8.6 13.2 

15 to 24 years 16.6 5.4 10.2 20.8 32.3 

25 to 34 years 17.8 4.3 9.3 22.0 24.2 

35 to 44 years 16.9 3.7 7.3 21.7 21.9 

45 to 54 years 15.8 2.9 6.9 19.7 18.3 

55 to 64 years 12.7 2.2 4.9 16.0 17.0 

65 years or more 

Race/Ethnicity 

7.9 0.9 2.4 7.6 11.4 

Black 10.0 2.8 10.7 30.7 28.4 

Hispanic 11.5 3.6 8.7 23.0 31.0 

Asian 17.3 2.9 4.4 8.8 16.6 

White 14.9 2.6 4.7 13.4 17.5 

Other 

Disability status 

12.6 3.0 9.6 25.7 NA 

Disabled, age 25-64 11.3 3.7 11.3 34.2 32.7 

Not disabled, age 25-64 

Monthly income volatility 

16.4 3.2 6.4 17.6 19.3 

Income was about the same each month 13.0 2.2 4.8 13.5 17.1 

Income varied somewhat from month to month 16.3 4.1 9.1 24.8 25.1 

Income varied a lot from month to month 19.2 6.6 15.4 41.8 34.5 

Notes: NA indicates that the sample size was too small to produce a precise estimate. See Appendix Table F.3 for estimates by other household characteristics. 

46 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Table 8.3 Bank and Nonbank Credit by Indicators of Potential Ability to Qualify for Bank Credit, 2015 

For all households, row percent 

Bank credit only 

(Percent) 

Bank and 

nonbank credit 

(Percent) 

Nonbank credit 

only 

(Percent) 

No credit 

(Percent) 

All 

Applied for bank credit and denied 

63.8 4.0 4.1 28.0 

Yes 60.3 15.2 9.5 15.0 

No 

Discouraged about applying for bank credit 

63.9 3.7 4.0 28.4 

Yes 41.2 11.9 16.8 30.1 

No 

Fell behind on bills 

65.3 3.5 3.3 27.8 

Yes 35.5 9.3 15.3 39.8 

No 

Denied, discouraged, or fell behind on bills 

69.6 3.0 1.8 25.6 

Yes 40.4 9.1 13.5 37.1 

No 69.9 2.7 1.7 25.6 

Note: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and 

informal loans from family or friends). 

Unmet Demand for Bank Credit 

The new survey questions on whether households were 

discouraged about applying for bank credit and whether they 

were denied bank credit, along with existing questions on 

nonbank credit use, allow us to estimate the share of households that may have credit needs which are not fully met by 

mainstream financial institutions. Moreover, the new survey 

question about whether households fell behind on bills allows 

us to explore if some households with unmet demand for 

bank credit could potentially be served by banks. 

For the purposes of this report, we classify a household as 

having “unmet demand for bank credit” if the household was 

denied bank credit, felt discouraged about applying for bank 

credit, or used any nonbank credit product. Applying this 

convention, 13.7 percent of households had unmet demand 

for bank credit. These households can be categorized into 

four types: those that had bank credit only, yet were also discouraged about applying for or were denied bank credit (3.5 

percent of all households); those that had both bank and nonbank credit (4.0 percent of all households); those that used 

nonbank credit only (4.1 percent of all households); and those 

that did not have credit and were discouraged about applying 

for or were denied bank credit (2.0 percent of all households). 

Among households with unmet demand for bank credit, 

some of those that reported staying current on bills may 

potentially be served by banks. While staying current on bills 

is an imperfect measure of creditworthiness, it nevertheless 

provides some insight into these households’ financial 

situation.41 Figure 8.4 presents the share of households with 

unmet demand for bank credit that stayed current on bills, 

overall and for each of the four types of households with 

unmet demand for bank credit. Among all households with 

unmet demand for bank credit, about half (52.5 percent) 

stayed current on bills. Of the households that had only bank 

credit but were denied or felt discouraged about applying 

for new bank credit, 65.1 percent stayed current on bills. In 

contrast, 37.1 percent of households that used only nonbank 

credit stayed current on bills. 

41In some cases, the credit needs of households that did not fall behind on bills may not be serviceable by banks because of previous negative credit events or high 

debt-to-income ratios. 

47 
 

Figure 8.4 Share of Households With Unmet Demand for Bank Credit That Stayed Current on Bills, 2015 

44.6

37.1

61.0

65.1

All 52.5

Bank credit only; denied/discouraged 

Bank and nonbank credit 

Nonbank credit only 

No credit; 

denied/discouraged 

Note: Households may have used credit products that were not asked about in the survey (e.g., mortgages, auto loans, certain nonbank installment loans, and informal 

loans from family or friends). 

48 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
49 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

9. How Households Conduct Their Financial Transactions in a Typical Month 

The 2015 survey included a number of new questions about 

the ways households pay bills (for things like mortgage, 

rent, utilities, or child care) and receive income (from work, 

government benefits, or other regular sources). The goal of 

these questions was to learn more about the extent to which 

households use banks and other methods to meet their 

financial transactions needs in a typical month over the past 

12 months. 

For the purposes of this report, the following methods of paying bills are classified as “bank” methods: electronic payment 

from a bank account, personal check drawn on a bank, debit 

card linked to a bank account, credit card, or cashier’s check 

or money order purchased at a bank. “Other” methods of 

paying bills include nonbank money orders, prepaid cards, 

and cash. 

Similarly, “bank” methods of receiving income include the 

following: direct deposit into a bank account, or paper check 

or money order if the household had a bank account and did 

not go to a nonbank check casher in a typical month. “Other” 

methods of receiving income include cash, direct deposit 

onto a prepaid card, and check (for households that were 

unbanked or that used a nonbank check casher to get the 

funds).42 

2015 National Estimates 

The great majority of U.S. households used banks to pay bills 

in a typical month, consistent with the fact that most U.S. 

households have a bank account.43 As illustrated in Figure 

9.1, the most widely used method was electronic payment 

from a bank account (64.3 percent). Use of bank personal 

checks was nearly as common (61.2 percent), despite the 

emergence of widely available and increasingly diverse means 

of making electronic payments. Use of other bill payment 

methods, such as cash, nonbank money orders, and prepaid 

cards, was substantially lower. Overall, more than 90 percent 

of households paid bills using a bank-related method in a 

typical month, and three out of four used only banks (i.e., they 

used banks and did not use cash, nonbank money orders, 

prepaid cards, or other). 

The most prevalent method of receiving income was, by far, 

direct deposit into a bank account. More than four out of 

five households (81.3 percent) used this method in a typical month, as shown in Figure 9.2. The next most prevalent 

method of receiving income was by paper check or money 

order (29.1 percent). Of the households that used this method, approximately 7 percent (or 2.1 percent of all households) 

used a nonbank check casher to get the funds in a typical 

month.44 Less commonly used ways of receiving income were 

cash (8.2 percent) and direct deposit onto a prepaid card (3.9 

percent).45 Overall, most households (88.5 percent) received 

income using a bank-related method in a typical month, and 

79.2 percent used only banks. 

42The distinction between bank and other methods is not always straightforward. The approach used in this report is to classify a method as bank-related if a bank 

is likely to be directly involved in the transaction, at least from the household’s perspective. Use of prepaid cards to pay bills or receive income is treated as other 

because, in most cases, consumers do not obtain the card directly from a bank. Similarly, use of cash to pay bills or receive income is considered to be other, 

although, in some cases, the cash may have been obtained directly from a bank account (particularly among banked households). Unbanked households that received 

income via check or money order and did not use a nonbank check casher in a typical month are also classified as other, although it is possible that in at least some of 

these cases, the households may have gone to a bank to receive the funds. 

43The analysis presented in this section excludes 3,012 observations (representing roughly 11.4 million households) with any missing information on use of prepaid 

cards or nonbank money orders or check cashers in the past 12 months, on methods used to pay bills or receive income, or where the household volunteered that it 

did not pay bills or receive income in a typical month. 

44This does not necessarily mean that only 2.1 percent of households used a nonbank check casher in a typical month. Households may use check cashers to handle 

paper checks or money orders that they do not think of as “income.” For reference, results from the 2013 survey indicate that 3.4 percent of all households cashed a 

check in a place other than a bank in the past 30 days.

 45Because of an issue with the administration of the survey instrument, information on use of prepaid cards to receive income is missing for many unbanked 

households. The estimates of income received through direct deposit onto a prepaid card or using other methods incorporate imputed values for these households. 

See Appendix 1 for details. 
 

Figure 9.1 Methods Used to Pay Bills in a Typical Month, 2015 (Percent) 

75.5

91.4

1.9

1.4

2.4

7.6

16.7

5.7

21.3

39.7

61.2

64.3

Only bank methods 

Any bank method 

Did not select a method 

Other 

Prepaid card 

Nonbank money order 

Cash 

Bank money order 

Credit card 

Debit card 

Personal check 

Electronic payment from bank 

79.2

88.5

5.8

2.1

1.8

3.9

8.2

29.1

81.3

Only bank methods 

Any bank method 

Did not select a method 

Nonbank check casher 

Other+ 

Direct deposit onto prepaid card+ 

Cash 

Paper check or money order 

Direct deposit into bank account 

Figure 9.2 Methods Used to Receive Income in a Typical Month, 2015 (Percent) 

Notes: The + symbol indicates estimates that were computed in part using imputed values. See Appendix 1 for details. 

50 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
Bill Payment and Income Receipt Methods by 

Household Characteristics 

Most U.S. households used banks to handle their financial 

transactions in a typical month, although certain segments of 

the population were less likely to do so.46 For example, panel 

A of Table 9.1 illustrates differences by income in the methods households used to pay bills. Lower-income households 

were substantially less likely to use banks and more likely to 

use other methods such as cash and nonbank money orders. 

Most notably, the use of electronic payments from a bank account varied sharply by income, ranging from 33.1 percent of 

households with less than $15,000 in income to 84.2 percent 

of households with income of $75,000 or more. 

Lower-income households were also substantially less 

likely to receive income using a bank. As shown in panel B 

of Table 9.1, 61.8 percent of households with income less 

than $15,000 received income through direct deposit into a 

bank account, compared to 92.0 percent of households with 

income of $75,000 or more. The proportion of households 

that received income through paper check or money order 

in a typical month was fairly similar across income groups. 

However, lower-income households were more likely to use a 

nonbank check casher to get these funds. 

Examining differences across other household characteristics 

revealed that use of banks to pay bills and receive income 

in a typical month was less prevalent among less-educated 

households, younger households, and black and Hispanic 

households. Even within these groups, the proportion of 

households that used bank-related methods was still high 

relative to the proportions that used other methods.47 

Table 9.1 Methods Used to Pay Bills and Receive Income in a Typical Month by Income, 2015 

For all households that paid bills and received income in a typical month, column percent 

All Less than 

$15,000 

$15,000 to 

$30,000 

$30,000 to 

$50,000 

$50,000 to 

$75,000 

At least 

$75,000 

A. Paying bills (Percent) 

Electronic payment from bank 64.3 33.1 45.7 60.5 73.4 84.2 

Personal check 61.2 43.7 56.9 63.0 66.4 66.7 

Debit card 39.7 29.9 37.3 44.0 44.2 39.9 

Credit card 21.3 11.3 14.1 18.8 23.4 29.7 

Bank money order 5.7 9.8 8.3 6.8 4.3 2.5 

Cash 16.7 33.8 25.4 17.8 11.8 7.0 

Nonbank money order 7.6 17.7 13.2 8.4 4.8 1.7 

Prepaid card 2.4 6.3 3.7 2.2 1.9 0.6 

Other 1.4 4.0 2.0 1.2 0.8 0.6 

Did not select a method 1.9 4.7 2.6 1.8 1.2 0.8 

Any bank method 91.4 71.8 86.0 92.7 96.8 98.6 

Only bank methods 75.5 48.4 63.0 74.0 82.8 90.4 

B. Receiving income (Percent) 

Direct deposit into bank account 81.3 61.8 71.7 79.7 87.3 92.0 

Paper check or money order 29.1 26.1 29.1 30.8 29.9 28.8 

Cash 8.2 11.6 10.4 8.5 7.8 5.7 

Direct deposit onto prepaid card+ 3.9 8.3 5.0 3.4 3.2 2.2 

Other+ 1.8 4.4 2.2 1.6 1.0 1.1 

Nonbank check casher 2.1 5.4 3.9 2.1 0.9 0.4 

Did not select a method 5.8 13.3 7.7 5.1 4.2 2.9 

Any bank method 88.5 69.0 81.7 89.6 93.9 96.5 

Only bank methods 79.2 59.6 72.0 79.8 83.8 88.3 

Notes: The + symbol indicates rows with estimates that were computed in part using imputed values. See Appendix 1 for details. 

46Differences across households in the methods used to pay bills and receive income may be attributable to a number of factors, some of which may be outside of the 

household’s control such as the ways employers disburse earnings (e.g., availability of direct deposit or use of payroll cards) or in the types of payment instruments 

required by payees. 

47See Appendix Tables G.1 – G.15 for estimated use of all bill payment and income receipt methods in a typical month, and for the most common (i.e., “primary”) 

method of bill payment in a typical month, by selected household characteristics. Differences across households in the primary method of bill payment generally 

followed the same patterns as the differences in all bill payment methods described in this report. 

51 
 

Table 9.2 Methods Used to Pay Bills and Receive Income in a Typical Month by Banking Status, 2015 

For all households that paid bills and received income in a typical month, column percent 

All Unbanked Underbanked Fully banked 

A. Paying bills ( Percent) 

Electronic payment from bank 64.3 1.6 62.3 70.4 

Personal check 61.2 1.7 55.3 68.2 

Debit card 39.7 2.7 56.2 38.2 

Credit card 21.3 6.6 21.1 22.7 

Bank money order 5.7 12.4 12.3 3.1 

Cash 16.7 62.3 27.7 9.4 

Nonbank money order 7.6 35.5 25.6 0.0 

Prepaid card 2.4 18.2 4.0 0.6 

Other 1.4 7.7 1.6 0.8 

Did not select a method 1.9 10.7 0.9 1.4 

Any bank method 91.4 20.4 92.7 97.2 

Only bank methods 75.5 3.9 54.3 88.0 

B. Receiving income (Percent) 

Direct deposit into bank account 81.3 3.5 82.0 87.9 

Paper check or money order 29.1 42.1 33.7 26.6 

Cash 8.2 22.8 10.9 6.2 

Direct deposit onto prepaid card 3.9+ 16.9+ 5.8 2.2 

Other 1.8+ 10.7+ 2.0 1.0 

Nonbank check casher 2.1 19.1 4.2 0.0 

Did not select a method 5.8 28.7 3.9 4.3 

Any bank method 88.5 3.5 92.4 94.8 

Only bank methods 79.2 2.1 76.2 86.8 

Notes: The + symbol indicates estimates that were computed in part using imputed values. See Appendix 1 for details. 

Bill Payment and Income Receipt Methods by 

Banking Status 

Unbanked households paid bills and received income primarily using methods outside of the banking system, as shown 

in Table 9.2. More than 60 percent of unbanked households 

paid bills using cash, and roughly one in three used nonbank 

money orders in a typical month. The third most prevalent 

method of paying bills among unbanked households was 

prepaid cards (18.2 percent). Unbanked households used 

prepaid cards to pay bills at a substantially higher rate than 

underbanked (4.0 percent) and fully banked households (0.6 

percent). 

Unbanked households received income in a variety of ways, 

but the most commonly used method was paper check or 

money order (42.1 percent). Of the households that used this 

method, about 45 percent (or 19.1 percent of all unbanked 

households) used a nonbank check casher to get the funds 

in a typical month.48 Approximately 22.8 percent of unbanked 

households received income in cash, and 16.9 percent received income by direct deposit onto a prepaid card.49 

Underbanked households, on the other hand, used banks 

extensively to handle their financial transactions. In fact, 

92.7 percent of underbanked households used banks to pay 

bills in a typical month, a share that is almost as high as the 

estimate for fully banked households (97.2 percent). Electronic payment from a bank account was the most widely 

used method of paying bills among both underbanked (62.3 

percent) and fully banked households (70.4 percent). Relative 

to the fully banked, use of personal checks was lower among 

underbanked households and use of bank debit cards was 

higher. 

48The remaining 55 percent of unbanked households that received income by paper check or money order in a typical month did not use a nonbank check casher to 

get these funds. We do not directly observe how these households obtained the funds from the income received by paper check or money order.

 49As noted earlier, information on use of prepaid cards to receive income is missing for many unbanked households because of an issue with the administration of 

the survey instrument. The estimates of income received through direct deposit onto a prepaid card or using other methods incorporate imputed values for these 

households. See Appendix 1 for details. 

52 | 2015 FDIC National Survey of Unbanked and Underbanked Households 
53

All Unbanked Underbanked Fully banked

Any bank method 94.2 21.6 98.6 99.3

Cash 21.9 67.5 33.8 14.4

Prepaid card 4.5+ 18.7+ 7.5 2.4

AFS 8.7 43.6 28.3 0.0

Other or none selected 9.8+ 48.4+ 7.8 7.0

Only bank methods 66.1 0.5 44.9 78.0

Notes: “Any bank method” includes households that paid bills or received income using a bank method. “AFS” includes households that used a nonbank money 

order to pay bills or used a nonbank check casher to get the money from income received by paper check or money order. “Other or none selected” includes 

households that indicated they used other methods for bill payment or income receipt, or that did not select a method of bill payment or income receipt. “Only bank 

methods” includes households that used a bank method to pay bills and receive income, and did not use any other methods. The + symbol indicates estimates that 

were computed in part using imputed values. See Appendix 1 for details.

Table 9.3 Joint Methods of Paying Bills and Receiving Income in a Typical Month by Banking Status, 2015

For all households that paid bills and received income in a typical month, column percent

50By definition, fully banked households did not use nonbank money orders (or any other AFS asked about in the survey) in the past 12 months.

51Of the 44.9 percent of underbanked households that exclusively used bank methods to pay bills and receive income in a typical month, nearly two in three (or 30.3 

percent of all underbanked households) also did not use any credit AFS in the past 12 months. These households were categorized as underbanked because they 

used a transaction AFS in the past 12 months. Roughly 60 percent of these households used a nonbank money order in the past 12 months, 27 percent used a 

nonbank check casher, and 22 percent used a nonbank remittance.

52As discussed in section 5, approximately 27 percent of unbanked households and 15 percent of underbanked households used a prepaid card in the past 12 months.

53This finding is consistent with the 2013 survey report, which showed that unbanked prepaid card users were more prevalent users of transaction AFS than unbanked 

households that did not use prepaid cards.

The key difference between underbanked and fully banked 

households is that, in addition to using bank methods, the 

underbanked also widely used other methods to pay bills. 

An estimated 27.7 percent of underbanked households paid 

bills using cash, and 25.6 percent used nonbank money 

orders. These estimates are substantially higher than the 

corresponding estimates for fully banked households: 9.4 and 

0.0 percent, respectively.50 As a result, only 54.3 percent of 

underbanked households exclusively used banks to pay bills, 

compared to 88.0 percent for the fully banked.

Underbanked households were also less likely than fully 

banked households to use bank methods to receive income 

in a typical month, but the differences between the two 

groups were fairly small. Direct deposit into a bank account 

was by far the most used method of receiving income, both 

for underbanked (82.0 percent) and fully banked households 

(87.9 percent). Roughly one in three underbanked households 

received income by paper check or money order, and of these 

households 12 percent (or 4.2 percent of all underbanked 

households) went to a nonbank check casher to get the funds 

in a typical month. Fewer underbanked households received 

income in cash (10.9 percent) or by direct deposit onto a 

prepaid card (5.8 percent) in a typical month. These estimates 

were not much higher than for the fully banked.

Patterns were generally similar when looking at bill payment 

together with income receipt. As shown in Table 9.3, unbanked households primarily operated outside of the banking system, using cash, AFS, or other methods. In contrast, 

almost all (98.6 percent) underbanked households used bank 

methods at least in part to pay bills and receive income in 

a typical month, and nearly half (44.9 percent) used bank 

methods exclusively.51 These findings confirm that unbanked 

and underbanked households did not participate in the mainstream financial system to the same extent, at least when 

handling these financial transactions.

Use of Prepaid Cards for Bill Payment and Income 

Receipt

Given the continued growth of prepaid cards in the financial 

marketplace, we explored the extent to which households 

have integrated these cards into the ways they pay bills and 

receive income in a typical month. Overall, the estimates 

indicate that unbanked households with prepaid cards used 

them extensively to handle monthly bill payments and to 

receive income. In contrast, among underbanked households 

with prepaid cards, use of these cards to pay bills and receive 

income was not as prevalent.

Table 9.4 shows that more than half of unbanked households 

with a prepaid card used their cards to pay bills (59.1 percent) 

or to receive income (55.1 percent).52 In both cases, prepaid 

card use was more prevalent than any other method, but 

these households also used several other methods to handle 

their financial transactions. In fact, unbanked households with 

prepaid cards were more likely than those without prepaid 

cards to pay bills using nonbank money orders and were 

almost as likely to use cash.53
54 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

In contrast, use of prepaid cards was not quite as widespread among underbanked households with a prepaid card: 

25.6 percent used the cards to pay bills in a typical month, 

and 37.5 percent used the cards to receive income. Use of 

prepaid cards for these financial transactions was not nearly 

as prevalent as bank-related methods such as electronic 

payment from a bank account (63.0 percent) or direct deposit 

into a bank account (80.5 percent).

These results indicate that unbanked and underbanked 

households may be using prepaid cards in different ways. 

Many unbanked households with prepaid cards used them 

along with other nonbank methods to pay bills and receive 

income in a typical month. This was not the case for most 

underbanked households, suggesting that the underbanked 

may be using prepaid cards primarily for purposes such as 

retail spending or other consumption.

Unbanked, 

no prepaid card

Unbanked, 

prepaid card

Underbanked, 

no prepaid card

Underbanked, 

prepaid card

A. Paying bills (Percent)

Electronic payment from bank 1.5 1.9 62.1 63.0

Personal check 1.8 1.5 55.8 52.3

Debit card 2.6 2.9 55.0 62.4

Credit card 4.0 12.6 20.7 23.2

Bank money order 12.4 12.3 11.9 14.4

Cash 63.9 58.7 26.1 36.4

Nonbank money order 30.9 45.9 24.5 31.1

Prepaid card 0.0 59.1 0.0 25.6

Other 9.6 3.5 1.6 1.4

Did not select a method 13.9 3.6 0.8 1.6

Any bank method 18.4 24.9 92.9 91.7

Only bank methods 4.3 2.9 57.4 37.5

B. Receiving income (Percent)

Direct deposit into bank account 3.5 3.3 82.3 80.5

Paper check or money order 43.3 39.4 33.1 37.0

Cash 26.1 15.3 10.0 15.9

Direct deposit onto prepaid card 0.0 55.1+ 0.0 37.5

Other 10.8 10.7+ 2.0 2.0

Nonbank check casher 18.6 20.1 3.7 6.6

Did not select a method 28.1 29.9 4.1 2.4

Any bank method 3.5 3.3 92.8 89.9

Only bank methods 2.7 0.6 81.5 47.2

Notes: The + symbol indicates estimates that were computed in part using imputed values. See Appendix 1 for details.

Table 9.4 Methods Unbanked and Underbanked Households Used to Pay Bills and Receive Income in a Typical Month by 

Prepaid Card Ownership, 2015

For all unbanked and underbanked households that paid bills and received income in a typical month, column percent
55

2015 FDIC National Survey of Unbanked and Underbanked 

Households

10. Household Learning About Finances: The Role of Banks

Banks are one source consumers can use to learn about 

managing their finances. The 2015 survey included new questions about whether households sought financial information 

from banks, and about attending financial education or counseling sessions.54

As shown in Table 10.1, 4.2 percent of households “asked 

a bank teller or bank customer service agent about financial 

products and services or managing your money” in the past 

12 months. An estimated 4.4 percent of households attended “any financial education classes or financial counseling 

sessions, either in-person, by phone, or online” in the past 12 

months. Of those, 20.7 percent (or 0.9 percent of all households) learned “about any of those financial education classes 

or counseling sessions through a bank.”

Unbanked households were less likely than banked households to learn about finances from a bank. An estimated 1.3 

percent of unbanked households asked a bank teller or customer service agent about finances, compared to 5.3 percent 

of underbanked households and 4.1 percent of fully banked 

households. Unbanked households were also not as likely as 

banked households to attend a financial education or counseling session.

The estimates in Table 10.1 also suggest that certain populations—for example, lower-income households, less-educated 

households, and black and Hispanic households—were less 

likely to ask a bank teller or customer service agent about 

financial products or services or managing money.55 Patterns 

were generally similar when looking at the percentage that 

attended any financial education or counseling session in the 

past 12 months.

Among households that attended a financial education or 

counseling session, black and Hispanic households were 

more likely than white households to have learned about it 

from a bank. There are also differences by age: households 

aged 65 or older that attended a financial education or counseling session were less likely to have learned about it from a 

bank, relative to younger households.

54The analysis presented in this section excludes 2,534 observations (representing roughly 9.6 million households) with missing responses to any of the three questions 

related to financial education and learning.

 55These differences are attributable in part to differences in unbanked rates across populations. Among households with a bank account, differences by household 

characteristics in the likelihood of going to a bank to learn about financial products or services or managing money were generally smaller in magnitude, and in some 

cases became statistically insignificant. 
56 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

Characteristics

Asked bank teller 

or customer service 

agent about finances 

(Percent)

Attended financial 

education classes or 

counseling sessions 

(Percent)

Learned about financial 

education classes or 

counseling sessions from bank, 

conditional on attending 

(Percent)

All 4.2 4.4 20.7

Banking status

Unbanked 1.3 1.4 NA

Underbanked 5.3 5.2 22.6

Fully banked 4.1 4.4 20.1

Family income

Less than $30,000+ 3.0 2.4 25.2

$30,000 to $50,000 3.3 3.2 19.3

$50,000 to $75,000 4.4 5.0 17.6

At least $75,000 5.6 6.8 20.9

Education

High school diploma or less+ 2.6 2.0 22.1

Some college 3.8 4.5 19.0

College degree 6.2 6.9 21.2

Age group

15 to 34 years+ 4.4 4.8 24.0

35 to 44 years 5.2 4.3 22.8

45 to 54 years 3.8 4.3 18.7

55 to 64 years 4.0 5.4 21.1

65 years or more 3.6 3.3 16.0

Race/Ethnicity

Black 3.4 4.1 26.4

Hispanic 3.0 3.4 27.6

Asian 4.7 3.1 NA

White 4.5 4.7 18.6

Other 4.6 5.5 NA

Disability status

Disabled, age 25 to 64 3.9 3.6 19.5

Not disabled, age 25 to 64 4.4 4.9 21.5

Notes: NA indicates that the sample size was too small to produce a precise estimate. The + symbol indicates instances where categorical groups typically used in 

this report have been combined to increase the sample size.

Table 10.1 Household Learning About Finances by Banking Status and Selected Household Characteristics, 2015

For all households, row percent
57

2015 FDIC National Survey of Unbanked and Underbanked 

Households

11. Implications and Conclusions

The survey results presented in this report show a 0.7 

percentage point reduction in the unbanked rate between 

June 2013 and June 2015, with roughly half of the decline 

attributable to improvements in the economic circumstances 

of U.S. households. The unbanked rate fell for many groups 

that had high unbanked rates in 2013. However, unbanked 

rates for these groups remain substantially higher than the 

overall unbanked rate in 2015. Below, the report concludes 

with a discussion of opportunities to increase the use of 

mainstream banking services by unbanked and underbanked 

households.

1. Households with volatile income have higher unbanked and underbanked rates. Bank products and 

services that enable households to better manage 

their account relationships and meet their financial 

needs when income is volatile may help these consumers open and sustain bank accounts and conduct 

a greater share of their financial transactions within 

the banking system. 

More than one in five U.S. households have income that 

varies “somewhat” or “a lot” from month to month, and these 

households are more likely to be unbanked or underbanked. 

Income volatility has notable effects even among households 

with moderate levels of income.

For example, among households with annual income between $30,000 and $50,000, those with volatile income have 

an unbanked rate (7.4 percent) almost twice that of households with steady income (4.0 percent). This difference of 3.5 

percentage points is similar in magnitude to the difference 

in unbanked rates between households with annual income 

of $30,000 to $50,000 and households with annual income 

of $50,000 to $75,000. Households with volatile income also 

use alternative financial services at higher rates, even among 

banked and moderate- and higher-income households.

Banks may have opportunities to build and strengthen 

relationships with unbanked and underbanked households 

that have volatile monthly income by offering products and 

services that enable them to better manage their account 

relationships and meet their financial needs within the banking 

system. Later in this section, we discuss implications related to savings and bank credit that may be helpful to these 

households. The following are three additional examples of 

opportunities for banks to serve these households:

• Consumers with volatile income might find it difficult to 

consistently meet minimum balance requirements even 

in cases where, over time, their balances and deposits 

are substantial. Accounts with low or no minimum balance requirements and low fees that are consistent with 

the FDIC Model Safe Accounts Template may help these 

households enter and stay in the banking system.56 In 

addition, in the 2013 survey, we found that households 

that recently became unbanked were more likely to have 

experienced either a significant income loss or job loss 

that they said contributed to the household becoming 

unbanked. Targeted solutions that assist customers who 

experience unexpected events such as job loss may also 

help these households retain their bank accounts during 

these periods of transition.

• Consumers with volatile income may have a need to monitor account balances closely. Almost all households with 

volatile income have access to a mobile phone, and more 

than eight in ten have access to a smartphone. Mobile 

banking technology may help these households manage 

their financial inflows and outflows. Encouraging the use 

of mobile banking, including features such as balance 

monitoring and timely alerts and notification, may help 

these households better cope with their fluctuating income 

streams.57

• In addition, during periods when income is low, households with volatile income may feel more pressed to use 

incoming funds as soon as they are received. Banking services that offer expedited access to funds for a reasonable 

56See https://www.fdic.gov/consumers/template/template.pdf for the FDIC Model Safe Accounts Template.

57In focus groups conducted by the FDIC in 2015, some consumers who used mobile financial services reported that mobile alerts and monitoring tools helped 

them reduce fees, better track their finances, and improved on-the-spot decision making. See “Opportunities for Mobile Financial Services to Engage Underserved 

Consumers Qualitative Research Findings,” May 25, 2016 (available at https://www.fdic.gov/consumers/community/mobile/MFS_Qualitative_Research_Report.pdf), 

and “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016 (available at https://www.fdic.gov/consumers/community/

research/QualitativeResearch_May2016.pdf).
58 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

fee, while following sound risk-management practices, 

may be particularly attractive to these households. Similarly, current efforts to offer quicker availability of funds 

through improvements in the payment system may also 

benefit households with volatile income.

2. Use of smartphones to engage in banking activities continues to grow at a rapid pace. Consistent 

with implications from the 2013 survey, this growth 

presents promising opportunities to use the mobile 

platform to increase economic inclusion. At the same 

time, physical access to branches remains important.

Access to, and use of, smartphones to engage in banking 

activities continues to grow at a rapid pace. Between 2013 

and 2015, smartphone access increased by 30 percent for 

unbanked households and by 17 percent for underbanked 

households. As of 2015, roughly four in ten unbanked 

households and three in four underbanked households have 

access to a smartphone. From 2013 to 2015, overall use of 

mobile banking grew by 37 percent, and mobile banking as 

the primary method of account access grew by 66 percent. 

By 2015, slightly less than half (49.2 percent) of all banked 

households use a physical channel (bank branch or ATM/

kiosk) as their primary method of account access. Underbanked households continue to be more likely than fully 

banked households to use the mobile channel as their primary 

means of account access (12.6 percent versus 8.7 percent). 

These findings suggest, consistent with other FDIC research, 

that banks could use the mobile banking platform to increase 

economic inclusion.58

At the same time, the results suggest that modification of 

branch services may have economic inclusion implications. 

Although the proportion of households that primarily use 

bank tellers to access their accounts has fallen, lower-income 

households, less-educated households, older households, 

and households located in rural areas continue to rely on 

bank tellers as their primary method for accessing their bank 

accounts. In addition, use of bank tellers remains prevalent, 

even among households that primarily use other methods for 

accessing their accounts. Finally, research from the Federal 

Reserve Board of Governors indicates that 44 percent of 

households responding to a 2013 survey chose their bank 

based on the location of its offices, by far the leading factor in 

their selection.59

3. One in five unbanked households save for unexpected expenses, although for the most part not in 

insured depositories. Bringing these savings into 

the banking system could allow these households to 

build banking relationships that help them safeguard 

funds, enhance access to credit, and increase financial security.

While unbanked households are less likely than underbanked 

and fully banked households to set aside money for unexpected expenses or emergencies, one in five unbanked 

households save for this purpose. However, roughly twothirds of these households keep the savings in the home, or 

with family or friends. When not kept in a bank account, these 

savings are not insured and could be lost or stolen. An additional one in eight of these households keep these savings on 

a prepaid card, most of which are not obtained from a bank.

Access to mainstream financial services at an insured depository institution provides consumers with a safe place to save, 

conduct basic financial transactions, and build a credit history 

and access credit on favorable terms. Banks that provide 

households with safe, affordable savings options can address 

a present need and create opportunities for these additional 

benefits. Low-cost savings accounts with low minimum balance requirements are one option that unbanked households 

could use as a gateway to enter the banking system and 

build relationships with banks.60 With an established banking 

relationship, these households could eventually access lower-cost bank credit and increase their financial security. For 

example, households with thin or no credit histories that save 

in banks may use those deposits as collateral to access credit 

or to obtain credit on more favorable terms.

4. Banks may have the opportunity to help meet the 

credit needs of some households that have an unmet 

demand for bank credit. The vast majority of these 

households are banked, yet few applied for bank 

credit in the past 12 months. Many are also young. 

Banks could help meet the credit needs of these 

households by promoting the importance of building 

a credit history, incorporating nontraditional data 

into underwriting, and increasing households’ awareness of personal credit products.

58See “Opportunities for Mobile Financial Services to Engage Underserved Consumers Qualitative Research Findings,” May 25, 2016.

59Estimates are from the 2013 Survey of Consumer Finances, available at: www.federalreserve.gov/econresdata/scf/scfindex.htm. 

60In interviews conducted by the FDIC in 2015, some banks discussed using low-fee savings accounts as gateway products into the banking system for unbanked 

consumers. See “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.
59

Almost 14 percent of households have unmet demand for 

bank credit, meaning that in the past 12 months they used a 

nonbank credit product or were denied or felt discouraged 

about applying for bank credit (specifically credit cards and 

personal loans or lines of credit). 

The vast majority (88 percent) of these households are 

banked. They conduct their monthly financial transactions 

(i.e., paying bills and receiving income) using their bank 

account. Despite an active banking relationship, fewer than 

one in three banked households with unmet demand for bank 

credit applied for a credit card or personal loan or line of credit from a bank in the past 12 months. 

Some of these households may present opportunities for 

banks to extend credit in the form of credit cards or small-dollar personal loans. For example, about one-half of households 

with unmet demand for bank credit indicate that they were 

current on their bills over the past 12 months. While keeping 

up with bills is an incomplete measure of creditworthiness, it 

nevertheless provides some insight into the financial situation 

of these households.61

Many households with unmet demand for bank credit are 

young, suggesting they may have little to no credit history. 

Efforts to promote credit building or to incorporate nontraditional credit data into bank underwriting could expand access 

to bank credit for such households, while also building or 

strengthening these consumers’ relationships with banks.

For banked households, banks could potentially use 

households’ account transaction and other banking 

relationship information to help underwrite and offer credit. In 

addition, banks could undertake communications strategies 

to increase households’ awareness of short-term personal 

credit products.62

5. The great majority of underbanked households use 

banks to pay bills, although many also use cash and 

nonbank money orders. Efforts to encourage and 

make it easier for a range of payees to accept electronic payments, and outreach to raise awareness of 

bill pay and other electronic payments among lower-income households, may facilitate the movement 

of these transactions into the banking system.

Roughly 20 percent of households are classified as underbanked in this report, meaning that they have a bank account 

but used at least one alternative financial service in the past 

12 months. However, substantial differences exist among 

underbanked households in the ways they conduct their 

financial transactions. Understanding these differences has 

implications for policymakers, financial institutions, and other 

stakeholders interested in strengthening these households’ 

engagement with the mainstream financial system.

The vast majority of underbanked households use banks to 

pay monthly bills. About one in six, however, use cash or 

nonbank money orders as their primary method for paying 

bills. Another roughly one in four use bank methods as their 

primary method for paying bills, including bank debit card, 

electronic payment from a bank account, and personal check 

drawn on a bank account, but they also use cash and nonbank money orders to pay some bills in a typical month.

For the one in four underbanked households that primarily 

use bank methods to pay bills but also use cash or nonbank 

money orders to pay some bills in a typical month, the use 

of cash or money orders may be the result of payee requirements. Efforts to encourage and make it easier for a range of 

payees (for example, landlords) to accept electronic payments 

may help these households reduce their use of cash and 

nonbank money orders.

Some of the underbanked households that use cash and 

nonbank money orders as their primary method of paying bills 

may not be aware of the range of bank products that they can 

use to pay bills. In focus groups conducted by the FDIC in 

2015, some consumers and consumer counselors noted that 

low-income and underbanked consumers may be unfamiliar 

with the range of bank products and services that they can 

use to meet their financial transaction needs.63 Banks may 

have an opportunity to encourage consumers to conduct 

these transactions within the banking system, for example, 

by raising awareness of alternatives such as bank bill pay or 

person-to-person payments through bank accounts, including 

emerging options for faster payments.

61In some cases, banks may not be able to meet the credit needs of households that did not fall behind on bills, because of credit risk associated with previous 

negative credit events or high debt-to-income ratios.

62In interviews and focus groups conducted by the FDIC in 2015, many consumers said that they were unaware of bank products and services that provide alternatives 

to nonbank providers. Similarly, many banks said it was essential to have a marketing and communication strategy to make consumers aware of these offerings. See 

“Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.

63See “Bank Efforts to Serve Unbanked and Underbanked Consumers Qualitative Research,” May 25, 2016.
60 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

6. The majority of unbanked households think that 

banks have no interest in serving households like 

theirs, and a significant share of unbanked households do not trust banks. These findings suggest 

that understanding and addressing the sources of 

these attitudes and building trust and familiarity are 

important to attract and develop relationships with 

unbanked consumers.

More than half (55.8 percent) of unbanked households think 

that banks are “not at all interested” in serving households 

like theirs. This is more than three times higher than the 

roughly 17 percent of underbanked households, and more 

than four times higher than the 12 percent of fully banked 

households, that hold the same view. Even among unbanked 

households with income of at least $50,000, 47 percent 

perceive that banks are not at all interested in serving households like theirs. Similar shares of previously banked households and households that have never had a bank account 

also have this perception.

Unbanked households that hold this view are significantly 

less likely to be interested in opening an account in the future 

compared with unbanked households that perceive banks 

to be “very interested” or “somewhat interested” in serving 

households like theirs. Only a small proportion (17 percent) 

of unbanked households that perceive banks to be not at all 

interested in serving households like their own is “very” or 

“somewhat” likely to open an account in the next 12 months, 

compared with 50 percent of unbanked households that perceive banks to be very or somewhat interested.

Among unbanked households that think banks are not at all 

interested in serving households like theirs, only a minority are 

unbanked because banks do not offer needed products or 

services. Less than one in five (18 percent) of these households cited this as one reason they are unbanked, and only 1 

percent cited this as the main reason.

In addition, more than one in four unbanked households say 

they are unbanked because they do not trust banks, and 

roughly one in ten unbanked households are unbanked mainly 

because they do not trust banks. Lack of trust in banks was 

the second most frequently cited main reason for being unbanked.

These statistics are consistent with key findings from qualitative research that the FDIC conducted with unbanked, 

underbanked, and low-and-moderate income consumers, in 

which trust and familiarity emerged as important themes.64

Taken together, the survey and qualitative research findings 

suggest that attracting and developing longer-term sustainable relationships with unbanked consumers requires going 

beyond developing new products and services to establish 

trust and familiarity with unbanked consumers.65

64Ibid.

65In interviews conducted by the FDIC in 2015, some banks discussed working with established, trusted partners in their local communities to build trust and educate 

unbanked and low-and-moderate income consumers about banking services. For examples of this and other strategies, see “Bank Efforts to Serve Unbanked and 

Underbanked Consumers Qualitative Research,” May 25, 2016.
61

2015 FDIC National Survey of Unbanked and Underbanked 

Households

Appendix 1. FDIC Technical Notes

The data for this report were collected through a Federal 

Deposit Insurance Corporation (FDIC)-sponsored Unbanked/

Underbanked Supplement to the Current Population Survey (CPS) for June 2015. The CPS is a monthly survey of 

about 53,000 interviewed households conducted by the U.S. 

Census Bureau for the Bureau of Labor Statistics (BLS). The 

survey is based on a scientific sample that is representative 

of the U.S. civilian, noninstitutionalized population, aged 15 or 

older.

The CPS is the primary source of information on the labor 

force characteristics of the U.S. population, including employment, unemployment, and earnings statistics. The CPS 

includes a variety of demographic characteristics, such as 

age, sex, race, marital status, and educational attainment. Additional information about the CPS is provided on the Census 

website.1

The CPS sample consists of independent samples in each 

state and the District of Columbia. The sample sizes for each 

state are set so that specific precision requirements for estimating unemployment rates will be met.2

 The sample design 

ensures that most of the households in a given state have the 

same probability of being selected, though, in general, household selection probabilities will vary across states. Because 

the CPS design is state-based, most of the estimates for the 

Unbanked/Underbanked Supplement should be precise at the 

state level and for some metropolitan statistical areas (MSAs).

Unbanked/Underbanked Supplement

The fourth Unbanked/Underbanked Supplement was conducted in June 2015. The first, second, and third supplements 

were conducted in January 2009, June 2011, and June 2013, 

respectively. The primary purpose of the supplement is to 

estimate the percentage of U.S. households that are “unbanked” and “underbanked” and to identify the reasons why. 

The supplement survey instrument used in 2015, attached as 

Appendix 3, included approximately 50 questions designed to 

provide this information. 

The 2015 survey instrument is similar to the 2013, 2011, and 

2009 survey instruments. The 2009 instrument was developed 

with the expertise of a national consulting firm, which specializes in public opinion research, as well as input from the 

Census Bureau’s Demographic Surveys Division and the BLS. 

The 2009 survey instrument underwent four rounds of cognitive field pre-testing and was revised to address the feedback 

gathered from each round.3

 The questionnaire was revised in 

2011, 2013, and 2015. For a detailed description of the most 

recent revisions, which underwent two rounds of cognitive 

testing, see Appendix 2. Because of changes in the questionnaire, direct comparisons between 2015 and prior-year 

estimates are not possible in some cases.

Eligibility and Exclusions

All households that participated in the June 2015 CPS were 

eligible to participate in the Unbanked/Underbanked Supplement. However, only households whose respondents 

specified that they had some level of participation in their 

household finances and responded “Yes” or “No” to whether someone in their household had a bank account (survey 

supplement Question 2, or Q2) were considered survey respondents.4

 CPS household respondents who did not answer 

or answered “Don’t know” to Q2, or who did not participate 

in their household financial decisions (or refused to answer), 

were asked no further questions and were classified as nonrespondents for the supplement.

Coverage and Response Rates 

For the June 2015 CPS, a statistical sample of 60,841 

survey-eligible households was selected from the sampling 

frame.5 Of these households, 52,801 participated in the CPS, 

1

See, for example, Technical Paper 66, “Design and Methodology, Current Population Survey,” available at http://www.census.gov/prod/2006pubs/tp-66.pdf.

2

The precision targets that are the basis for the sample design of the CPS are provided in Chapter 3 of the U.S. Census Bureau’s Technical Paper 66, available at 

http://www.census.gov/prod/2006pubs/tp-66.pdf. 

3

The goal of each round was to determine respondents’ comprehension of each question, test the flow of the questions, find major recall difficulties, ascertain the 

sensitivity or inappropriateness of any questions, and gauge the operational feasibility of the supplement. No changes to the survey were recommended following the 

fourth round of testing.

4

Respondents involved in their household finances include respondents in households where adults have separate finances or in households where the respondent 

was the only adult in the household. For households where adults share finances or have a mix of shared and separate finances, respondents were asked to specify 

how much they participated in their household financial decisions. Only those who reported having at least some level of participation were considered to be involved 

in their household finances. 

5

For details on the sampling frame, refer to the technical documentation for the June 2015 supplement, available at http://thedataweb.rm.census.gov/ftp/cps_ftp.html. 
62 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

resulting in an 87 percent response rate. There were 8,040 

nonrespondent eligible households. Most of these nonrespondents either refused to participate (66 percent) or were not 

home at the time of the interview visit or call (20 percent). The 

remaining 14 percent consisted of households where (a) the 

household respondent was temporarily absent, (b) the household could not be located, (c) language barriers prevented the 

interview, or (d) other reasons. Because of the availability of 

translators for many languages, only 0.5 percent of the nonrespondents (37 households) did not participate as a result of 

language barriers.

Coverage ratios for the CPS are derived as a measure of the 

percentage of persons in the target universe (the U.S. civilian, 

noninstitutionalized population, aged 15 or older) that are 

included in the sampling frame.6

 The overall coverage ratio for 

the June 2015 CPS was 89 percent. The missing 11 percent 

consists of three groups: (a) persons residing in households 

that are not in the CPS sampling frame, (b) noninstitutionalized persons not residing in households at the time the CPS 

was conducted, and (c) household residents that were not 

listed as household members for the CPS for various reasons. 

The coverage ratios varied across demographic groups. For 

example, among women aged 15 and older, the coverage 

ratio was 92 percent for whites, 81 percent for blacks, and 84 

percent for Hispanics. 

Of the 52,801 households that participated in the CPS, 36,189 

(69 percent) also participated in the Unbanked/Underbanked 

Supplement.7

 Supplement survey response rates vary by 

household characteristics, ranging from 63 to 74 percent for 

the segments of the population listed in Appendix Table A.1. 

The weights calculated by the Census Bureau for the CPS 

and the Unbanked/Underbanked Supplement respondents 

were adjusted to account for both nonresponse and undercoverage. These weight adjustments help correct any biases 

in estimates because of nonresponse and undercoverage, so 

that results from the CPS are representative of the U.S. civilian, noninstitutionalized population, aged 15 or older.8

Analysis of Supplement Survey Results

Using supplement survey results, households were classified 

as “unbanked” if they answered “No” to the question, “Do 

you or anyone else in your household have a checking or 

savings account now?” Households that answered “Yes” 

to this question were classified as “underbanked” if they 

indicated that they used one of the following products or 

services from an alternative financial services provider in the 

past 12 months: money orders, check cashing, international 

remittances, payday loans, refund anticipation loans, rent-toown services, pawn shop loans, or auto title loans.

The estimated proportion of U.S. households that is unbanked was derived by dividing the sum of the weights of 

the household respondents that were identified as being 

unbanked by the sum of the weights of all household respondents. The same formula was used to estimate the proportion of U.S. households that is underbanked. For estimated 

proportions of unbanked or underbanked households for demographic subgroups, the same computational approach was 

used and applied to respondent households in the subgroup. 

In addition to presenting estimated proportions, many of the 

tables in this report include estimated numbers of households 

(e.g., total households, unbanked households, or underbanked households). An estimated number of households 

for a given category such as unbanked is derived as the sum 

of the weights of the sample households in that category. 

For example, for the entire supplement sample of 36,189 

respondent households, the sum of the household weights is 

roughly 127.5 million, which would be an estimate of all U.S. 

households as of June 2015. The Housing Vacancy Survey, another survey related to the CPS that uses household 

controls to produce household weights, provided an estimate 

of 117.3 million as the number of households in June 2015. 

This difference (127.5 million versus 117.3 million) is because 

household weights prepared by Census for the CPS and for 

this supplement survey are generally taken to be the reference 

person weights and are not adjusted to align with household 

count controls. Household count controls were not used to 

adjust household weights because the CPS is a person-level survey rather than a household-level survey; therefore, 

universe controls were used only in the preparation of person 

weights. As a result, the sum of household weights shown in 

our tables for a category tends to be somewhat higher than 

the actual household count for the category.

This report also contains a number of tables for which 

unbanked percentages and other household statistics are 

computed for subgroups defined by a particular economic or 

demographic characteristic. The household classification of 

an economic or demographic variable that is defined at the 

6

The coverage ratio is the weighted number of persons in a demographic group (after weights are adjusted to account for household nonresponse) divided by an 

independent count of persons in that demographic group (obtained from the 2010 Census with updates based on the American Community Survey). 

7

Taking into account the nonresponse to the base CPS, the overall response rate for the Unbanked/Underbanked Supplement was 59 percent.

8

This adjustment is done by introducing three stages of ratio estimation that adjust weights to align with population control totals (independent population estimates 

for various demographic and geographic groups). The household weight is generally taken to be the weight of the householder/reference person; however, if the 

householder/reference person is a married male, the spouse’s weight is used.
63

person level rather than the household level (e.g., race/ethnicity, education, or employment status) is based on the economic or demographic classification of the householder/reference person (i.e., the person who owns or rents the home).9

The Census Bureau classifies households into different 

household types. For instance, a family household is a 

household that includes two or more people related by birth, 

marriage, or adoption and residing together, along with any 

unrelated people who may be residing there. Detailed definitions regarding household types can be found in the technical 

documentation on the CPS website.10

Households are categorized into racial/ethnic classifications as follows: if the householder is identified as black, 

the household is classified as “black” regardless of whether 

the householder is identified as Hispanic or any other race. 

If the householder is not identified as black and is identified 

as Hispanic, the household is classified as “Hispanic.” If the 

householder is identified as Asian and not black or Hispanic, 

then the household is classified as “Asian.” If the householder 

is identified as white and not any other race and not Hispanic, then the household is classified as “white.” All remaining 

households are classified as “other.” 

This report provides unbanked and other estimates for 

the population of households with disabilities. As in the 

2013 report (the first time these estimates were presented), 

households are categorized as follows: if the householder is 

between age 25 and 64 and either (a) indicates “Yes” to any of 

the six-question disability sequence in the base CPS or (b) is 

classified as “Not in labor force – disabled,” the household is 

classified as “Disabled, age 25 to 64.”11 If the householder is 

between age 25 and 64 and neither condition (a) nor (b) above 

is met, the household is classified as “Not disabled, age 25 to 

64.” If the householder is not between the ages of 25 and 64, 

the household is classified as “Not applicable (not age 25 to 

64).”12

This report presents estimates of unbanked and underbanked 

rates (and other outcomes of interest) for larger metropolitan 

statistical areas (MSAs). MSA delineations are established by 

the Office of Management and Budget (OMB). OMB published 

a revised set of MSA delineations in February 2013, based 

on data from the 2010 Census and the 2006-2010 American 

Community Surveys. The 2013 delineations superseded the 

earlier delineations based on Census 2000 data, first established by OMB in June 2003.13

As discussed in the technical documentation to the June 

2015 supplement, the Census Bureau phased the 2013 MSA 

delineations into the CPS (and phased out the 2003 delineations) over the period May 2014 to July 2015.14 Housing units 

first included in the CPS before May 2014 were assigned 

metropolitan area codes based on the 2003 delineations. 

These metropolitan area codes consisted of metropolitan New 

England city and town area (NECTA) codes for New England 

states (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and MSA codes for other 

states.15 Housing units first included in the CPS in May 2014 

or later were assigned metropolitan area codes based on the 

2013 delineations. These metropolitan area codes consisted 

only of MSA codes, as housing units in New England were 

given MSA codes as part of the phase-in of the 2013 delineations.

To facilitate MSA-level estimates using the 2015 survey data, 

an observation with an obsolete 2003 MSA code was assigned the corresponding 2013 MSA code.16 An observation 

with a NECTA code was assigned the 2013 MSA code that 

9

In a few cases, the householder/reference person is classified as an ineligible respondent for the CPS, but another eligible household resident participated in the CPS 

and in the Unbanked/Underbanked Supplement. In these cases we use the attributes of the eligible respondent to characterize the household. 

10See https://www.census.gov/programs-surveys/cps/technical-documentation/subject-definitions.html. 

11Specifically, we use the variable PEMLR (“Monthly labor force recode”) to determine if the respondent is not in the labor force because of a disability. Refer to the 

CPS Data Dictionary for detail on the six-question disability sequence, available at the following link: http://thedataweb.rm.census.gov/ftp/cps_ftp.html. 

12A universally accepted method to identify the population with disabilities does not exist. Key estimates from the FDIC Unbanked/Underbanked Supplement, such as 

the proportion of disabled households that are unbanked, are qualitatively similar using alternative disability measures. See Appendix I of the 2013 report for details, 

available at https://www.economicinclusion.gov/surveys/2013household/documents/2013_FDIC_Unbanked_HH_Survey_Appendix.pdf.

13For February 2013 delineations, see OMB Bulletin Number 13-01 (February 28, 2013), available at https://www.whitehouse.gov/sites/default/files/omb/bulletins/2013/

b13-01.pdf. For June 2003 delineations, see OMB Bulletin Number 03-04 (June 6, 2003), available at https://www.whitehouse.gov/omb/bulletins_b03-04. In each year 

between 2003 and 2009, OMB published minor revisions to the MSA delineations, based on the Census Bureau’s annual population estimates. 

14The technical documentation for the June 2015 supplement is available at http://thedataweb.rm.census.gov/ftp/cps_ftp.html.

15Unlike MSAs, which are made up of one of more full counties or county equivalents, NECTAs are composed of cities and towns and often do not follow county 

boundaries. 

16In the 2015 survey data, some housing units were located in counties populous enough to be identified, but no MSA code was assigned because these counties 

were not in an MSA based on the 2003 delineations (all of these housing units were first included in the CPS before May 2014). Because some of these counties were 

in an MSA based on the 2013 delineations, a 2013 MSA code was assigned to housing units located in such counties. 
64 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

comprised that majority of the NECTA population.17 Overall, 

less than 3 percent of observations in the 2015 data were 

affected by these adjustments. 

For the 2013 and earlier survey years, metropolitan area 

estimates provided in this report are based on the 2003 

delineations (MSA or NECTA). Consequently, some metropolitan area estimates that use 2015 survey data are not directly 

comparable to the corresponding metropolitan area estimates 

that use 2013 and earlier survey data, because of changes in 

geographic boundaries (e.g., the addition or subtraction of a 

county). In the report tables, a tilde (~) next to an MSA name 

indicates that the MSA was affected by a geographic boundary change. All MSA names in the tables, however, reflect the 

2013 delineations.

Imputed Values for Income Received Through 

Prepaid Card or Other Methods in a Typical Month 

Because of an issue with the administration of the survey 

instrument, Q140c – about whether the household received 

income or benefits through direct deposit or electronic transfer onto a prepaid card in a typical month – was not asked of 

households that used a prepaid card in the past 12 months, 

received income in a typical month, and were longer-term 

unbanked (i.e., unbanked and did not have a bank account at 

any point in the 12 months before the survey). This issue also 

appeared to influence responses to Q140e – about whether 

the household received income in any other form in a typical 

month. The proportion that indicated “Yes” to this question 

was substantially higher among the affected households.18

For the 540 households affected by this issue, predicted 

probabilities of receiving income through a prepaid card were 

generated using estimates from a logit model. The logit model 

was estimated on the sample of 2,915 households that used a 

prepaid card in the past 12 months and that received income 

in a typical month. Of these 2,915 households, 2,844 had a 

bank account, and the remaining 71 were recently unbanked 

(i.e., unbanked but had a bank account at some point in the 

12 months before the survey).

The logit model specification included an indicator for bank 

account ownership; an indicator for whether the household 

obtained a prepaid card from a government agency or an 

employer; an indicator for whether the household fell behind 

on bills in the past 12 months; and categorical variables that 

characterized the household’s monthly income volatility, 

income level, employment status, education, age, race/ethnicity, nativity, metropolitan status, and geographic region. 

Predicted probabilities of receiving income by other methods 

were generated for these households using a similar logit 

model.19

Estimates of the proportions of households that received 

income through a prepaid card (and through other methods) 

presented in this report incorporate these predicted values. 

For example, Appendix Table G.3 shows that among unbanked households, 16.9 percent received income through 

direct deposit or electronic transfer onto a prepaid card. This 

estimate is the weighted average of the proportion among 

unbanked households that did not use a prepaid card (0 

percent, by construction), the proportion among recently 

unbanked households that used a prepaid card (54 percent), 

and the average predicted probability among longer-term 

unbanked households that used a prepaid card (55 percent).20

Statistical Precision of Estimates

To indicate the precision of certain estimates, standard errors 

were calculated based on the variation of the estimates 

across a set of 160 sample replicates provided by the Census 

Bureau. Details of the calculation of standard errors based on 

sample replicates (and on the CPS methodology in general) 

are available from the Census Bureau.21

Estimated differences discussed in this report are significant 

at the 10 percent level unless noted otherwise. That is, if 

the population difference were zero, then the probability of 

obtaining estimates having the observed difference or a larger 

difference would be no more than 10 percent, and could be 

considerably less. For example, the estimated difference 

17For example, households with a NECTA code for Boston-Cambridge-Quincy, MA-NH, were assigned the MSA code for Boston-Cambridge-Newton, MA-NH. For 

each NECTA code in the 2015 survey data, at least 80 percent of the Census 2010 NECTA population (and the estimated July 1, 2015, NECTA population) resided 

within the corresponding MSA, and for the majority of the NECTAs this number was at least 90 percent.

18Specifically, 24 percent of the 540 households affected by this issue answered “Yes” to the question about receiving income from other sources, compared to roughly 

10 percent among other (unaffected) unbanked households and 2 percent among banked households. Further, households that indicated they received income in any 

other form were asked to specify the method. Among the households that were affected by this issue and gave a verbatim response, a substantially higher proportion 

of the verbatim responses directly referred to a prepaid card (compared to households that were not affected and gave a verbatim response).

 19The logit model of income receipt by some other method was estimated on the 35,443 households in the sample that received income in a typical month and that 

were not affected by the issue with the administration of the survey instrument. The model specification was identical to the model of income receipt through a prepaid 

card described in the text. 

20The estimated proportion of households that received income through a prepaid card in a typical month (and through other methods) was quite robust to using 

alternative logit model specifications and to alternative predictive approaches such as random forest.

21For a detailed description of the methodology used to calculate standard errors based on sample replicates, see Chapter 14 of the U.S. Census Bureau’s Technical 

Paper 66, available at http://www.census.gov/prod/2006pubs/tp-66.pdf.
65

between the proportion of unbanked households in the U.S. 

between 2015 (7.0 percent) and 2013 (7.7 percent) is -0.7 

percentage points. The estimated standard error of this difference (computed using the 160 replicates as described above) 

is 0.2 percentage points. Under the assumption that the true 

difference in the unbanked rate between 2015 and 2013 is 

zero, the probability of observing the -0.7 percentage point 

difference in our sample data is 0.4 percent (i.e., the p-value 

is 0.004).

Certain 2015 report appendix tables include 90 percent confidence intervals in addition to point estimates. The confidence 

interval is one way to describe the uncertainty surrounding the 

estimate. For example, as shown in Appendix Table A.3, the 

estimated proportion of U.S. households that were unbanked 

in 2015 is 7.0 percent, and the 90 percent confidence interval 

around this estimate ranges from 6.8 to 7.3 percent. 
66 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

2015 FDIC National Survey of Unbanked and Underbanked 

Households

Appendix 2. 2015 Revisions to the FDIC National Survey of Unbanked and Underbanked 

Households

The FDIC revised the survey instrument based on past survey 

experience, feedback received in response to the 2013 survey, and recent research on economic inclusion topics. The 

revisions retained successful elements of the 2013 survey, 

reorganized and revised existing questions, and added questions to gain new insights. The new and revised questions 

provide a detailed view of household financial transactions, 

credit, and savings behavior. The questions also increase 

our understanding of the extent to which use of alternative 

financial services (AFS) is typical rather than incidental, and 

provide information on household characteristics that could 

influence financial services use, such as monthly income 

volatility and perceptions about banks.

To accommodate the new questions in the 2015 survey instrument, several questions from the 2013 survey instrument 

were dropped because responses were not expected to differ 

from the 2013 responses. For example, the 2015 survey did 

not contain questions about recent events that might explain 

transitions into and out of the banking system (e.g., changes 

in income, marital status, or residence) or questions on where 

households obtained AFS.

Specific revisions to the 2015 survey are described below.

Introduction, Transitions, Reasons for Being 

Unbanked, and Household Perceptions About 

Banks

One question dropped from the 2013 survey asked households that opened an account less than 12 months ago the 

main reason for opening an account (2013 survey Q2f).

A new question asked all households, “How interested are 

banks in serving households like yours? Would you say 

very interested, somewhat interested, not at all interested?” 

(Q101).

Minor revisions were made to questions that asked unbanked 

households the reasons why they did not have a bank account (Q5 and Q6). The response, “Banks do not have convenient hours or locations” (2013 survey Q5a) was split into 

separate reasons: “Bank hours are inconvenient” (Q5a1) and 

“Bank locations are inconvenient” (Q5a2). “Bank account 

fees are too high or unpredictable” (2013 survey Q5b) was 

also split into separate reasons: “Bank account fees are too 

high” (Q5b1) and “Bank account fees are unpredictable” 

(Q5b2). Wording for other reasons was modified as follows: 

“Don’t like dealing with or don’t trust banks” was shortened 

to “Don’t trust banks” (Q5d), “Do not have enough money to 

keep in an account or meet a minimum balance” was shortened to “Do not have enough money to keep in an account” 

(Q5e), “Not using a bank provides more privacy for my 

personal finances” was changed to “Avoiding a bank gives 

more privacy” (Q5f), and “Can’t open an account due to ID, 

credit, or banking history problems” became “Cannot open an 

account due to personal identification, credit, or former bank 

account problems” (Q5g). Responses for the main reason a 

household was unbanked (Q6) were updated to be consistent 

with Q5.

Finally, questions on recent events that might explain transitions into and out of the banking system (2013 survey Q49, 

Q50, and Q51) were dropped.

Direct Deposit and Account Access Methods

Questions that asked about automatic transfers or deposits 

(2013 survey Q2c and Q2d) were dropped. Instead, the 2015 

survey asked households whether they received income 

through direct deposit or electronic transfer into a bank account in a typical month (Q140b).

A question on types of mobile banking activities that households engaged in (2013 survey Q2i), such as downloading a 

bank’s mobile app, reading text message alerts, or sending 

money to others using a bank’s website or mobile app, was 

dropped.

Prepaid Cards

The introductory description of prepaid cards was shortened 

in the 2015 survey instrument.

The language and responses for the question on prepaid card 

sources were changed. The 2013 survey asked which location 

the household typically used to get the prepaid card, allowing 
67

only one selection (2013 survey Q43), while the 2015 survey 

allowed households to select multiple sources (Q111). The 

location choices also differed. The 2015 survey included as 

sources a bank location or bank’s website (as opposed to a 

bank branch in the 2013 survey), a government agency, an 

employer payroll card, and family or friends.

A new follow-up question asked households that used a prepaid card from a government agency whether they received 

the card for social security or disability benefits, unemployment benefits, or food or child care benefits like SNAP or WIC 

(Q112).

The following questions about prepaid cards were dropped: 

whether households had ever used a prepaid card (2013 

survey Q39), whether households used a prepaid card in the 

past 30 days (2013 survey Q41), reasons for using a prepaid 

card (2013 survey Q42 and Q42b), reloading of prepaid cards 

(Q44), methods to access or load a prepaid card account 

(2013 survey Q45), and prepaid card access and use through 

a mobile phone (2013 survey Q45b).

Although many prepaid card questions were dropped, prepaid 

card use was incorporated into new questions on income 

receipt and bill payment in a typical month and on saving for 

unexpected expenses or emergencies (described below).

Alternative Financial Services

All AFS questions that asked households whether they had 

ever used a particular AFS or whether they used a particular 

AFS in the past 30 days (2013 survey Q9, Q11, Q14, Q16, 

Q20, Q22, Q25, Q27, Q29, Q31, Q33, Q35, Q37, Q38, and 

Q38c) were dropped.

Questions that asked which nonbank locations were typically 

used to cash checks (2013 survey Q13b), purchase money orders (2013 survey Q19b), or send money to friends or 

relatives living outside the U.S. (2013 survey Q24b) were also 

dropped.

A question on online payday loan use in the past 12 months 

(2013 survey Q28b) was dropped.

Minor wording changes were made to questions on pawn 

shop loans (2013 survey Q30 and 2015 survey Q123), rent-toown services (2013 survey Q36 and 2015 survey Q125), and 

auto title loans (2013 survey Q38b and 2015 survey Q126).1

The 2015 survey included new questions about international 

remittances. All households were asked whether they sent 

money abroad to family or friends in the past 12 months 

(Q130). For households that sent money abroad in the past 12 

months, follow-up questions asked whether the money was 

sent using a bank (Q131) or a nonbank (Q133) in the past 12 

months. Households that sent money abroad using a bank 

in the past 12 months were asked whether they did so in a 

typical month (Q132). Similarly, households that sent money 

abroad using a nonbank in the past 12 months were asked 

whether they did so in a typical month (Q134). The question 

about nonbank remittance use in the past 12 months in the 

2015 survey (Q133) was similar to a question from the 2013 

survey (2013 survey Q21).

Bank Credit, Saving, and Income Volatility

The 2015 survey included new questions about bank credit, 

saving for unexpected expenses or emergencies, and income 

volatility. All of these questions refer to the past 12 months.

Q160 asked households whether they had a credit card from 

Visa, MasterCard, American Express, or Discover. Q161 

asked whether they had a personal loan or line of credit from 

a bank, excluding student loans or loans for major purchases like a house or car. These new credit questions focused 

on bank credit products most likely to be substitutes for 

small-dollar, short-term credit available from AFS providers.

New questions asked households whether they applied for 

a new credit card, or a personal loan or line of credit at a 

bank (Q162), and, if so, whether they were turned down or 

not given as much credit as requested (Q163). Q164 asked 

households whether they thought about applying for a new 

credit card, or a personal loan or line of credit at a bank, but 

changed their mind because they thought they might be 

turned down.

A new question asked households whether they set aside 

any money that could be used for unexpected expenses 

or emergencies, even if the funds were later spent (Q170). 

Households were prompted to consider only funds that could 

have been easily spent, if necessary, and not retirement or 

other long-term savings. Q171 asked households that saved 

for unexpected expenses or emergencies where they kept 

the funds, with responses that included savings accounts; 

checking accounts; prepaid cards; other accounts such as 

certificates of deposit, brokerage accounts, or savings bonds; 

in the home, or with family or friends; buying something with 

1

In the 2013 survey, Q36 asked about use of rent-to-own services in the past 12 months, but Q35, which asked households whether they had ever used rent-to-own 

services, contained language describing rent-to-own services. Similarly, in the 2013 survey, Q38b asked about use of auto title loans in the past 12 months, but Q38 

contained language describing auto title loans. 
68 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

the intent to pawn it or sell it later, if necessary; and other 

methods. Only households that saved and were either banked 

or recently unbanked (i.e., unbanked but had a bank account 

at some point in the 12 months before the survey) were asked 

whether they kept savings in a savings account or a checking 

account, and only households that saved and used a prepaid 

card in the past 12 months were asked whether they kept 

savings on a prepaid card.

A new question asked households whether their income over 

the past 12 months was about the same each month, varied 

somewhat from month to month, or varied a lot from month to 

month (Q180).

A new question asked households whether they fell behind on 

bill payments (Q181).

Income Receipt and Bill Payment in a Typical Month

A new series of questions asked households about the 

methods they used to receive income (from work, government 

benefits, or other regular sources) and pay bills (for things 

like mortgage, rent, utilities, or child care) in a typical month. 

Households were prompted to consider the past 12 months 

before answering those questions.

All households were asked whether they received income in 

a typical month by paper check or money order (Q140a) or in 

cash (Q140d).2 Banked households and recently unbanked 

households were asked whether they received income in a 

typical month through direct deposit or electronic transfer into 

a bank account (Q140b). Banked households and recently 

unbanked households that used a prepaid card in the past 12 

months were asked whether they received income through 

direct deposit or electronic transfer onto a prepaid card 

(Q140c).3 All households were asked whether they received 

income in any other form (Q140e). For households that received income by paper check or money order and that used 

a nonbank check casher in the past 12 months, a follow-up 

question asked whether they typically cashed the check or 

money order at a place other than a bank (Q141).

All households were asked whether they paid bills in a typical 

month with cash (Q150a), with a credit card (Q150d), or with a 

cashier’s check or money order from a bank (Q150h).4

 Banked 

and recently unbanked households were asked whether they 

paid bills with a personal check drawn on a bank account 

(Q150b), using a debit card linked to a bank account (Q150c), 

or electronically from a bank account through online bill pay 

or direct withdrawal (Q150f). Households that used a prepaid 

card in the past 12 months were asked whether they used 

a prepaid card to pay bills (Q150e). Households that used 

a nonbank money order in the past 12 months were asked 

whether they paid bills with a money order from a place other 

than a bank (Q150g). All households were asked whether they 

paid bills in any other way (Q150i). Q151 asked households to 

choose their most common method of paying bills from the 

methods they selected in Q150.

Household Learning About Finances

A question was added on whether households asked a bank 

teller or bank customer service agent about financial products and services or managing money in the past 12 months 

(Q182).

Another question asked households whether, in the past 12 

months, they attended any financial classes or financial counseling sessions, either in-person, by phone, or online (Q183). 

For households that attended such classes or counseling sessions, a follow-up question asked whether they learned about 

the classes or counseling sessions through a bank (Q184).

Internet Access

The question on Internet access (2013 survey Q46 and 2015 

survey Q187) was modified to ask whether the household 

currently had Internet access at home, rather than at home or 

outside the home (e.g., school, work, public library, etc.) as in 

2013.

2

If at any point during the questions on receiving income respondents volunteered that they did not receive income, they were not asked further questions about 

receiving income. 

 3The universe for Q140c was intended to include all households that used a prepaid card in the past 12 months. Because of an issue with the administration of the 

survey instrument, only banked and recently unbanked households that used a prepaid card were asked this question. See Appendix 1 for details.

 4If at any point during the questions on paying bills respondents volunteered that they did not pay bills, they were not asked further questions about paying bills.
69

2015 FDIC National Survey of Unbanked and Underbanked 

Households

Appendix 3. Survey Instrument

Next, I’d like to ask you some questions about household finances.

1. Which of the following best describes your household finances? Do the adults...

 ̈	Share all finances [CONTINUE]

 ̈	Share some finances [CONTINUE]

 ̈	Share no finances at all [SKIP TO Q2]

 ̈	I AM THE ONLY ADULT IN THE HOUSEHOLD (VOLUNTEERED) [SKIP TO Q2]

 ̈	DK/REFUSE [CONTINUE]

1a. How much do you participate in making financial decisions for your household?

 ̈	A lot [CONTINUE]

 ̈	Some [CONTINUE]

 ̈	Not at all [TERMINATE]

 ̈	DK/REFUSE [TERMINATE]

2. Do you (if OTHERS AGE≥15 FILL: or anyone else in your household) have a checking or savings account now? 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q3]

 ̈	DK/REFUSE [TERMINATE]

[Questions 2a-2h are asked only of households that have a bank account.]

2a. Who is that? (Enter Line Number)

 ̈	1-16 [CONTINUE]

 ̈	DK/REFUSE [SKIP TO Q2e]

2b. What type or types of accounts do you and each of your household members have? (Ask this question for each adult 

(15 years of age and older) individual of the household.)

 ̈	Only checking accounts [CONTINUE]

 ̈	Only savings accounts [CONTINUE]

 ̈	Or both checking and savings accounts [CONTINUE]

 ̈	OTHER (VOLUNTEERED) [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

2e. In the past 12 months, that is since June 2014, was there any time when no one in your household had an account? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE] 

 ̈	DK/REFUSE [CONTINUE]
70 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

2g. In the past 12 months, have you (if OTHERS AGE≥15 FILL: or anyone else in your household) accessed an account in any of 

the following ways? (Mark all that apply.)

 ̈	Bank teller [CONTINUE] 

 ̈	ATM or bank kiosk [CONTINUE]

 ̈	Telephone banking through phone call or automated voice/touch tone [CONTINUE]

 ̈	Online banking with a laptop, desktop computer, or tablet such as an iPad [CONTINUE]

 ̈	Mobile banking with text messaging, mobile app, or Internet browser or email on a 

mobile phone [CONTINUE]

 ̈	Other (Specify) [CONTINUE]

 ̈	Did not access an account in the past 12 months [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

2h. What was the most common way that you (if OTHERS AGE≥15 FILL: or anyone else in your household) accessed an account? 

(Read only answers marked in Q2g. Mark only one.)

 ̈	Bank teller [SKIP TO Q101]

 ̈	ATM or bank kiosk [SKIP TO Q101]

 ̈	Telephone banking through phone call or automated voice/touch tone [SKIP TO Q101]

 ̈	Online banking with a laptop, desktop computer, or tablet such as an iPad [SKIP TO Q101]

 ̈	Mobile banking with text messaging, mobile app, or Internet browser or email on a

mobile phone [SKIP TO Q101]

 ̈	Other (Specify) [SKIP TO Q101]

 ̈	DK/REFUSE [SKIP TO Q101]

[Questions 3-7 are asked only of households that do not have a bank account.]

3. Have you (if OTHERS AGE≥15 FILL: or anyone else in your household) ever had a checking or savings account? 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q5]

 ̈	DK/REFUSE [SKIP TO Q5]

4. Have you (if OTHERS AGE≥15 FILL: or anyone else in your household) had a checking or savings account in the past 12 

months, that is since June 2014? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

5. There are different reasons people might not have a checking or savings account. Do any of the following reasons apply to you 

(IF OTHERS AGE≥15 FILL: or others in your household)? Do you not have an account... 

a1. Because bank hours are inconvenient?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

a2. Because bank locations are inconvenient?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]
71

b1. Because bank account fees are too high?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

b2. Because bank account fees are unpredictable?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

c. Because banks do not offer products or services you need?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

d. Because you don’t trust banks?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

e. Because you do not have enough money to keep in an account?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

f. Because avoiding a bank gives more privacy? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

g. Because you cannot open an account due to personal identification, credit, or former bank account problems?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

h. Was there some other reason (Specify)?

 ̈	YES (Specify) [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]
72 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

[If YES to more than one reason in Q5a1-Q5h, continue. Otherwise, skip to Q7.]

6. What is the main reason why no one in your household has an account? (Read only answers marked in Q5a1-Q5h. 

Mark only one.)

 ̈	Bank hours are inconvenient [CONTINUE]

 ̈	Bank locations are inconvenient [CONTINUE]

 ̈	Bank account fees are too high [CONTINUE]

 ̈	Bank account fees are unpredictable [CONTINUE]

 ̈	Banks do not offer products or services you need [CONTINUE]

 ̈	Don’t trust banks [CONTINUE]

 ̈	Do not have enough money to keep in an account [CONTINUE]

 ̈	Avoiding a bank gives more privacy [CONTINUE]

 ̈	Cannot open an account due to personal identification, credit, or former bank 

account problems [CONTINUE]

 ̈	Some other reason (Specify) [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

7. How likely is it that you (IF OTHERS AGE≥15 FILL: or someone else in your household) will open a checking or savings account 

within the next 12 months? 

 ̈	Very likely [CONTINUE]

 ̈	Somewhat likely [CONTINUE]

 ̈	Not very likely [CONTINUE]

 ̈	Not at all likely [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 101 is asked of all households.]

101. The next question is about your household. How interested are banks in serving households like yours? Would you say very 

interested, somewhat interested, not at all interested?

 ̈	VERY INTERESTED [CONTINUE]

 ̈	SOMEWHAT INTERESTED [CONTINUE]

 ̈	NOT AT ALL INTERESTED [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

Now I have a question about prepaid cards. I am not asking about gift cards or debit cards linked to a checking account. Prepaid cards allow you or others, like relatives or a government agency, to load funds that can later be spent. 

Prepaid cards also allow you to withdraw cash from ATMs. 

110. In the past 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) use any 

prepaid cards like these?

 ̈	YES [CONTINUE]

 ̈	NO [SKIP to Q120]

 ̈	DK/REFUSE [SKIP to Q120]
73

[Question 111 is asked only of households that used a prepaid card in the last 12 months.]

111. Where did the prepaid cards that you used in the past 12 months come from? (Mark all that apply.) 

 ̈	A bank location or bank’s website [CONTINUE]

 ̈	A store or website that is not a bank [CONTINUE]

 ̈	A government agency [CONTINUE]

 ̈	Employer payroll card [CONTINUE]

 ̈	Family or friends [CONTINUE]

 ̈	Other (Specify) [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 112 is asked only of households that used a prepaid card from a government agency.]

112. Thinking about the card(s) received from a government agency, why did you (if OTHERS AGE≥15 FILL: or others in your 

household) have these card(s)? (Mark all that apply.)

 ̈	To receive social security or disability benefits [CONTINUE]

 ̈	To receive unemployment benefits [CONTINUE]

 ̈	To receive food or child care benefits like SNAP or WIC [CONTINUE]

 ̈	Other (Specify) [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

Earlier, we asked about banks, including any bank, savings and loans institution, credit union, or brokerage firm. The 

next questions ask about going to places other than a bank for your financial services. 

120. In the past 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) go to 

some place other than a bank to cash a check? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

121. In the past 12 months, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) go to some place other than a 

bank to purchase a money order?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

122. Did you (if OTHERS AGE≥15 FILL: or anyone else in your household) take out a payday loan or payday advance from some 

place other than a bank in the past 12 months? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

123. Did you (if OTHERS AGE≥15 FILL: or anyone else in your household) pawn an item at a pawn shop in the past 12 months? 

Do not include selling an unwanted item to a pawn shop. 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]
74 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

124. In the past 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) take out 

a tax refund anticipation loan, or use a tax preparation service in order to receive your tax refund faster than the IRS would 

provide it? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

125. Some stores allow people to rent to own items such as furniture or appliances. We do not mean stores that offer installment 

plans or layaway plans. In the past 12 months, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) rent 

anything from a rent-to-own store because it couldn’t be financed any other way?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

126. Auto title loans use a car title to borrow money for a short period of time. They are NOT loans used to purchase a car. In the 

past 12 months, did you (if OTHERS AGE≥15 FILL: or someone else in your household) take out an auto title loan?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

The next few questions are about sending money abroad. 

130. In the last 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or someone else in your household) send 

money to family or friends living outside of the US?

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q140a]

 ̈	DK/REFUSE [SKIP TO Q140a]

[Question 131 is asked only of households that sent money abroad.]

131. In the last 12 months, did you (if OTHERS AGE≥15 FILL: or someone else in your household) send money abroad 

using a bank? 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q133]

 ̈	DK/REFUSE [SKIP TO Q133]

[Question 132 is asked only of households that used a bank to send money abroad.]

132. Did you (if OTHERS AGE≥15 FILL: or someone else in your household) send money abroad using a bank in a typical 

month?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 133 is asked only of households that sent money abroad.]

133. In the last 12 months, did you (if OTHERS AGE≥15 FILL: or someone else in your household) send money abroad using a 

place other than a bank?

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q140a]

 ̈	DK/REFUSE [SKIP TO Q140a]
75

[Question 134 is asked only of households that used a place other than a bank to send money abroad.]

134. Did you (if OTHERS AGE≥15 FILL: or someone else in your household) send money abroad using a place other than a bank 

in a typical month?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

The next few questions are about the different ways people receive income. People may receive income from work, 

government benefits, or other regular sources in a number of ways. Think about the ways income has come into your 

household in the past 12 months, that is since June 2014. 

[Question 140a is asked of all households.]

140a. In a typical month, have you (if OTHERS AGE≥15 FILL: or others in your household) received income by paper check or 

money order?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DID NOT RECEIVE INCOME (VOLUNTEERED) [SKIP TO Q150a]

 ̈	DK/REFUSE [CONTINUE]

[Question 140b is asked only of households that are banked or recently unbanked.]

140b. In a typical month, have you (if OTHERS AGE≥15 FILL: or others in your household) received income or benefits through 

direct deposit or electronic transfer into a bank account? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 140c is asked only of households that have used a prepaid card and that have received income.]1

140c. In a typical month, have you (if OTHERS AGE≥15 FILL: or others in your household) received income or benefits through 

direct deposit or electronic transfer onto a prepaid card?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Questions 140d-140e are asked of all households that have received income.]

140d. In a typical month, have you (if OTHERS AGE≥15 FILL: or others in your household) received income in cash?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

140e. In a typical month, have you (if OTHERS AGE≥15 FILL: or others in your household) received income in any other form?

 ̈	YES (Specify) [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

 1Due to an issue with the administration of the survey instrument, some households that used a prepaid card and that received income were not asked question 140c. 

See Appendix 1 (FDIC Technical Notes) for details.
76 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

[Question 141 is asked only of households that received income by paper check or money order, and used a non-bank check 

casher in the last 12 months.]

141. Think about the income you (if OTHERS AGE≥15 FILL: or others in your household) received by paper check or money order 

in the past 12 months. Did you typically use some place other than a bank to cash the check or money order?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

The next few questions are about the different ways people pay their monthly bills for things like mortgage, rent, utilities, or child care. Think about the ways your household has paid bills in the past 12 months, that is since June 2014.

[Question 150a is asked of all households.]

150a. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) use cash to pay these types of 

bills?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DID NOT PAY BILLS IN PAST 12 MONTHS (VOLUNTEERED) [SKIP TO Q160]

 ̈	DK/REFUSE [CONTINUE]

[Questions 150b-150c are asked only of households that have a bank account or had a bank account in the last 12 months.]

150b. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) pay bills with a personal check 

drawn on a bank account?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

150c. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) pay bills using a debit card linked 

to a bank account?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 150d is asked of all households that pay bills.]

150d. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) use a credit card to pay bills? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 150e is asked only of households that used a prepaid card in the last 12 months and that pay bills.]

150e. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) use a prepaid card to pay bills? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]
77

[Question 150f is asked only of households that have a bank account or had a bank account in the last 12 months and that pay 

bills.]

150f. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) pay bills electronically from a bank 

account, either through online bill pay or direct withdrawal?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 150g is asked only of households that used a money order from a place other than a bank in the last 12 months and that 

pay bills.]

150g. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) use a money order from a place 

other than a bank to pay bills?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Questions 150h-150i are asked of all households that pay bills.]

150h. Over the past 12 months, in a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) use a 

cashier’s check or money order from a bank to pay bills?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

150i. In a typical month, did you (if OTHERS AGE≥15 FILL: or someone else in your household) pay bills in any other way? 

 ̈	YES (Specify) [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

 [If YES to multiple questions in Q150a-Q150i, continue. Otherwise, skip to Q160.]

151. Which was the most common method you (or if OTHERS AGE≥15 FILL: or others in your household) used to pay bills over 

the last 12 months? (Read only answers marked in Q150a-Q150i. Mark only one.)

 ̈	Cash [CONTINUE]

 ̈	Personal check [CONTINUE]

 ̈	Debit card [CONTINUE]

 ̈	Credit card [CONTINUE]

 ̈	Prepaid card [CONTINUE]

 ̈	Electronic payments from a bank account (e.g. online bill pay) [CONTINUE]

 ̈	Money order from a place other than a bank [CONTINUE]

 ̈	Cashier’s check or money order from a bank [CONTINUE]

 ̈	Other (Specify) [CONTINUE] 

 ̈	DK/REFUSE [CONTINUE]
78 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

The next few questions are about how people borrow money or purchase items on credit.

160. In the past 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or someone else in your household) have a 

credit card from Visa, MasterCard, American Express, or Discover? Please do not include debit cards.

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

161. Have you (if OTHERS AGE≥15 FILL: or anyone in your household) had a personal loan or line of credit from a bank any time 

in the last 12 months? I am not asking about student loans, or loans taken out to make major purchases like a house or car.

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

162. In the past 12 months, that is since June 2014, did you (if OTHERS AGE≥15 FILL: or someone else in your household) apply 

for a new credit card, or a personal loan or line of credit at a bank? 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q164]

 ̈	DK/REFUSE [SKIP TO Q164]

[Question 163 is asked only of households that applied for credit in the last 12 months.]

163. In the past 12 months, did any lender or creditor turn down your (if OTHERS AGE≥15 FILL: or someone else in your household’s) request for new credit or not give you as much credit as you applied for?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 164 is asked of all households.]

164. Was there any time in the past 12 months that you (if OTHERS AGE≥15 FILL: or someone else in your household) thought 

about applying for a new credit card, or a personal loan or line of credit at a bank, but changed your mind because you 

thought you might be turned down?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

The next few questions are about the different ways that people save their money.

170. Even if you later spent it, did you (if OTHERS AGE≥15 FILL: or anyone else in your household) set aside any money in the 

past 12 months that could be used for unexpected expenses or emergencies? I’m only asking about funds that could be 

easily spent if necessary, and am not asking about retirement or other long-term savings. 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q180]

 ̈	DK/REFUSE [SKIP TO Q180]
79

[Question 171 is asked only of households that set aside some savings in the past 12 months.]

171. Where did you (if OTHERS AGE≥15 FILL: or anyone else in your household) keep this money? (Mark all that apply.)

 ̈	 (Read only for banked or recently unbanked) In a checking account? [CONTINUE] 

 ̈	 (Read only for banked or recently unbanked) In a savings account? [CONTINUE] 

 ̈	 (Read only for those with a prepaid card) On a prepaid card? [CONTINUE] 

 ̈	In other accounts such as certificates of deposit, brokerage accounts, or savings bonds? [CONTINUE]

 ̈	Did you keep the savings in the home, or with family or friends? [CONTINUE]

 ̈	Did you buy something with the intent to pawn or sell later if necessary? [CONTINUE]

 ̈	Other (Specify) [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Questions 180-183 are asked of all households.]

180. Which best describes your household’s income over the past 12 months? (Mark only one.)

 ̈	Income is about the same each month [CONTINUE]

 ̈	Income varies somewhat from month to month [CONTINUE]

 ̈	Income varies a lot from month to month [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

181. Often times, households find that they are not able to keep up with their bills. Over the last 12 months, was there a time 

when you (if OTHERS AGE≥15 FILL: or someone else in your household) fell behind on bill payments?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

182. In the past 12 months, have you (if OTHERS AGE≥15 FILL: or anyone else in your household) asked a bank teller or bank 

customer service agent about financial products and services or managing your money? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

183. In the past 12 months, did you (if OTHERS AGE≥15 FILL: or others in your household) attend any financial education classes 

or financial counseling sessions, either in-person, by phone, or online?

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q185]

 ̈	DK/REFUSE [SKIP TO Q185]

[Question 184 is asked only of households that attended a financial education class or counseling.]

184. Did you (if OTHERS AGE≥15 FILL: or someone else in your household) learn about any of those financial education classes 

or counseling sessions through a bank? 

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 185 is asked of all households.]

185. Do you (if OTHERS AGE≥15 FILL: or someone else in your household) currently own or have regular access to a mobile 

phone? 

 ̈	YES [CONTINUE]

 ̈	NO [SKIP TO Q187]

 ̈	DK/REFUSE [SKIP TO Q187]
80 | 2015 FDIC National Survey of Unbanked and Underbanked Households 

[Question 186 is asked only of households that have a mobile phone.]

186. Are any of these mobile phones a smartphone with features to access the Internet, send emails, and download apps?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

[Question 187 is asked of all households.]

187. Do you (if OTHERS AGE≥15 FILL: or someone else in your household) currently have regular access to the Internet at home, 

using a desktop, laptop, or tablet computer?

 ̈	YES [CONTINUE]

 ̈	NO [CONTINUE]

 ̈	DK/REFUSE [CONTINUE]

<END>

FDIC-037-2016

Federal Deposit Insurance Corporation