FEDERAL DEPOSIT INSURANCE CORPORATION

2021

FDIC National Survey of 

Unbanked and Underbanked 

Households

2021 FDIC National Survey of Unbanked and Underbanked Households | I

2021 FDIC National Survey of Unbanked and Underbanked Households

Acknowledgments

This report presents results from the 2021 FDIC National 

Survey of Unbanked and Underbanked Households. The survey 

has been conducted biennially since 2009 in partnership 

with the U.S. Census Bureau.

The report was conducted under the careful direction 

of Karyen Chu of the FDIC’s Division of Insurance and 

Research. The primary authors of the report were Mark 

Kutzbach, Joyce Northwood, and Jeffrey Weinstein. Susan 

Burhouse and Yazmin Osaki authored the Implications and 

Conclusions section. 

I would like to thank the many FDIC senior officials and 

staff who provided valuable feedback, analytical support, 

research assistance, website development, and publication 

support, including Neeta Allagh, Hunter Brazal, Alys 

Brown, Keith Ernst, Richard Foley, David Friedman, Ryan 

Goodstein, Jonathan Miller, Lynne Montgomery, Dhruv 

Sharma, Donna Vogel, Lauren Whitaker, and Kathy Zeidler.

Finally, we thank the staff of the Current Population 

Survey (CPS) at the U.S. Census Bureau who worked closely 

with the FDIC to ensure successful execution of survey data 

collection and processing.

Mark Pearce

Director, Division of Depositor and Consumer Protection

Recommended citation: Federal Deposit Insurance Corporation (FDIC), 2021 FDIC National Survey of Unbanked and Underbanked Households (October 2022).
II | 2021 FDIC National Survey of Unbanked and Underbanked Households

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2021 FDIC National Survey of Unbanked and Underbanked Households | III

2021 FDIC National Survey of Unbanked and Underbanked Households

Table of Contents

Acknowledgments .....................................................................................................................................................................................I

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

2. About the Survey .................................................................................................................................................................................. 11

3. Bank Account Ownership: Unbanked Households.......................................................................................................................13

4. COVID-19 Pandemic and Transitions in Bank Account Ownership ........................................................................................21

5. Bank Account Ownership: Banked Households...........................................................................................................................25

6. Prepaid Cards and Nonbank Online Payment Services ............................................................................................................30

7. Nonbank Money Orders, Check Cashing, and Money Transfer Services............................................................................... 37

8. Banked Households: Conducting Financial Transactions........................................................................................................47

9. Unbanked Households: Conducting Financial Transactions...................................................................................................57

10. Bank and Nonbank Credit................................................................................................................................................................65

11. Underbanked Households................................................................................................................................................................ 75

12. Implications and Conclusions........................................................................................................................................................ 81

Appendix 1. FDIC Technical Notes.......................................................................................................................................................85

Appendix 2. 2021 Revisions to the FDIC National Survey of Unbanked and Underbanked Households ...................................90

Appendix 3. 2021 Survey Instrument .................................................................................................................................................94

Appendix Tables A–G (published separately on fdic.gov/analysis/household-survey) 

This and previous reports are available at fdic.gov/analysis/household-survey, which also provides the ability to generate 

custom data tables and charts, obtain five-year estimates of unbanked rates, and download the raw survey data.
IV | 2021 FDIC National Survey of Unbanked and Underbanked Households

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2021 FDIC National Survey of Unbanked and Underbanked Households | 1

2021 FDIC National Survey of Unbanked and Underbanked Households

1. Executive Summary

1

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

probability that an observed difference between two groups of households is due to random sampling.

2 Even after the changes in socioeconomic characteristics were accounted for, the remainder of the decline in the unbanked rate across years was statistically 

significant.

The FDIC is committed to expanding Americans’ access 

to safe, secure, and affordable banking services, which is 

integral to the FDIC’s mission of maintaining the stability 

of and public confidence in the U.S. financial system. The 

FDIC National Survey of Unbanked and Underbanked Households, conducted biennially since 2009 in partnership with 

the U.S. Census Bureau, is one contribution to this end. The 

most recent survey was conducted in June 2021, collecting 

responses from more than 30,000 households.

This executive summary presents key results from the 

survey, covering bank account ownership; use of prepaid 

cards and nonbank online payment services; use of nonbank money orders, check cashing, and money transfer 

services; and use of bank and nonbank credit. The executive summary also summarizes the implications of these 

results for policymakers, financial institutions, and other 

stakeholders who are working to improve access to safe, 

secure, and affordable banking services.

National Unbanked Rate

• An estimated 4.5 percent of U.S. households were 

“unbanked” in 2021, meaning that no one in the 

household had a checking or savings account at a bank 

or credit union (i.e., bank). This proportion represents 

approximately 5.9 million U.S. households. Conversely, 95.5 percent of U.S. households were “banked” in 

2021, meaning that at least one member of the household had a checking or savings account at a bank. This 

proportion represents approximately 126.6 million U.S. 

households.

• The proportion of U.S. households that were unbanked 

(i.e., the unbanked rate) in 2021—4.5 percent—was the 

lowest since the survey began in 2009, as shown in 

Figure ES.1. Between 2019 and 2021, the unbanked rate 

fell 0.9 percentage points, corresponding to an increase 

of approximately 1.2 million banked households.1

» About one-third of the decline in the unbanked rate 

between 2019 and 2021 was associated with changes 

in the socioeconomic circumstances of U.S. households over this period, particularly increases in 

income and educational attainment.2

• Between 2011—when the unbanked rate was at its 

highest level since the survey began—and 2021, the 

unbanked rate fell 3.7 percentage points, corresponding to an increase of approximately 5.0 million banked 

households.

» About half of the decline in the unbanked rate 

between 2011 and 2021 was associated with changes 

in the socioeconomic circumstances of U.S. households over this period.

Figure ES.1 National Estimates, Household Unbanked 

Rate, 2009–2021 (Percent)

Unbanked Rates by Household Characteristics

• Consistent with the results of previous surveys, 

unbanked rates in 2021 varied considerably across the 

U.S. population. For example, unbanked rates were 

higher among lower-income households, less-educated households, Black households, Hispanic house-
2 | 2021 FDIC National Survey of Unbanked and Underbanked Households

holds, working-age households with a disability, and 

single-mother households.3

» Differences in unbanked rates between Black 

and White households and between Hispanic and 

White households in 2021 were present at every 

income level, as shown in Figure ES.2. For example,

among households with income between $30,000 

and $50,000, 8.0 percent of Black households and 

8.4 percent of Hispanic households were unbanked

compared with 1.7 percent of White households.

, 

» For working-age households with a disability, 

the unbanked rate in 2021 was 14.8 percent, much 

higher than the unbanked rate among working-age 

households without a disability (3.7 percent). 

» For single-mother households, the unbanked rate 

in 2021 was 15.9 percent, much higher than the 

unbanked rate among married couple households 

(1.8 percent).

3

 For person-level characteristics, such as race, age, and education, the characteristics of the householder (generally the person or one of the people in whose 

name the home is owned or rented) are used to represent the household. For convenience, abbreviated language is used in referring to certain household 

characteristics. For example, the term “Hispanic household” refers to a household for which the householder identifies as Hispanic or Latino regardless 

of race, and the term “Black household” refers to a household for which the householder identifies as Black or African American alone and not Hispanic or 

Latino. The term “working-age household with a disability” refers to a household for which the householder has a disability and is between the ages of 25 and 

64. The term “single-mother household” refers to a family household with an unmarried female householder, no other adults, and one or more children. See 

Appendix 1 for additional details.

Unbanked Households: Reasons for Not Having a Bank 

Account 

As in previous years, the 2021 survey asked unbanked 

households about their reasons for not having a bank 

account.

• As illustrated in Figure ES.3, “Don’t have enough 

money to meet minimum balance requirements” was 

the most cited reason and was also the most cited main

reason by unbanked households for not having an 

account in 2021. The proportion of unbanked households that cited this reason as the main reason for not 

having an account decreased between 2019 (29.0 percent) and 2021 (21.7 percent).

• “Don’t trust banks” was the second-most cited main 

reason for not having an account in 2021, and “Avoiding 

a bank gives more privacy” was the third-most cited 

main reason.

• Almost three in ten unbanked households in 2021 

(29.2 percent) cited a reason related to fees or a minimum balance—“Bank account fees are too high,” 

“Bank account fees are too unpredictable,” or “Don’t 

have enough money to meet minimum balance 

requirements”—as the main reason for not having an 

account, down from 38.0 percent in 2019.

Figure ES.2 Unbanked Rates by Income Level and Race and Ethnicity, 2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 3

COVID-19 Pandemic and Transitions in Bank Account 

Ownership

The survey took place in June 2021, 15 months after the 

COVID-19 pandemic began. New questions asked households whether they experienced economic changes since 

the start of the pandemic in March 2020 and whether 

those changes contributed to the closing or opening of 

households’ bank accounts.4

• Table ES.1 classifies households into one of four categories based on whether the household experienced 

a recent change to its bank account ownership. In 

2021, 4.0 percent of all households were longer-term 

unbanked, 0.5 percent were recently unbanked, 

4.2 percent were recently banked, and 91.4 percent 

were longer-term banked.

» Longer-term unbanked households did not have a 

bank account at the time of the survey (in June 2021) 

or at any point in the 12 months before (between 

June 2020 and June 2021), while recently unbanked 

households did not have a bank account at the time 

of the survey but did at some point in the 12 months 

before. Recently banked households had a bank 

account at the time of the survey but did not at some 

point in the 15 months before (between March 2020 

and June 2021), while longer-term banked households had a bank account at the time of the survey 

and continually during the 15 months before.

4 For bank account closures, households might have closed their own accounts, or banks might have closed the accounts. 

• About one-third of recently banked households 

(34.9 percent) reported that receiving a government 

benefit payment (for example, unemployment benefits 

or a pandemic stimulus payment) contributed to opening a bank account since March 2020. In other words, 

among the 77.9 percent of recently banked households 

that received a government benefit payment, almost 

half (44.8 percent)—representing approximately 

1.9 million households—said that the payment contributed to opening an account.

• In addition, 6.3 percent of recently banked households 

reported that starting a new job contributed to opening a bank account since March 2020. That is, among 

the 19.0 percent of recently banked households that 

reported starting a new job, one-third (33.1 percent) 

indicated that the change in employment contributed 

to opening an account.

Figure ES.3 Unbanked Households’ Reasons for Not Having a Bank Account, 2021 (Percent)

Table ES.1 Transitions in Bank Account Ownership, 2021

All Households, Row Percent

LongerTerm 

Unbanked

Recently 

Unbanked

Recently 

Banked

LongerTerm 

Banked

Category as 

Share of All 

Households

4.0 0.5 4.2 91.4
4 | 2021 FDIC National Survey of Unbanked and Underbanked Households

• Recently banked households were substantially less 

likely to report that a significant increase in income 

contributed to opening a bank account (0.9 percent), 

compared with receiving a government benefit payment or starting a new job.

• About one in five recently unbanked households 

(21.1 percent) reported that losing or quitting a job, 

being furloughed, having reduced hours, or having a 

significant loss of income contributed to closing a bank 

account since March 2020.

Banked Households: Primary Method Used to Access 

Bank Accounts

As in previous years, the 2021 survey asked banked households about the primary (i.e., most common) method they 

used to access their bank accounts in the past 12 months: 

visiting a bank teller; using an ATM or bank kiosk; calling 

the bank (i.e., telephone banking); using a computer or 

tablet (i.e., online banking); using an app, text messaging, 

or internet browser on a mobile phone (i.e., mobile banking); or using some other method (i.e., other).

• As shown in Table ES.2, use of mobile banking 

increased sharply between 2017 and 2021 and remained 

the most prevalent primary method of account access.5

• Use of a bank teller declined considerably but remained 

prevalent among certain segments of the population, 

including lower-income households, less-educated 

households, older households, and households that did 

not live in a metropolitan area.6

Prepaid Cards and Nonbank Online Payment Services

As in previous years, the 2021 survey asked all households 

about their use of general purpose reloadable prepaid 

5 The 2017 estimates published in this report may differ from the 2017 estimates published in previous reports because this report addresses item nonresponse in 

the 2017 data through imputation, while previous reports addressed item nonresponse in the 2017 data in other ways; see Appendix 1 for details.

6 While the 2021 survey did not include questions on the impact of the COVID-19 pandemic on the methods that banked households used to access their 

accounts, the decline in the use of a bank teller and the increase in the use of mobile banking between 2019 and 2021 are consistent with difficulties that 

households may have experienced in visiting a bank branch since the onset of the COVID-19 pandemic. For example, the social distancing guidelines 

instituted in response to the pandemic may have made bank branch visits more challenging.

7 The survey questions on nonbank online payment services instructed households not to consider Zelle, which is a service provided by banks.

8 In previous surveys, households were asked whether they used prepaid cards in the past 12 months. As a result, the share of households that used prepaid 

cards in 2021 is not directly comparable to the shares in previous years.

9 For example, some online payment services can be linked to certain gift cards or other online payment services.

cards. New questions in the 2021 survey asked all households about their use of nonbank online payment services “with an account feature that allows you to receive 

and store money in the account.” Examples of nonbank 

online payment services are PayPal, Venmo, and Cash 

App.7 Unless otherwise stated, all online payment services 

discussed in this executive summary are from nonbank 

providers.

• As shown in Figure ES.4, in 2021, 6.9 percent of all 

households were using prepaid cards at the time of the 

survey, and almost half of all households (46.4 percent) 

were using online payment services at the time of the 

survey.8 Use of prepaid cards was much higher and use 

of online payment services was much lower among 

unbanked households than among banked households. 

• Households can link their online payment service 

account to one or more bank accounts, credit cards, 

prepaid cards, or other services.9 Almost three-quarters of banked households with online payment services in 2021 (74.1 percent) linked their online payment 

Table ES.2 Primary Method of Bank Account Access, 2017–2021

Banked Households That Accessed Their Account in the Past 12 Months, Row Percent

Year Bank Teller ATM/Kiosk Telephone 

Banking

Online 

Banking

Mobile 

Banking Other Bank Teller or ATM/Kiosk

2017 24.8 19.5 2.9 37.0 15.1 0.7 44.3

2019 21.0 19.5 2.4 22.8 34.0 0.3 40.5

2021 14.9 16.0 2.9 22.0 43.5 0.7 31.0

Figure ES.4 Use of Prepaid Cards and Nonbank Online 

Payment Services by Bank Account Ownership, 2021 

(Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 5

service account to their bank account. One in ten 

banked households (10.0 percent) and more than half of 

unbanked households (54.9 percent) with online payment services did not link any other types of accounts 

to their online payment service account.10

• The 2021 survey also asked households about the types 

of transactions they conducted using prepaid cards 

and online payment services over the past 12 months. 

Specifically, households with prepaid cards or online 

payment services were asked whether they used their 

prepaid cards or online payment services to pay monthly bills like rent, mortgage, utilities, or child care (i.e., 

pay bills); receive money from work, retirement, or a 

government agency (i.e., receive income); build savings 

or keep money in a safe place (i.e., save or keep money 

safe); send money to or receive money from family or 

friends (i.e., send or receive money); make purchases in 

person; make purchases online; and for some other use.

» Unbanked households were more likely to use 

prepaid cards to conduct multiple types of transactions. Almost half of unbanked households with 

prepaid cards (47.6 percent) used them to conduct 

four or more types of transactions in the past 

12 months, among the six specific types of transactions in the survey (i.e., excluding “some other 

use”), almost twice the share of banked households 

with prepaid cards (24.7 percent).

» Unbanked households were also more likely to use 

online payment services to conduct multiple types 

of transactions. Almost half of unbanked households with online payment services (47.4 percent) 

used them to conduct four or more types of transactions in the past 12 months, more than twice the 

share of banked households with online payment 

services (19.9 percent). About one in seven unbanked 

households with online payment services (14.9 percent) used them to conduct all six specific types of 

transactions in the survey.

Nonbank Money Orders, Check Cashing, and Money 

Transfer Services

As in previous years, the 2021 survey asked all households 

about their use of nonbank money orders and nonbank 

check cashing in the past 12 months. A new question in the 

2021 survey asked all households about their use of nonbank money transfer services in the past 12 months from 

companies like Western Union, MoneyGram, Walmart 

10 Households can use online payment services without having them linked to another account. For example, online payment services can be used to send 

or receive money between family, friends, or businesses. Some of these services offer direct deposit, remote deposit, or both. Some also offer check cashing 

using remote deposit.

Money Center, or Ria Money Transfer. Unless otherwise 

stated, all money orders, check cashing, and money transfer services discussed in this executive summary are from 

nonbank providers.

• Use of money orders and check cashing declined 

steadily between 2017 and 2021 (see Figure ES.5). In 

2021, 9.7 percent of all households used money orders, 

and 3.2 percent of all households used check cashing. 

In addition, 7.0 percent of all households used money 

transfer services in 2021.

• Use of money orders, check cashing, and money transfer 

services in 2021 were more common among unbanked 

households. Almost one-third of unbanked households (32.3 percent) used money orders, compared with 

8.7 percent of banked households. Unbanked households 

were almost ten times as likely to use check cashing 

(21.8 percent) as banked households (2.3 percent). About 

one in seven unbanked households (15.5 percent) used 

money transfer services, more than double the share of 

banked households (6.6 percent).

Figure ES.5 Use of Nonbank Money Orders and Check 

Cashing, 2017–2021 (Percent)

14.3

11.9

9.7

6.4 5.5

3.2

Nonbank Money Order Nonbank Check Cashing

2017 2019 2021

How Households Pay Bills or Receive Income

Paying bills and receiving income are core financial transactions that most households conduct regularly. The 2021 

survey included new questions that asked households about 

their use of bank accounts, online payment services, prepaid cards, money orders, and money transfer services to 

pay monthly bills like rent, mortgage, utilities, or child care 

(i.e., pay bills) over the past 12 months. In addition, the 2021 

survey included new questions that asked households about 

their use of bank accounts, online payment services, prepaid cards, and check cashing to receive money from work, 

retirement, or a government agency (i.e., receive income) 

over the past 12 months.
6 | 2021 FDIC National Survey of Unbanked and Underbanked Households

• Almost all banked households (97.1 percent) used their 

bank accounts to pay bills or receive income in 2021, and 

three in four banked households (75.2 percent) exclusively used their bank accounts to conduct these transactions. One in seven banked households (14.7 percent) used 

online payment services, alone or in combination with 

other methods, to pay bills or receive income.

» Households with less than $15,000 in income, 

households with no high school diploma, households aged 34 or younger, Black and Hispanic 

households, working-age households with a disability, and unemployed households were the least 

likely to exclusively use their bank accounts to pay 

bills or receive income. However, roughly two in 

three banked households in each of these population segments exclusively used their bank accounts 

to conduct these transactions.

• About half of unbanked households (56.4 percent) used 

at least one of the methods included in the survey to 

pay bills or receive income. Specifically, three in ten 

unbanked households (28.9 percent) used prepaid 

cards to pay bills or receive income, and a similar share 

(29.6 percent) used money orders to pay bills. Smaller percentages of unbanked households used online 

payment services, check cashing, or money transfer 

services to pay bills or receive income. Other methods 

that unbanked households could have used to pay bills 

or receive income that were not included in the 2021 

survey are cash and credit cards.

Bank and Nonbank Credit

The 2021 survey examines household use of credit, focusing on products that households may use to address cashflow imbalances, unexpected expenses, or temporary 

income shortfalls.11 Households were asked whether, in 

the past 12 months, they had a Visa, MasterCard, American Express, or Discover credit card (i.e., a credit card); 

a personal loan or line of credit from a bank (i.e., a bank 

personal loan); or a personal loan or line of credit from 

a company other than a bank (i.e., a nonbank personal 

loan).12 Households were also asked whether they used, in 

the past 12 months, the following nonbank credit: rent-toown services or payday, pawn shop, tax refund anticipation, or auto title loans.

11 The 2021 survey did not collect information on mortgages, auto loans, and student loans.

12 Personal loans or lines of credit from companies other than banks include loans or lines of credit offered online or through storefront locations by nonbank 

finance companies. These loans or lines of credit may be marketed to prime or subprime borrowers. Payday, pawn shop, and auto title loans are not included 

in this category of credit.

13 The difference in the likelihood of using a rent-to-own service or a payday, pawn shop, tax refund anticipation, or auto title loan in 2021 between unbanked 

and banked households was associated primarily with differences in income and other characteristics of U.S. households. This difference by bank account 

ownership was no longer statistically significant after differences in the household characteristics shown in Table 3.6 were accounted for.

• In 2021, 71.5 percent of households had a credit card, 

similar to the proportion in 2019 (71.3 percent) and 

above the 2017 level (68.5 percent). The share of households that had a bank personal loan decreased from 

10.8 percent in 2019 to 8.0 percent in 2021. Altogether, 

72.5 percent of households in 2019 and 72.3 percent of 

households in 2021 had a credit card or bank personal 

loan. In addition, 2.8 percent of households had a nonbank personal loan in 2021.

• Differences by race and ethnicity in the likelihood 

of having a credit card or bank personal loan were 

present at every income level, as shown in Figure ES.6. 

For example, even among households with income 

between $50,000 and $75,000, 64.8 percent of Black 

households and 71.2 percent of Hispanic households 

had a credit card or bank personal loan, whereas 

81.3 percent of White households did so.

• Use of rent-to-own services and payday, pawn shop, 

tax refund anticipation, and auto title loans all 

decreased between 2017 and 2021. About 1 percent of 

households in 2021 used each product or service. The 

proportion of households that used at least one of the 

five products or services declined sharply from 7.4 percent in 2017, to 4.8 percent in 2019, and to 4.4 percent 

in 2021.

• As shown in Figure ES.7, the proportion of unbanked 

households that used a rent-to-own service or a payday, pawn shop, tax refund anticipation, or auto title 

loan decreased substantially between 2017 and 2021. 

Despite this decline, use of these nonbank credit products or services in 2021 continued to be more prevalent 

among unbanked households than among banked 

households.13

• The 2021 survey included new questions on loan 

amounts. Specifically, households that had a bank personal loan in the past 12 months were asked whether 

their most recent bank personal loan was for $1,000 

or less or for more than $1,000. Likewise, households 

that had a nonbank personal loan in the past 12 months 

were asked whether their most recent nonbank personal loan was for $1,000 or less or for more than 

$1,000. For most households that had a bank or nonbank personal loan, the amount of the most recent loan 

was more than $1,000.
2021 FDIC National Survey of Unbanked and Underbanked Households | 7

• One in four households (25.5 percent) did not use any 

of the credit products included in the 2021 survey, as 

shown in Table ES.3. Among households with less than 

$30,000 in income, half did not use any of the credit 

products included in the survey, almost triple the percentage among households with income of $30,000 or 

more (18.2 percent). Nearly half of households with less 

than $30,000 in income (43.7 percent) had a credit card 

in 2021, by far the most prevalent type of credit among 

the credit products included in the survey.

• For households with less than $30,000 in income that 

did not have a credit card, the vast majority (88.8 percent) did not use any of the credit products included 

in the 2021 survey (see Table ES.4).14 One in twelve 

households with less than $30,000 in income that did 

not have a credit card (8.3 percent) used a rent-to-own 

service or a payday, pawn shop, tax refund anticipation, 

or auto title loan. Much smaller percentages—1.1 percent 

or less—had each of the four types of bank and nonbank 

personal loans.

Underbanked Households

• An estimated 14.1 percent of U.S. households—representing approximately 18.7 million households—were 

“underbanked” in 2021, meaning that the household 

14 In 2021, 23.0 percent of all households had less than $30,000 in income. Of these households, 56.3 percent (or 12.9 percent of all households) did not have a 

credit card and 43.7 percent (or 10.0 percent of all households) had a credit card.

15 International remittances consist of money transfer services to send money to or receive money from family or friends outside the United States.

was banked and in the past 12 months used at least one 

of the following nonbank transaction or credit products or services that are disproportionately used by 

unbanked households to meet their transaction and 

credit needs:

» Money orders, check cashing, or international 

remittances (i.e., nonbank transactions) or

» Rent-to-own services or payday, pawn shop, tax 

refund anticipation, or auto title loans (i.e., nonbank 

credit).15

Figure ES.6 Use of a Credit Card or Bank Personal Loan by Income Level and Race and Ethnicity, 2021 (Percent)

Figure ES.7 Use of a Rent-to-Own Service or a Payday, 

Pawn Shop, Tax Refund Anticipation, or Auto Title Loan 

by Bank Account Ownership, 2017–2021 (Percent)
8 | 2021 FDIC National Survey of Unbanked and Underbanked Households

• An estimated 81.5 percent of U.S. households—

representing approximately 107.9 million 

households—were “fully banked” in 2021, meaning 

that the household was banked and in the past 

12 months did not use any of the above nonbank 

transactions and credit.16

• Underbanked households can be segmented into three 

groups—nonbank transactions only, nonbank credit 

only, and nonbank transactions and credit—based on 

their use of the above nonbank transactions and credit. 

Among underbanked households in 2021, 71.6 percent 

used only nonbank transactions, 18.0 percent used only 

16 Underbanked and fully banked rates in 2021 are not directly comparable to underbanked and fully banked rates in previous years because of changes to the 

questions on international remittances. See Appendix 2 for details. Excluding the use of international remittances, the underbanked rate would have been 

12.3 percent in 2021, 14.6 percent in 2019, and 18.1 percent in 2017. The decline between 2017 and 2021 was statistically significant.

17 Underbanked households in the three segments may have used nonbank transactions or credit not included in the categorization of underbanked 

households, such as online payment services, money transfer services for transactions other than sending or receiving international remittances, or nonbank 

personal loans.

nonbank credit, and 10.3 percent used both nonbank 

transactions and credit.17

• As the primary method of bank account access, use 

of mobile banking was higher among underbanked 

households (48.8 percent) than among fully banked 

households (42.5 percent). Use of mobile banking as 

the primary method of account access was higher in 

all three underbanked segments, compared with fully 

banked households, and was highest among underbanked households that used both nonbank transactions and credit (53.1 percent).

Table ES.3 Use of Credit by Income Level, 2021

All Households, Row Percent

Credit 

Card

Bank

Personal Loan, 

Most Recent Loan 

$1,000 or Less

Bank

Personal Loan, 

Most Recent Loan 

More Than $1,000

Nonbank 

Personal Loan,

Most Recent Loan 

$1,000 or Less

Nonbank 

Personal Loan, 

Most Recent Loan 

More Than $1,000

Rent-toOwn Service 

or Payday, 

Pawn Shop, 

Tax Refund 

Anticipation, 

or Auto Title 

Loan

No 

Credit

All 71.5 1.3 6.7 0.6 2.2 4.4 25.5

Family Income

Less Than $30,000 43.7 1.0 2.4 0.9 1.2 6.9 50.0

At Least $30,000 79.8 1.3 8.0 0.5 2.4 3.7 18.2

Note: Households may have used credit products that were not included in the 2021 survey.

Table ES.4 Use of Credit Among Households With Less Than $30,000 in Income by Credit Card Ownership, 2021

Households With Less Than $30,000 in Income, Row Percent

Bank

Personal Loan,

Most Recent Loan 

$1,000 or Less

Bank

Personal Loan,

Most Recent Loan 

More Than $1,000

Nonbank 

Personal Loan,

Most Recent Loan 

$1,000 or Less

Nonbank 

Personal Loan,

Most Recent Loan 

More Than $1,000

Rent-toOwn Service 

or Payday, 

Pawn Shop, 

Tax Refund 

Anticipation, 

or Auto Title 

Loan

No 

Credit

All 1.0 2.4 0.9 1.2 6.9 50.0

Credit Card Ownership

Does Not Have Credit Card 0.6 1.1 1.1 0.8 8.3 88.8

Has Credit Card 1.6 4.2 0.7 1.7 5.1 0.0

Note: Households may have used credit products that were not included in the 2021 survey.
2021 FDIC National Survey of Unbanked and Underbanked Households | 9

• Use of online banking as the primary method of 

account access was much lower among underbanked 

households (11.6 percent) than among fully banked 

households (23.8 percent). Among the three underbanked segments, underbanked households that used 

both nonbank transactions and credit had the lowest use of online banking as the primary method of 

account access (4.2 percent). 

• Similar proportions of underbanked households 

(15.0 percent) and fully banked households (14.9 percent) used a bank teller as the primary method of 

account access.

• As shown in Table ES.5, almost all underbanked 

households (96.1 percent) and fully banked households (97.3 percent) used their bank accounts to pay 

bills or receive income. However, while 81.6 percent of 

fully banked households exclusively used their bank 

accounts to conduct these transactions, only 38.1 percent of underbanked households did so.

• The share of underbanked households that exclusively 

used their bank accounts to pay bills or receive income 

varied widely across the three underbanked segments. 

Among underbanked households that used only nonbank credit, roughly two-thirds (68.0 percent) exclusively used their bank accounts to pay bills or receive 

income, compared with 33.9 percent of underbanked 

households that used only nonbank transactions and 

14.7 percent of underbanked households that used both 

nonbank transactions and credit.

• Underbanked households were less likely to have a 

credit card and were more likely to have both bank and 

nonbank personal loans than fully banked households 

in 2021. For example, 62.4 percent of underbanked 

households had a credit card, compared with 76.6 percent of fully banked households. One in ten underbanked households (10.0 percent) had a bank personal 

loan, compared with 8.0 percent of fully banked households. And 5.6 percent of underbanked households had 

a nonbank personal loan, compared with 2.4 percent of 

fully banked households.

Implications

The financial disruptions due to the COVID-19 pandemic 

created unique opportunities and challenges for economic 

inclusion, some of which may be temporary, while others 

may be longer lasting. The importance of quickly receiving 

income from Economic Impact Payments or other government relief programs created a unique bankable moment, 

and consumers benefited from enhanced online and mobile 

account opening technologies and the greater availability 

of safe and affordable bank accounts. This combination of 

factors resulted in meaningful gains in connecting households to the banking system.

Health and safety concerns regarding in-person interactions during the pandemic may have accelerated the longterm trend of increasing use of mobile and online channels 

to access financial products and services, such as mobile 

banking and online payment services. As the pandemic 

wanes, it will be important to carefully monitor whether 

the shift from in-person activity continues, stabilizes, or 

subsides. 

Beyond impacts directly tied to the pandemic, the financial services marketplace continues to become more 

disaggregated, and consumers are bundling services and 

providers (bank and nonbank) in new and interesting 

ways. This disaggregation may provide greater choices for 

consumers but also may make it more difficult for consumers to clearly distinguish differences between bank 

and nonbank products and to understand the protections available, such as deposit insurance. The economic 

inclusion implications of disaggregation on different 

Table ES.5 Methods Used to Pay Bills or Receive Income Among Underbanked and Fully Banked Households, 2021

Underbanked and Fully Banked Households, Row Percent

Any

Method

Bank 

Account

Bank 

Account 

Only

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

Underbanked 98.5 96.1 38.1 18.8 6.5 40.4 9.9 6.2

Underbanked, Nonbank Transactions Only 98.7 96.5 33.9 16.8 5.1 47.5 10.5 6.5

Underbanked, Nonbank Credit Only 97.1 96.3 68.0 23.3 6.8 0.0 0.0 2.1

Underbanked, Nonbank Transactions and 

Credit 99.1 93.2 14.7 24.4 16.3 61.2 23.5 11.3

Fully Banked 97.6 97.3 81.6 14.0 1.9 0.0 0.0 0.7
10 | 2021 FDIC National Survey of Unbanked and Underbanked Households

segments of the population bear further research and 

highlight the need to learn more about how consumers are 

navigating the choices presented to them by the evolving 

marketplace.

1. Despite economic challenges posed by the pandemic, 

more consumers became banked and sustained their 

banking relationship through financial distress. The 

importance of quickly receiving government payments 

contributed to decisions by many unbanked consumers 

to open bank accounts. Focusing on opportunities to 

connect consumers to safe and affordable bank accounts 

when they are receiving income and other government payments continues to be a promising economic 

inclusion strategy. Enhancements to online account 

opening technology deployed during the pandemic and 

the increased availability of low-cost accounts in recent 

years also may facilitate these banking efforts. Disruptions in income had a smaller impact in exits from 

the banking system than previous survey results might 

suggest, and further research is needed to explore the 

reasons for this smaller than expected impact, including 

strategies banks used to assist low- and moderate-income (LMI) consumers navigate short-term financial 

shocks.

2. Household use of some nonbank financial services, such 

as check cashing and certain consumer credit products, has declined significantly over the past decade. 

A combination of factors may be driving these trends, 

including reduced demand from changing needs, 

increased participation in the banking system, or the 

increasing supply of other, new nonbank products and 

services, many of which can be found online or through 

mobile applications. Much remains to be learned about 

consumer choices and the factors that are motivating them. Additional research into these choices and 

motivations is vital to ensuring that economic inclusion 

efforts evolve to address consumers’ changing needs 

and preferences.

3. While many banked households appear to use nonbank 

online payment services such as PayPal, Venmo, and 

Cash App to complement banking products, unbanked 

households may be using them as substitutes for banking or other financial services. These use cases have 

different economic inclusion implications but highlight 

that it is important for all consumers to understand 

limits and applicability of consumer protections, especially deposit insurance.
2021 FDIC National Survey of Unbanked and Underbanked Households | 11

2021 FDIC National Survey of Unbanked and Underbanked Households

2. About the Survey

18 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.

19 The 2019 survey was named FDIC Survey of Household Use of Banking and Financial Services.

Background

Deposit accounts at federally insured depository institutions are covered by deposit insurance and other consumer protections. Ownership of an account at a federally 

insured depository institution provides households with a 

safe place to keep deposits and to save for emergency and 

long-term needs, and it facilitates households’ financial 

transactions. Having a bank account and a banking relationship can also facilitate households’ access to responsible, affordable credit, and such access can help households 

build their credit history.

Despite these benefits, some households—referred to in 

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

federally insured depository institution. Other households—referred to in this report as “underbanked”—have 

an account and also use nonbank products or services that 

are disproportionately used by unbanked households to 

meet their transaction and credit needs. Households that 

go outside the banking system to meet their financial needs 

present banks with an opportunity to expand access to 

their products and services.

The FDIC is committed to expanding economic inclusion, 

which is integral to the FDIC’s mission of maintaining the 

stability of and public confidence in the U.S. financial system. The FDIC National Survey of Unbanked and Underbanked 

Households is one contribution to this end. Conducted 

biennially and partly in response to a statutory mandate, 

the survey collects information on bank account ownership; use of prepaid cards and nonbank online payment 

services; use of nonbank money orders, check cashing, 

and money transfer services; and use of bank and nonbank 

credit.18

The FDIC conducts the household survey in partnership 

with the U.S. Census Bureau. Specifically, the FDIC sponsors 

a survey data collection that is a supplement to the Census 

Bureau’s Current Population Survey (CPS).

The first survey was conducted in January 2009, and subsequent surveys were conducted in June 2011, June 2013, 

June 2015, June 2017, June 2019, and June 2021.19 Results from 

these surveys are available at fdic.gov/analysis/household-survey, which also provides the ability to query and 

download the data.

This report presents the results of the 2021 FDIC National Survey of Unbanked and Underbanked Households. The 

survey collected responses from 30,434 households. 

Nonresponse to individual survey questions (i.e., item 

nonresponse) in the 2021 survey was addressed through 

imputation, consistent with the Census Bureau’s treatment of missing values in the CPS. For a given question, 

item nonresponse occurred when a household refused to 

answer the question, responded “don’t know,” or dropped 

out of the survey before the question was administered 

(i.e., the household broke off). Imputing missing values 

can help correct estimation bias due to item nonresponse. 

See Appendix 1 (FDIC Technical Notes) for additional 

details.

What’s New

Where appropriate, this report discusses trends in survey 

results over time, primarily between 2017 and 2021. The 

2019 estimates published in this report are identical to 

those published in the previous report. However, the 2017 

estimates published in this report may differ from the 2017 

estimates published in previous reports because this report 

addresses item nonresponse in the 2017 data through 

imputation, while previous reports addressed item nonresponse in the 2017 data in other ways; see Appendix 1 for 

details.

A number of changes were made to the 2021 survey instrument, details of which are provided in Appendix 2. The 

notable changes, summarized below, fall into five main 

areas.
12 | 2021 FDIC National Survey of Unbanked and Underbanked Households

First, as in previous years, the 2021 survey asked unbanked 

households about their reasons for not having a bank 

account. For the 2021 survey, revisions were made to two 

of the response options. “Because bank hours are inconvenient” was removed as a response option, and “Because 

you cannot open an account due to personal identification, 

credit, or former bank account problems” was split into two 

response options: “Because you don’t have the personal 

identification required to open an account” and “Because 

you cannot open an account due to problems with past 

banking or credit history.”

Second, to explore possible effects of the COVID-19 pandemic on households with recent exits from or entrances 

into the banking system, the 2021 survey included new 

questions on whether households experienced economic changes since the start of the pandemic in March 2020 

and whether those changes contributed to the closing or 

opening of households’ bank accounts. The following economic events were included in the survey: losing or quitting 

a job, being furloughed, or having reduced hours; having 

a significant loss of income; starting a new job; having a 

significant increase in income; and receiving a government 

benefit payment, for example, unemployment benefits or a 

pandemic stimulus payment.

Third, the 2021 survey included new questions on the use 

of nonbank money transfer services and nonbank online 

payment services, complementing existing questions 

on the use of prepaid cards, nonbank money orders, and 

nonbank check cashing.20 Specifically, the 2021 survey 

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

used nonbank money transfer services from companies 

like Western Union, MoneyGram, Walmart Money Center, 

or Ria Money Transfer. Additionally, all households were 

asked whether they were using, at the time of the survey, nonbank online payment services “with an account 

feature that allows you to receive and store money in the 

account.” Examples of nonbank online payment services 

are PayPal, Venmo, and Cash App.21 Households that used 

nonbank online payment services were asked a follow-up 

question on whether their nonbank online payment service accounts were linked to other transaction and credit 

accounts, such as bank accounts, credit cards, and prepaid 

cards.

Fourth, the 2021 survey included new questions on the 

types of financial transactions that households conducted 

20 In the 2021 survey, households were asked whether they were using prepaid cards at the time of the survey. In previous surveys, households were asked 

whether they used prepaid cards in the past 12 months.

21 The survey questions on nonbank online payment services instructed households not to consider Zelle, which is a service provided by banks.

over the past 12 months. Specifically, banked households 

were asked whether they used their bank accounts to pay 

monthly bills like rent, mortgage, utilities, or child care; 

receive money from work, retirement, or a government 

agency; build savings or keep money in a safe place; send 

money to or receive money from family or friends; make 

purchases in person; make purchases online; and for some 

other use. The same types of transactions were asked of 

households that used prepaid cards or nonbank online 

payment services. Households that used nonbank money orders were asked whether they used nonbank money 

orders to pay monthly bills like rent, mortgage, utilities, or 

child care; send money to family or friends; make purchases; and for some other use. Households that used nonbank 

check cashing were asked whether they cashed a check 

from work, retirement, or a government agency using nonbank check cashing. Households that used nonbank money 

transfer services were asked whether they used nonbank 

money transfer services to pay monthly bills like rent, 

mortgage, utilities, or child care; send money to or receive 

money from family or friends in the United States; send 

money to or receive money from family or friends outside 

the United States; and for some other use. The follow-up 

question on the use of nonbank money transfer services 

to pay monthly bills like rent, mortgage, utilities, or child 

care replaced a question on paying bills through a service 

like Western Union or MoneyGram in the past 12 months 

(i.e., use of nonbank bill payment services). The follow-up 

question on the use of nonbank money transfer services to 

send money to or receive money from family or friends outside the United States (i.e., send or receive nonbank international remittances) replaced a question on the use of a 

nonbank service to send money to family or friends outside 

the United States in the past 12 months (i.e., send nonbank 

international remittances).

Finally, the 2021 survey included new questions on household credit use. Complementing an existing question on 

whether households had a personal loan or line of credit 

from a bank in the past 12 months, the 2021 survey asked 

all households whether they had a personal loan or line 

of credit from a company other than a bank in the past 

12 months. Households that had a personal loan or line of 

credit from a bank or from a company other than a bank 

were asked new, follow-up questions on whether their 

most recent loan was for $1,000 or less or for more than 

$1,000.
2021 FDIC National Survey of Unbanked and Underbanked Households | 13

2021 FDIC National Survey of Unbanked and Underbanked Households

3. Bank Account Ownership: Unbanked Households

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

probability that an observed difference between two groups of households is due to random sampling.

23 For example, as shown in Table 3.6, the proportion of households with income of $75,000 or more increased from 37.9 percent in 2019 to 39.9 percent in 2021, 

and the proportion with less than $15,000 in income decreased from 10.7 percent in 2019 to 9.5 percent in 2021. Because unbanked rates were lower among 

higher-income households as shown in Table 3.1, part of the decline in the overall unbanked rate between 2019 and 2021 was associated with the increase in 

household income over this period. More generally, a linear probability model was estimated to account for changes between 2019 and 2021 in the distribution 

of households across the household characteristics shown in Table 3.6. Taken together, changes between 2019 and 2021 in the socioeconomic characteristics 

of households—income, educational attainment, homeownership status, and employment status—were associated with about one-third of the difference in 

the unbanked rate over this period. Adding controls for the remaining demographic characteristics shown in Table 3.6 had little effect on the remainder of 

the difference in the unbanked rate.

24 For person-level characteristics, such as race, age, and education, the characteristics of the householder (generally the person or one of the people in whose 

name the home is owned or rented) are used to represent the household. For convenience, abbreviated language is used in referring to certain household 

characteristics. For example, the term “Hispanic household” refers to a household for which the householder identifies as Hispanic or Latino regardless 

of race, and the term “Black household” refers to a household for which the householder identifies as Black or African American alone and not Hispanic or 

Latino. The term “working-age household with a disability” refers to a household for which the householder has a disability and is between the ages of 25 and 

64. See Appendix 1 for additional details.

National Unbanked Rate

An estimated 4.5 percent of U.S. households were 

“unbanked” in 2021, meaning that no one in the household 

had a checking or savings account at a bank or credit union 

(i.e., bank). This proportion represents approximately 

5.9 million U.S. households. Conversely, 95.5 percent of U.S. 

households were “banked” in 2021, meaning that at least 

one member of the household had a checking or savings 

account at a bank. This proportion represents approximately 126.6 million U.S. households.

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

the unbanked rate) in 2021—4.5 percent—was the lowest 

since the survey began in 2009, as shown in Figure 3.1. 

Between 2019 and 2021, the unbanked rate fell 0.9 percentage points, corresponding to an increase of approximately 1.2 million banked households.22 About one-third 

of the decline in the unbanked rate between 2019 and 

2021 was associated with changes in the socioeconomic 

circumstances of U.S. households over this period, particularly increases in income and educational attainment 

(see Table 3.6). Even after the changes in socioeconomic 

characteristics were accounted for, the remainder of the 

decline in the unbanked rate across years was statistically 

significant.23

Between 2011—when the unbanked rate was at its highest 

level since the survey began—and 2021, the unbanked rate 

fell 3.7 percentage points, corresponding to an increase of 

approximately 5.0 million banked households. About half 

of the decline in the unbanked rate between 2011 and 2021 

was associated with changes in the socioeconomic circumstances of U.S. households over this period.

Unbanked Rates by Household Characteristics

Consistent with the results of previous surveys, unbanked 

rates in 2021 varied considerably across the U.S. population. 

For example, as shown in Table 3.1, unbanked rates were 

higher among lower-income households, less-educated 

households, Black households, Hispanic households, and 

working-age households with a disability.24

Unbanked rates in 2021 were lower than or similar to 

unbanked rates in recent years for most segments of the 

population, as illustrated in Table 3.1. For example, among 

households with less than $15,000 in income, the unbanked 

rate in 2021 was 19.8 percent, down from 23.3 percent in 

2019 and 25.7 percent in 2017. The unbanked rate also 

decreased for households with income between $15,000 and 

$30,000. Among working-age households with a disability, the unbanked rate declined from 18.1 percent in 2017 to 

16.2 percent in 2019 and 14.8 percent in 2021.

Figure 3.1 National Estimates, Household Unbanked 

Rate, 2009–2021 (Percent)
14 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 3.1 Unbanked Rates by Selected Household Characteristics, 2017–2021

All Households, Row Percent

Characteristics 2017 2019 2021 Difference

(2021–2019)

All 6.5 5.4 4.5 -0.9*

Family Income

Less Than $15,000 25.7 23.3 19.8 -3.5*

$15,000 to $30,000 12.3 10.4 9.2 -1.3*

$30,000 to $50,000 5.1 4.6 4.0 -0.6

$50,000 to $75,000 1.5 1.7 2.1 0.3

At Least $75,000 0.6 0.6 0.6 0.0

Education

No High School Diploma 22.4 21.4 19.2 -2.2

High School Diploma 9.4 8.1 6.8 -1.3*

Some College 5.1 4.3 3.3 -1.0*

College Degree 1.3 0.8 0.9 0.1

Age Group

15 to 24 Years 10.0 8.8 5.8 -3.0*

25 to 34 Years 8.5 6.9 5.1 -1.8*

35 to 44 Years 7.8 6.3 5.1 -1.1*

45 to 54 Years 6.9 5.1 5.2 0.1

55 to 64 Years 5.9 5.5 4.8 -0.7

65 Years or More 3.9 3.3 2.7 -0.6*

Race/Ethnicity

Black 16.8 13.8 11.3 -2.5*

Hispanic 14.4 12.2 9.3 -2.9*

Asian 2.6 1.7 2.9 1.3*

American Indian or Alaska Native 18.0 16.3 6.9 -9.4*

Native Hawaiian or Other Pacific Islander 2.8 NA NA NA

White 3.0 2.5 2.1 -0.4*

Two or More Races 8.5 4.9 5.0 0.1

Disability Status

Disabled, Aged 25 to 64 18.1 16.2 14.8 -1.4

Not Disabled, Aged 25 to 64 5.7 4.5 3.7 -0.8*

Note: Asterisk indicates differences that are statistically significant at the 10 percent level. NA indicates that the sample size is too small 

to produce a precise estimate. See Appendix Table A.2 for estimates by other household characteristics and for selected confidence 

intervals.
2021 FDIC National Survey of Unbanked and Underbanked Households | 15

Recent declines in unbanked rates have been particularly 

sharp for Black, Hispanic, and American Indian or Alaska 

Native households. Specifically, 11.3 percent of Black 

households were unbanked in 2021, down from 13.8 percent 

in 2019 and 16.8 percent in 2017. Among Hispanic households, 9.3 percent were unbanked in 2021, down from 

12.2 percent in 2019 and 14.4 percent in 2017. Among 

American Indian or Alaska Native households, 6.9 percent 

were unbanked in 2021, down from 16.3 percent in 2019 and 

18.0 percent in 2017.25

Despite the improvements in unbanked rates for Black and 

Hispanic households, unbanked rates in 2021 for these 

households remained substantially above the unbanked 

rate for White households (2.1 percent). Likewise, households with less than $15,000 in income and households 

25 About 25 percent of the decline in the unbanked rate for Black households, approximately 40 percent of the decline in the unbanked rate for Hispanic 

households, and roughly 25 percent of the decline in the unbanked rate for American Indian or Alaska Native households between 2017 and 2021 were 

associated with changes in income and other household characteristics shown in Table 3.6. Even after these changes were accounted for, the remainder of the 

declines in unbanked rates for Black, Hispanic, and American Indian or Alaska Native households across years were statistically significant.

26 While Black and Hispanic households comprised 27.4 percent of the overall household population in 2021 as shown in Table 3.6, they made up 62.8 percent 

of the unbanked. Households with less than $30,000 in income comprised 23.0 percent of the overall household population but 69.7 percent of the unbanked. 

Working-age households with a disability comprised 8.2 percent of the overall household population but 27.3 percent of the unbanked.

with income between $15,000 and $30,000 continued to 

have much higher unbanked rates in 2021 than households 

with greater incomes, and working-age households with a 

disability continued to have a much higher unbanked rate 

in 2021 than working-age households without a disability 

(3.7 percent).26

Differences in unbanked rates between Black and White 

households and between Hispanic and White households 

in 2021 were present at every income level, as shown in 

Figure 3.2. For example, among households with income 

between $30,000 and $50,000, 8.0 percent of Black 

households and 8.4 percent of Hispanic households were 

unbanked, compared with 1.7 percent of White households.

Figure 3.2 Unbanked Rates by Income Level and Race and Ethnicity, 2021 (Percent)
16 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Unbanked Rates Among Single-Mother Households

The U.S. Census Bureau classifies households into 

different household types. For example, unmarried 

female-householder family households have a female 

householder who is unmarried and resides with one 

or more non-spouse relatives of any age.27 In 2021, 

9.2 percent of unmarried female-householder family households were unbanked, much higher than the 

unbanked rate among married couple households 

(1.8 percent).

Unmarried female-householder family households are 

composed of varying numbers of individuals of all ages. 

Within this classification, households that consisted of 

one adult and one or more children (i.e., single-mother 

households) had an unbanked rate of 15.9 percent in 

2021.28

Table 3.2 shows variation in unbanked rates by household characteristics among single-mother households. 

For example, 21.4 percent of Black single-mother households and 21.1 percent of Hispanic single-mother households were unbanked in 2021, compared with 8.0 percent 

of White single-mother households.

Unbanked Rates by Geography

The unbanked rate in 2021 was 4.1 percent in the Northeast, 4.2 percent in the Midwest, 4.9 percent in the South, 

and 4.2 percent in the West. The differences in unbanked 

rates between the South and the other regions have 

narrowed substantially. In 2017, the unbanked rate in 

the South (7.7 percent) was 1.9 percentage points higher than the combined unbanked rate of the other three 

regions (5.8 percent). In 2021, the unbanked rate in the 

South (4.9 percent) was 0.7 percentage points higher than 

the combined unbanked rate of the other three regions 

(4.2 percent)—less than half the gap in unbanked rates 

from 2017. (See Appendix Table A.2 for unbanked rates by 

region and for selected confidence intervals.)

27 The householder is generally the person or one of the people in whose name the home is owned or rented. In an unmarried female-householder family 

household, the householder is widowed, divorced, never married, or married but the spouse is absent (including separated). In addition to the householder, 

one or more non-spouse relatives of any age, such as a householder’s own child, sibling, parent, or grandchild, must reside in the household. One or more 

nonrelatives of the householder of any age, such as an unmarried partner, foster child, or roommate, may also reside in the household. Detailed definitions 

regarding household types can be found in the technical documentation on the U.S. Census Bureau’s Current Population Survey website at census.gov/

programs-surveys/cps/technical-documentation/subject-definitions.html.

28 For the purposes of this analysis, “children” are individuals aged 17 or younger that reside in the household (i.e., including a householder’s own children), and 

“adults” are individuals aged 18 or older that reside in the household. In 2021, 7.4 percent of unmarried male-householder family households—households with 

a male householder who is unmarried and resides with one or more non-spouse relatives of any age—were unbanked. Within this classification, households that 

consisted of one adult and one or more children (i.e., single-father households) had an unbanked rate of 10.7 percent in 2021.

29 See household-survey.fdic.gov/five-year for five-year estimates of unbanked rates at the state and MSA levels and for confidence intervals. 

Unbanked rates in 2021 varied widely across states, 

as illustrated in Figure 3.3. Unbanked rates ranged 

from 1.2 percent (Utah) to 11.1 percent (Mississippi). 

Some states saw large decreases in unbanked rates in 

recent years. For example, the unbanked rate in Texas was 5.6 percent in 2021, down from 7.7 percent in 

2019 and 9.5 percent in 2017, and the unbanked rate 

in West Virginia was 3.0 percent in 2021, down from 

4.7 percent in 2019 and 7.8 percent in 2017. (See Appendix 

Tables A.3 and A.4 for detailed estimates of unbanked 

rates by state and metropolitan statistical area [MSA] and 

for selected confidence intervals.)29

Characteristics Unbanked

All 15.9

Family Income

Less Than $15,000 35.4

$15,000 to $30,000 16.4

$30,000 to $50,000 5.8

$50,000 to $75,000 4.8

At Least $75,000 2.7

Education

High School Diploma or Less+ 29.6

Some College 10.3

College Degree 2.1

Age Group

15 to 34 Years+ 21.2

35 to 44 Years 12.8

45 Years or More+ 11.1

Race/Ethnicity

Black 21.4

Hispanic 21.1

White 8.0

Disability Status

Disabled, Aged 25 to 64 22.7

Not Disabled, Aged 25 to 64 13.1

o 34 Years+ 21.2

35 to 44 Years 12.8

45 Years or More+ 11.1

Race/Ethnicity

Black 21.4

Hispanic 21.1

White 8.0

Disability Status

Disabled, Aged 25 to 64 22.7

Not Disabled, Aged 25 to 64 13.1

Note: The plus symbol indicates instances in which 

categorical groups typically used in this report have been 

combined to increase the sample size.

Table 3.2 Unbanked Rates Among Single-Mother 

Households by Selected Household Characteristics, 2021

Single-Mother Households, Row Percent
2021 FDIC National Survey of Unbanked and Underbanked Households | 17

Previous and Recent Bank Account Ownership

As discussed in previous reports, bank account ownership 

is not static. Table 3.3 shows that among unbanked households in 2021, roughly half (48.8 percent) had had a bank 

account at some point in the past (i.e., had previously been 

banked), similar to previous years.30

As further evidence of the dynamic nature of bank account 

ownership, Table 3.4 segments unbanked households by 

whether they had a bank account in the past 12 months. 

Among unbanked households in 2021, 10.7 percent had 

a bank account at some point in the past 12 months (i.e., 

were recently unbanked), and 89.3 percent did not have 

an account at any point in the past 12 months (i.e., were 

longer-term unbanked). These percentages are similar to 

those from previous years.

The information in Tables 3.3 and 3.4 together reveals that 

among unbanked households in 2021, 10.7 percent last had a 

bank account in the past 12 months, 38.1 percent last had an 

account more than 12 months ago, and 51.2 percent never 

had an account.

30 The 2017 estimates published in this report may differ from the 2017 estimates published in previous reports because this report addresses item 

nonresponse in the 2017 data through imputation, while previous reports addressed item nonresponse in the 2017 data in other ways; see Appendix 1 for 

details.

Figure 3.3 Unbanked Rates by State, 2021 (Percent)

Table 3.3 Previous Bank Account Ownership, 2017–2021

Unbanked Households, Row Percent

Year Previously Banked Never Banked

2017 46.8 53.2

2019 50.4 49.6

2021 48.8 51.2

Table 3.4 Recent Bank Account Ownership, 2017–2021

Unbanked Households, Row Percent

Year Recently Unbanked Longer-Term Unbanked

2017 9.7 90.3

2019 10.4 89.6

2021 10.7 89.3

Note: Recently unbanked households last had a bank account 

in the past 12 months. Longer-term unbanked households 

either last had an account more than 12 months ago or never 

had an account.
18 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Interest in Having a Bank Account

As in the 2019 survey, the 2021 survey asked unbanked 

households how interested they were in having a bank 

account: very interested, somewhat interested, not very 

interested, or not at all interested. Table 3.5 shows that, 

in 2021, about half of unbanked households (53.6 percent) 

were not at all interested in having a bank account, while 

27.3 percent were very or somewhat interested. These estimates are similar to those from 2019.

Interest in having a bank account was higher among certain 

segments of the unbanked population. For example, as displayed in Figure 3.4, 32.3 percent of unbanked households 

that had previously been banked were very or somewhat 

interested in having an account in 2021, compared with 

22.5 percent of unbanked households that had never been 

banked.

Among unbanked households that had previously been 

banked, interest in having a bank account was higher 

among households with more recent account ownership. 

Specifically, among unbanked households that last had an 

account in the past 12 months, 51.7 percent were very or 

somewhat interested in having an account in 2021, higher 

31 For the 2021 survey, revisions were made to two of the response options. “Because bank hours are inconvenient” was removed as a response option, and 

“Because you cannot open an account due to personal identification, credit, or former bank account problems” was split into two response options: “Because 

you don’t have the personal identification required to open an account” and “Because you cannot open an account due to problems with past banking or credit 

history.”

than the proportion among unbanked households that last 

had an account more than 12 months ago (26.9 percent).

Interest in having a bank account was also higher among 

Black unbanked households (32.0 percent were very or 

somewhat interested in having an account in 2021) than 

among White unbanked households (20.2 percent were very 

or somewhat interested in having an account). (See Appendix Table A.5 for detailed estimates of interest in having a 

bank account by household characteristics.)

Reasons for Not Having a Bank Account

As in previous years, the 2021 survey asked unbanked 

households about their reasons for not having a bank 

account.31

As illustrated in Figure 3.5, 40.1 percent of unbanked households in 2021 cited “Don’t have enough money to meet minimum balance requirements” as a reason for not having 

an account—the most cited reason. This reason was also 

the most cited main reason for not having an account in 

2021 (21.7 percent). The share of unbanked households that 

cited “Don’t have enough money to meet minimum balance requirements” as a reason for not having an account 

decreased between 2019 (48.9 percent) and 2021. The proportion of unbanked households that cited this reason as 

the main reason for not having an account also decreased 

between 2019 (29.0 percent) and 2021.

Other commonly cited reasons for not having a bank 

account, each cited by approximately three in ten unbanked 

households in 2021, were “Avoiding a bank gives more 

privacy,” “Don’t trust banks,” “Bank account fees are too 

Figure 3.4 Unbanked Households’ Interest in Having a Bank Account by Previous Bank Account Ownership, 2021 

(Percent)

Table 3.5 Unbanked Households’ Interest in Having a 

Bank Account, 2019–2021

Unbanked Households, Row Percent

Year Very 

Interested

Somewhat 

Interested

Not Very 

Interested

Not at All 

Interested

2019 7.8 17.0 18.9 56.2

2021 10.7 16.5 19.1 53.6
2021 FDIC National Survey of Unbanked and Underbanked Households | 19

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

Among these reasons, “Don’t trust banks” and “Avoiding a 

bank gives more privacy” were cited as main reasons most 

often in 2021 (13.2 percent and 8.4 percent, respectively—

the second- and third-most cited main reasons overall).

Almost three in ten unbanked households in 2021 (29.2 percent) cited a reason related to fees or a minimum balance—“Bank account fees are too high,” “Bank account 

fees are too unpredictable,” or “Don’t have enough money 

to meet minimum balance requirements”—as the main 

reason for not having an account, down from 38.0 percent 

in 2019.

Reasons for not having an account were generally similar 

across unbanked households in 2021, regardless of whether 

they had previously been banked or were interested in having an account. A few exceptions are worth noting.

A higher proportion of unbanked households that had 

previously been banked cited “Problems with past banking 

or credit history” (17.6 percent), compared with unbanked 

households that had never been banked (9.8 percent).

A higher proportion of unbanked households that were very 

or somewhat interested in having an account cited “Problems with past banking or credit history” (17.0 percent), 

compared with unbanked households that were not very 

or not at all interested in having an account (12.3 percent). 

In contrast, a smaller proportion of unbanked households that were very or somewhat interested in having an 

account cited “Don’t trust banks” (21.2 percent), compared 

with unbanked households that were not very or not at all 

interested in having an account (37.4 percent). Similarly, a 

smaller proportion of unbanked households that were very 

or somewhat interested in having an account cited “Avoiding a bank gives more privacy” (29.0 percent), compared 

with unbanked households that were not very or not at 

all interested in having an account (36.0 percent). (See 

Appendix Tables A.6–A.9 for cited and main reasons for not 

having an account by previous bank account ownership and 

interest in having an account.)

Figure 3.5 Unbanked Households’ Reasons for Not Having a Bank Account, 2021 (Percent)
20 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 3.6 Distributions of Household Characteristics, 2017–2021

All Households, Column Percent

Characteristics 2017 2019 2021

Family Income

Less Than $15,000 12.4 10.7 9.5

$15,000 to $30,000 15.3 14.4 13.5

$30,000 to $50,000 19.8 18.8 18.6

$50,000 to $75,000 18.4 18.2 18.5

At Least $75,000 34.1 37.9 39.9

Education

No High School Diploma 9.6 8.7 7.9

High School Diploma 25.8 24.9 24.3

Some College 28.9 28.3 27.8

College Degree 35.7 38.1 39.9

Age Group

15 to 24 Years 5.1 4.8 4.4

25 to 34 Years 16.2 16.3 16.2

35 to 44 Years 16.7 17.0 17.1

45 to 54 Years 18.0 17.0 16.8

55 to 64 Years 18.9 18.6 18.6

65 Years or More 25.0 26.2 26.9

Race/Ethnicity

Black 12.8 12.7 12.8

Hispanic 13.8 14.0 14.6

Asian 5.0 5.3 5.3

American Indian or Alaska Native 0.8 0.7 0.7

Native Hawaiian or Other Pacific Islander 0.3 0.2 0.3

White 66.2 65.6 64.9

Two or More Races 1.2 1.3 1.4

Disability Status

Disabled, Aged 25 to 64 8.7 8.1 8.2

Not Disabled, Aged 25 to 64 61.1 60.9 60.5

Not Applicable (Not Aged 25 to 64) 30.2 31.0 31.3

Characteristics 2017 2019 2021

Employment Status

Employed 61.4 62.1 60.5

Unemployed 2.7 2.2 3.7

Not in Labor Force 35.9 35.7 35.8

Homeownership

Homeowner 63.6 64.5 65.0

Non-Homeowner 36.4 35.5 35.0

Household Type

Married Couple 47.3 46.5 46.0

Unmarried Female-Householder Family 11.7 11.6 11.9

Unmarried Male-Householder Family 5.1 5.0 5.3

Female-Householder Nonfamily 18.8 19.0 19.1

Male-Householder Nonfamily 16.8 17.7 17.5

Other 0.3 0.2 0.1

Citizenship and Place of Birth

U.S.-Born 85.3 85.1 85.2

Foreign-Born Citizen 7.8 8.6 8.6

Foreign-Born Noncitizen 6.9 6.3 6.2

Metropolitan and Nonmetropolitan 

Status

Metropolitan Area 85.7 86.2 85.9

Not in Metropolitan Area 13.4 13.0 13.3

Not Identified 0.9 0.8 0.8

Geographic Region

Northeast 17.6 17.2 17.0

Midwest 21.4 21.6 21.3

South 38.2 38.3 38.8

West 22.8 22.9 23.0
2021 FDIC National Survey of Unbanked and Underbanked Households | 21

2021 FDIC National Survey of Unbanked and Underbanked Households

4. COVID-19 Pandemic and Transitions in Bank Account Ownership

32 For bank account closures, households might have closed their own accounts, or banks might have closed the accounts. 

33 The estimates of the shares of households in 2021 that were longer-term unbanked or recently unbanked in Table 4.1 differ from those in Table 3.4 because 

Table 4.1 presents estimates as shares of all households, while Table 3.4 presents estimates as shares of unbanked households only.

34 As shares of all banked households in 2021, 4.3 percent were recently banked and 95.7 percent were longer-term banked. The 2013 survey included similar 

questions on transitions in bank account ownership and circumstances affecting those transitions. Households were asked about economic events, such 

as a new job, a job loss, retirement, and a significant increase in income, and about changes in household structure, such as divorce, marriage, birth, and a 

move or relocation. Households with recent exits from or entrances into the banking system were asked whether these events contributed to the closing or 

opening of households’ bank accounts. See Federal Deposit Insurance Corporation, 2013 FDIC National Survey of Unbanked and Underbanked Households, October 

2014, www.fdic.gov/analysis/household-survey/2013/2013report.pdf. Because of differences in the specific events included in the 2013 and 2021 surveys and 

differences in the reference timeframe for having experienced an event and for having opened a bank account (the past 12 months versus the past 15 months), 

findings are not comparable across the two surveys. See Appendix 2 for details.

The survey took place in June 2021, 15 months after the 

COVID-19 pandemic began. New questions asked households whether they experienced economic changes since 

the start of the pandemic in March 2020 and whether those 

changes contributed to the closing or opening of households’ bank accounts.32

Transitions in Bank Account Ownership

Table 4.1 classifies households into one of four categories based on whether the household experienced a recent 

change to its bank account ownership. In 2021, 4.0 percent 

of all households were longer-term unbanked, 0.5 percent 

were recently unbanked, 4.2 percent were recently banked, 

and 91.4 percent were longer-term banked.

As discussed in section 3, longer-term unbanked households did not have a bank account at the time of the 

survey (in June 2021) or at any point in the 12 months 

before (between June 2020 and June 2021), while recently 

unbanked households did not have a bank account at the 

time of the survey but did at some point in the 12 months 

before.33 Recently banked households had a bank account 

at the time of the survey but did not at some point in the 

15 months before (between March 2020 and June 2021), 

while longer-term banked households had a bank account 

at the time of the survey and continually during the 

15 months before.34

Table 4.1 Transitions in Bank Account Ownership, 2021

All Households, Row Percent

LongerTerm 

Unbanked

Recently 

Unbanked

Recently 

Banked

LongerTerm 

Banked

Category as 

Share of All 

Households

4.0 0.5 4.2 91.4

Table 4.2 shows distributions of household characteristics 

in 2021 among all households and among the longer-term 

unbanked, recently unbanked, recently banked, and 

longer-term banked. Certain household characteristics 

were disproportionately represented among the recently 

unbanked. For example, while Black households comprised 

12.8 percent of the overall household population, they 

made up 41.1 percent of the recently unbanked. In addition, 

unemployed households comprised 3.7 percent of the overall household population but more than one in ten (11.5 percent) of the recently unbanked. Similarly, certain household 

characteristics were disproportionately represented among 

the recently banked. For example, while Hispanic households comprised 14.6 percent of the overall household population, they made up 23.1 percent of the recently banked.

Incidence of Economic Events

All households were asked about certain negative economic 

events that may have occurred since March 2020, including (a) losing or quitting a job, being furloughed, or having 

reduced hours and (b) having a significant loss of income. 

In addition, all households were asked about certain positive economic events that may have occurred since March 

2020, including (a) starting a new job, (b) having a significant increase in income, and (c) receiving a government 

benefit payment, for example, unemployment benefits or a 

pandemic stimulus payment.

As displayed in Table 4.3, 28.7 percent of all households 

reported that someone in the household lost or quit a job, 

was furloughed, or had reduced hours, and 22.9 percent 

of all households had a significant loss of income. Across 

the four bank account ownership transition categories, 

these negative economic events were most common 

among recently unbanked households, with 42.4 percent 

of recently unbanked households’ having reported that 

someone in the household lost or quit a job, was furloughed, 
22 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 4.2 Distributions of Selected Household Characteristics by Transitions in Bank Account Ownership, 2021

All Households, Column Percent

Characteristics All Longer-Term 

Unbanked

Recently 

Unbanked

Recently 

Banked

Longer-Term 

Banked

Family Income

Less Than $15,000 9.5 44.1 24.1 13.5 7.7

$15,000 to $30,000 13.5 28.0 25.6 16.9 12.7

$30,000 to $50,000 18.6 15.0 29.6 19.8 18.6

$50,000 to $75,000 18.5 7.7 15.7 16.6 19.1

At Least $75,000 39.9 5.2 5.0 33.2 41.9

Education

No High School Diploma 7.9 35.4 23.3 13.1 6.4

High School Diploma 24.3 37.8 31.6 27.7 23.5

Some College 27.8 18.7 33.6 26.9 28.2

College Degree 39.9 8.1 11.5 32.2 41.8

Age Group

15 to 24 Years 4.4 4.7 15.5 6.3 4.3

25 to 34 Years 16.2 19.1 13.6 16.0 16.1

35 to 44 Years 17.1 20.6 11.9 18.1 16.9

45 to 54 Years 16.8 19.4 23.3 18.0 16.6

55 to 64 Years 18.6 20.4 15.1 18.1 18.5

65 Years or More 26.9 15.9 20.6 23.5 27.5

Race/Ethnicity

Black 12.8 31.4 41.1 14.9 11.7

Hispanic 14.6 31.1 23.9 23.1 13.5

Asian 5.3 3.5 3.3 5.0 5.4

American Indian or Alaska Native 0.7 1.1 1.4 1.1 0.7

Native Hawaiian or Other Pacific Islander 0.3 0.2 2.3 – 0.3

White 64.9 31.0 27.2 54.1 67.1

Two or More Races 1.4 1.7 0.7 1.8 1.4

Disability Status

Disabled, Aged 25 to 64 8.2 28.8 14.6 9.4 7.2

Not Disabled, Aged 25 to 64 60.5 50.6 49.3 60.7 60.9

Not Applicable (Not Aged 25 to 64) 31.3 20.5 36.1 29.8 31.8

Employment Status

Employed 60.5 35.0 39.2 60.1 61.7

Unemployed 3.7 9.6 11.5 4.9 3.3

Not in Labor Force 35.8 55.4 49.3 35.0 34.9

Note: The dash symbol indicates an estimate of zero; the population proportion may be slightly greater than zero. See Appendix 

Table B.1 for distributions of other household characteristics.
2021 FDIC National Survey of Unbanked and Underbanked Households | 23

or had reduced hours and 40.2 percent of recently unbanked 

households’ having had a significant loss of income.

For the positive economic events, 15.4 percent of all households reported that someone in the household started a new 

job, 8.4 percent of all households had a significant increase 

in income, and 81.5 percent of all households received a 

government benefit payment. The incidence of starting 

a new job was higher among recently banked households 

(19.0 percent) than among longer-term banked households (15.4 percent). The proportion of households that had 

a significant increase in income was similar among the 

recently banked (9.1 percent) and the longer-term banked 

(8.6 percent). A slightly smaller proportion of recently 

banked households received a government benefit payment (77.9 percent), compared with longer-term banked 

households (82.4 percent). Across the four bank account 

ownership transition categories, the incidence of receiving 

a government benefit payment was lowest among longer-term unbanked households (64.3 percent).

35 For recently unbanked households that lost or quit a job, were furloughed, or had reduced hours (or that had a significant loss of income), the sample size was 

too small to produce an estimate of the likelihood that this event contributed to account closing, as a share of households that experienced the event.

Contribution of Economic Events to Bank Account Closing 

and Opening

To explore possible effects of the COVID-19 pandemic on 

households with recent exits from or entrances into the 

banking system, the survey asked recently unbanked 

households that experienced one or more of the negative 

economic events whether those events contributed to the 

closing of households’ bank accounts since March 2020. 

Likewise, the survey asked recently banked households 

that experienced one or more of the positive economic 

events whether those events contributed to the opening of 

households’ bank accounts since March 2020.

As shown in Table 4.4, 14.0 percent of recently unbanked 

households reported that losing or quitting a job, being 

furloughed, or having reduced hours contributed to closing 

a bank account since March 2020. Moreover, 11.0 percent 

of recently unbanked households reported that having a 

significant loss of income contributed to closing an account 

since March 2020.35 About one in five recently unbanked 

households (21.1 percent) reported that at least one of these 

negative economic events contributed to closing an account 

since March 2020.

Table 4.3 Incidence of Economic Events by Transitions in Bank Account Ownership, 2021

All Households, Column Percent

Economic Events All Longer-Term 

Unbanked

Recently 

Unbanked

Recently 

Banked

Longer-Term 

Banked

Lost or Quit Job, Furloughed, or Reduced Hours 28.7 30.5 42.4 30.8 28.5

Had Significant Loss of Income 22.9 30.8 40.2 28.4 22.2

Started New Job 15.4 10.7 17.4 19.0 15.4

Had Significant Increase in Income 8.4 4.0 6.1 9.1 8.6

Received Government Benefit Payment 81.5 64.3 76.9 77.9 82.4

Table 4.4 Contribution of Economic Events to Bank Account Closing and Opening, 2021

All Households, Column Percent

Recently Unbanked Recently Banked

Economic Events Event Occurred

Event Occurred 

and Contributed 

to Account Closing

Event Occurred

Event Occurred 

and Contributed to 

Account Opening

Lost or Quit Job, Furloughed, or Reduced Hours 42.4 14.0 30.8

Had Significant Loss of Income 40.2 11.0 28.4

Started New Job 17.4 19.0 6.3

Had Significant Increase in Income 6.1 9.1 0.9

Received Government Benefit Payment 76.9 77.9 34.9

Note: Recently unbanked households that experienced one or more of the positive economic events were not asked whether those 

events contributed to account closing. Recently banked households that experienced one or more of the negative economic events 

were not asked whether those events contributed to account opening.
24 | 2021 FDIC National Survey of Unbanked and Underbanked Households

About one-third of recently banked households (34.9 percent) reported that receiving a government benefit payment contributed to opening a bank account since March 

2020. In other words, among the 77.9 percent of recently 

banked households that received a government benefit payment, almost half (44.8 percent)—representing 

approximately 1.9 million households—said that the payment contributed to opening an account. 

In addition, 6.3 percent of recently banked households 

reported that starting a new job contributed to opening a bank account since March 2020. That is, among the 

19.0 percent of recently banked households that reported starting a new job, one-third (33.1 percent) indicated 

that the change in employment contributed to opening an 

account.
2021 FDIC National Survey of Unbanked and Underbanked Households | 25

2021 FDIC National Survey of Unbanked and Underbanked Households

5. Bank Account Ownership: Banked Households

36 The primary method of account access does not necessarily reflect how often a household uses that method. For example, a household that uses online 

banking as its primary method of account access may use online banking once a month (if it does not need to access its account very often) or may use online 

banking each day.

37 While the 2021 survey did not include questions on the impact of the COVID-19 pandemic on the methods that banked households used to access their 

accounts, the decline in the use of a bank teller and the increase in the use of mobile banking between 2019 and 2021 are consistent with difficulties that 

households may have experienced in visiting a bank branch since the onset of the COVID-19 pandemic. For example, the social distancing guidelines 

instituted in response to the pandemic may have made bank branch visits more challenging.

Primary Method Used to Access Bank Accounts

Knowing how households access their bank accounts can 

help inform discussions about how best to serve different 

groups of consumers. As in previous years, the 2021 survey asked banked households about the primary (i.e., most 

common) method they used to access their bank accounts in 

the past 12 months: visiting a bank teller; using an ATM or 

bank kiosk; calling the bank (i.e., telephone banking); using 

a computer or tablet (i.e., online banking); using an app, 

text messaging, or internet browser on a mobile phone (i.e., 

mobile banking); or using some other method (i.e., other).36

As shown in Table 5.1, use of mobile banking increased 

sharply between 2017 and 2021 (from 15.1 percent in 2017 

and 34.0 percent in 2019 to 43.5 percent in 2021) and 

remained the most prevalent primary method of account 

access. Use of online banking was similar in 2019 (22.8 percent) and 2021 (22.0 percent) after having decreased 

substantially from 2017 (37.0 percent). Online banking continued to be the second-most prevalent primary method of 

account access.

Use of a bank teller declined considerably (from 24.8 percent in 2017 and 21.0 percent in 2019 to 14.9 percent in 

2021), and use of an ATM or bank kiosk decreased modestly 

(from 19.5 percent in 2017 and 2019 to 16.0 percent in 2021).37

About one in three banked households in 2021 (31.0 percent) 

used a physical channel—a bank teller or an ATM or bank 

kiosk—as the primary method of account access, down 

from 40.5 percent in 2019 and 44.3 percent in 2017.

The changes in account access between 2017 and 2021 

occurred broadly across different segments of the population. These trends are consistent with households’ 

switching from bank tellers, ATMs or bank kiosks, and 

online banking to mobile banking as the primary method 

of account access.

While use of bank tellers as the primary method of account 

access declined across the board, this method remained 

prevalent among certain segments of the population, 

including lower-income households, less-educated households, older households, and households that did not live in 

a metropolitan area (see Table 5.2). For example, 33.4 percent of households without a high school diploma and 

30.5 percent of households aged 65 or older used bank tellers 

as their primary method of account access in 2021. Use of 

bank tellers continued to be the most prevalent primary 

method of account access among households without a high 

school diploma and among households aged 65 or older.

Many segments of the population with lower use of mobile 

banking, such as older households and households that did 

not live in a metropolitan area, exhibited large increases between 2019 and 2021 in use of mobile banking as the 

primary method of account access. Among households 

aged 65 or older, 15.3 percent used mobile banking as the 

primary method in 2021, almost double the percentage in 

2019 (8.3 percent). Among households that did not live in 

a metropolitan area, 35.3 percent used mobile banking as 

the primary method in 2021, up from 24.3 percent in 2019, 

and mobile banking has overtaken bank tellers as the most 

prevalent primary method of account access.

Table 5.1 Primary Method of Bank Account Access, 2017–2021

Banked Households That Accessed Their Account in the Past 12 Months, Row Percent

Year Bank Teller ATM/Kiosk Telephone 

Banking

Online 

Banking

Mobile 

Banking Other Bank Teller or ATM/Kiosk

2017 24.8 19.5 2.9 37.0 15.1 0.7 44.3

2019 21.0 19.5 2.4 22.8 34.0 0.3 40.5

2021 14.9 16.0 2.9 22.0 43.5 0.7 31.0
26 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Bank Teller Online Banking Mobile Banking

Characteristics 2019 2021 Difference

(2021–2019) 2019 2021 Difference(2021–2019) 2019 2021 Difference(2021–2019)

All 21.0 14.9 -6.0* 22.8 22.0 -0.8* 34.0 43.5 9.5*

Family Income

Less Than $15,000 35.9 24.9 -10.9* 9.9 9.9 0.0 23.5 33.9 10.4*

$15,000 to $30,000 31.7 24.8 -6.9* 12.7 13.0 0.4 25.9 33.4 7.5*

$30,000 to $50,000 24.7 19.5 -5.2* 17.1 17.4 0.3 33.2 39.4 6.2*

$50,000 to $75,000 20.3 14.5 -5.8* 21.2 20.3 -0.9 35.9 44.9 9.1*

At Least $75,000 13.1 8.3 -4.8* 32.1 29.7 -2.5* 38.1 49.3 11.2*

Education

No High School Diploma 39.6 33.4 -6.2* 5.8 6.5 0.8 19.2 24.3 5.1*

High School Diploma 30.3 22.0 -8.3* 14.6 13.6 -1.0 27.3 38.0 10.7*

Some College 20.3 14.5 -5.9* 20.6 19.8 -0.7 36.5 45.6 9.2*

College Degree 12.9 8.4 -4.4* 32.1 30.5 -1.6* 38.6 48.0 9.4*

Age Group

15 to 24 Years 10.2 4.1 -6.1* 7.2 6.3 -1.0 62.9 74.1 11.2*

25 to 34 Years 8.0 4.8 -3.2* 14.4 12.9 -1.5* 61.7 69.4 7.7*

35 to 44 Years 10.6 6.3 -4.3* 20.1 18.4 -1.7 49.8 60.5 10.6*

45 to 54 Years 15.5 9.9 -5.5* 26.6 22.8 -3.8* 36.3 49.1 12.7*

55 to 64 Years 24.3 16.5 -7.8* 29.3 27.3 -1.9* 21.3 33.2 11.9*

65 Years or More 39.2 30.5 -8.7* 25.7 28.2 2.5* 8.3 15.3 6.9*

Race/Ethnicity

Black 20.6 15.6 -5.0* 12.0 12.1 0.1 37.2 45.4 8.2*

Hispanic 20.9 14.8 -6.1* 11.1 11.6 0.5 41.3 49.6 8.2*

Asian 18.4 12.0 -6.4* 25.7 25.7 -0.1 39.3 48.6 9.3*

American Indian or Alaska Native 23.2 11.1 -12.2* 17.0 13.3 -3.7 30.5 50.6 20.1*

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA NA NA NA

White 21.4 15.3 -6.1* 26.7 25.8 -0.9* 31.4 41.1 9.7*

Two or More Races 14.0 8.7 -5.4* 24.1 20.6 -3.6 45.5 52.3 6.8

Disability Status

Disabled, Aged 25 to 64 23.3 16.1 -7.2* 17.2 14.2 -3.0* 29.8 42.3 12.6*

Not Disabled, Aged 25 to 64 13.9 8.8 -5.1* 23.5 21.3 -2.1* 42.9 53.7 10.7*

Metropolitan and Nonmetropolitan Status

Metropolitan Area 19.1 13.3 -5.7* 23.5 22.8 -0.7* 35.4 44.7 9.3*

Not in Metropolitan Area 33.4 25.5 -7.9* 18.5 16.9 -1.7* 24.3 35.3 11.0*

Not Identified 28.1 15.8 -12.3* 17.3 16.1 -1.2 33.4 40.9 7.6*

Note: Asterisk indicates differences that are statistically significant at the 10 percent level. NA indicates that the sample size is too 

small to produce a precise estimate. See Appendix Tables C.1–C.3 for estimates by other household characteristics and for selected 

confidence intervals.

Table 5.2 Bank Teller, Online Banking, and Mobile Banking as Primary Method of Bank Account Access by Selected 

Household Characteristics, 2019–2021

Banked Households That Accessed Their Account in the Past 12 Months, Row Percent
2021 FDIC National Survey of Unbanked and Underbanked Households | 27

All Methods Used to Access Bank Accounts

In addition to the primary method of bank account access, 

the survey collected data on whether banked households 

used a particular method at least once in the past 12 months 

to access their accounts. As shown in Figure 5.1, about twothirds of banked households in 2021 (63.4 percent) used 

a bank teller at least once in the past 12 months to access 

their accounts, a decline from 76.4 percent in 2019. Four in 

five banked households in 2021 (79.6 percent) used an ATM 

or bank kiosk at least once in the past 12 months to access 

their accounts, a higher proportion than any other method 

but down slightly from 82.3 percent in 2019.

Almost all banked households used a physical channel at 

least once in the past 12 months to access their accounts. 

Specifically, 91.6 percent of banked households in 2021 

and 95.9 percent of banked households in 2019 used a bank 

teller or an ATM or bank kiosk at least once in the past 

12 months to access their accounts.

For telephone banking and online banking, the proportion 

of banked households that used each method at least once 

in the past 12 months to access their accounts increased 

slightly between 2019 and 2021. For mobile banking, 

71.7 percent of banked households in 2021 used this method 

at least once in the past 12 months to access their accounts, 

up from 63.8 percent in 2019.

Almost all banked households used multiple methods 

in the past 12 months to access their accounts. In 2021, 

90.6 percent of banked households used two or more 

methods and 72.2 percent of banked households used three 

or more methods. These estimates are similar to 2019, 

when 89.4 percent of banked households used two or more 

methods and 72.3 percent of banked households used three 

or more methods.

Approximately one in ten banked households in 2021 

(9.4 percent) used only one method in the past 12 months 

to access their accounts. Specifically, 3.9 percent of banked 

households in 2021 used only bank tellers, 2.3 percent used 

only ATMs or bank kiosks, 1.5 percent used only mobile 

banking, 0.8 percent used only online banking, 0.7 percent 

used only telephone banking, and 0.3 percent used only 

other methods.

Consistent with the decrease between 2019 and 2021 in 

the share of banked households that used a bank teller at 

least once in the past 12 months to access their accounts, 

the share of banked households that used bank tellers 

as the only method of account access declined between 

2019 (5.7 percent) and 2021 (3.9 percent). This decline 

occurred broadly across different segments of the population. (See Appendix Table C.5 for detailed estimates of use 

Figure 5.1 All Methods Used to Access Bank Accounts, 2019–2021 (Percent)

Note: Bars sum to more than 100 percent because households could select more than one bank account access method.
28 | 2021 FDIC National Survey of Unbanked and Underbanked Households

of bank tellers as the only method of account access by 

household characteristics and year.)

The population segments that more commonly used bank 

tellers as the primary method of account access, including lower-income households, less-educated households, 

older households, and households that did not live in a 

metropolitan area, also tended to have higher rates of 

use of bank tellers as the only method of account access. 

For example, 11.7 percent of banked households without a 

high school diploma used bank tellers as the only method of account access in 2021, compared with 1.6 percent 

of households with a college degree. One in ten banked 

households aged 65 or older (10.2 percent) used bank 

tellers as the only method of account access in 2021, 

compared with 1.5 percent of banked households aged 64 

or younger.38

Transactions Conducted Using Bank Accounts

The 2021 survey included new questions that asked 

households about the types of transactions they 

conducted using their bank accounts over the past 

12 months. Specifically, banked households were asked 

38 In 2021, 9.9 percent of banked households used only physical channels in the past 12 months to access their accounts, down from 14.8 percent in 2019. The 

population segments that more commonly used a physical channel as the primary method of account access, including lower-income households, lesseducated households, older households, and households that did not live in a metropolitan area, also tended to have higher rates of use of physical channels 

as the only methods of account access. See Appendix Table C.6 for detailed estimates of use of physical channels as the only methods of account access by 

household characteristics and year.

39 The 2017 and 2019 surveys asked all households whether they visited a bank branch in the past 12 months. In addition, a follow-up question on the 

frequency of bank branch visits was not repeated in the 2021 survey. See Appendix 2 for details.

whether they used their bank accounts to pay monthly 

bills like rent, mortgage, utilities, or child care (i.e., pay 

bills); receive money from work, retirement, or a government agency (i.e., receive income); build savings or keep 

money in a safe place (i.e., save or keep money safe); send 

money to or receive money from family or friends (i.e., 

send or receive money); make purchases in person; make 

purchases online; and for some other use.

As shown in Table 5.3, the vast majority of banked households used their bank accounts to pay bills (94.1 percent) or receive income (88.5 percent). Almost all banked 

households (97.1 percent) used their bank accounts for 

at least one of these transactions. In addition, a large 

majority of banked households used their bank accounts 

to save or keep money safe (83.0 percent), make purchases in person (80.6 percent), and make purchases online 

(71.2 percent). Using a bank account to send or receive 

money was less common (36.1 percent). Across these six 

types of transactions, banked households conducted a 

median of five types of transactions using their bank 

accounts.

Bank Branch Visits Among Unbanked Households

Households—unbanked and banked—may visit a bank 

branch for activities other than accessing an account, 

such as asking about products or services. As in earlier 

surveys, the 2021 survey asked unbanked households 

whether they spoke with a teller or other employee in 

person at a bank branch (i.e., visited a bank branch) in 

the past 12 months.39

Figure 5.2 shows that, in 2021, 13.4 percent of 

unbanked households visited a bank branch in the past 

12 months, compared with 16.4 percent in 2019 and 

14.6 percent in 2017.

The likelihood of visiting a bank branch was higher 

among unbanked households that had previously been banked. In 2021, 18.3 percent of unbankedhouseholds that had previously been banked visited a 

bank branch, compared with 8.7 percent of unbanked 

households that had never been banked.

Figure 5.2 Unbanked Households’ Likelihood of 

Visiting a Bank Branch by Previous Bank Account 

Ownership, 2017–2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 29

Slightly lower shares of households with less than 

$15,000 in income and households without a high school 

diploma used their bank accounts to pay bills or receive 

income, compared with higher-income households and 

households with higher levels of education.

Table 5.3 Types of Transactions Conducted Using Bank Accounts by Selected Household Characteristics, 2021

Banked Households, Row Percent

Characteristics Pay Bills Receive 

Income

Save or 

Keep 

Money 

Safe

Send or 

Receive 

Money

Make 

Purchases 

in Person

Make 

Purchases 

Online

Some 

Other Use

None 

Selected

All 94.1 88.5 83.0 36.1 80.6 71.2 1.4 0.7

Family Income

Less Than $15,000 88.0 79.4 68.4 25.8 73.8 49.6 0.9 1.7

$15,000 to $30,000 91.5 85.5 74.4 25.9 78.1 55.3 1.2 0.8

$30,000 to $50,000 93.1 86.3 80.1 30.5 80.1 66.4 1.1 1.1

$50,000 to $75,000 94.7 89.5 84.0 35.1 83.4 75.6 1.1 0.5

At Least $75,000 96.2 91.7 89.2 44.2 81.7 80.5 1.9 0.3

Education

No High School Diploma 87.9 78.9 70.3 21.5 74.7 42.6 0.6 2.0

High School Diploma 92.8 85.6 79.0 27.0 80.9 63.8 0.7 0.8

Some College 94.2 88.7 82.0 34.4 83.8 75.4 1.3 0.6

College Degree 95.7 91.6 87.9 44.9 79.3 77.3 2.1 0.4

Age Group

15 to 24 Years 92.5 83.4 85.8 53.6 88.6 88.2 0.8 1.0

25 to 34 Years 94.2 86.7 84.9 47.1 84.2 84.2 1.2 0.6

35 to 44 Years 94.9 87.5 84.5 42.5 83.6 82.0 1.5 0.6

45 to 54 Years 94.8 86.3 83.8 40.3 83.7 77.6 1.5 0.7

55 to 64 Years 94.5 87.5 82.0 31.1 80.8 69.7 1.3 0.6

65 Years or More 93.0 93.0 80.6 23.7 73.5 51.4 1.6 0.7

Race/Ethnicity

Black 91.6 86.7 76.5 37.1 80.7 70.7 1.5 0.9

Hispanic 91.6 81.0 78.2 38.6 83.1 69.0 0.8 1.2

Asian 95.2 86.1 82.7 49.8 70.6 70.2 2.2 0.4

American Indian or Alaska Native 92.9 87.9 77.1 35.6 82.9 68.2 – 1.6

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA NA NA

White 95.0 90.6 85.2 34.3 80.9 71.8 1.5 0.5

Two or More Races 92.5 89.4 83.7 37.7 80.3 74.6 1.9 0.5

Disability Status

Disabled, Aged 25 to 64 93.1 86.9 73.3 29.5 80.6 65.1 1.3 0.9

Not Disabled, Aged 25 to 64 94.8 87.1 85.0 41.2 83.3 79.7 1.4 0.6

Note: Row percentages sum to more than 100 because households could select more than one type of transaction. NA indicates that 

the sample size is too small to produce a precise estimate. The dash symbol indicates an estimate of zero; the population proportion 

may be slightly greater than zero. See Appendix Table C.7 for estimates by other household characteristics.
30 | 2021 FDIC National Survey of Unbanked and Underbanked Households

2021 FDIC National Survey of Unbanked and Underbanked Households

6. Prepaid Cards and Nonbank Online Payment Services 

40 The survey questions on prepaid cards instructed households not to consider gift cards.

41 FDIC deposit insurance applies only to banks and savings associations. In some instances, nonbanks deposit funds at FDIC-insured banks with the intent 

that pass-through coverage will apply, meaning that the funds would be insured as if deposited at the bank in the name of the consumer. If specific regulatory 

requirements are satisfied, each consumer’s funds are separately insured up to $250,000 in the event of the bank’s failure.

42 The survey questions on nonbank online payment services instructed households not to consider Zelle, which is a service provided by banks.

43 Because of the change in the reference timeframe for having used prepaid cards, the 2021 survey does not capture prepaid card use among households that 

did not use prepaid cards at the time of the survey but did at some point in the 12 months before.See Appendix 2 for changes that the 2021 survey made to the 

introductory description of prepaid cards.

44 Differences in prepaid card use by education were no longer statistically significant after differences in the other household characteristics shown in 

Table 3.6 and bank account ownership were accounted for.

45 The difference by prepaid card use in the likelihood of being very or somewhat interested in having a bank account was no longer statistically significant 

after differences in the household characteristics shown in Table 3.6 were accounted for.

As in previous years, the 2021 survey asked all households 

about their use of general purpose reloadable prepaid cards. 

Consumers can obtain prepaid cards from banks, retail 

stores, websites, employers, government agencies, and 

other sources.40 Many prepaid cards store funds in accounts 

eligible for federal deposit insurance.41

New questions in the 2021 survey asked all households 

about their use of nonbank online payment services 

“with an account feature that allows you to receive and 

store money in the account.” Examples of nonbank online 

payment services are PayPal, Venmo, and Cash App.42 Use 

of nonbank online payment services relies on the user’s 

having access to the internet with either a smartphone or a 

computer. Unless otherwise stated, all online payment services discussed in this section are from nonbank providers.

Some households use prepaid cards and online payment 

services to conduct financial transactions. Banked households often use these products together with their bank 

accounts. Unbanked households may use them to conduct 

many of the same types of transactions that banked households conduct using bank accounts, such as paying bills and 

receiving income.

Prepaid Card Use

In the 2021 survey, households were asked whether they 

were using prepaid cards at the time of the survey. In previous surveys, households were asked whether they used 

prepaid cards in the past 12 months.43 As a result, the share 

of households that used prepaid cards in 2021 is not directly 

comparable to the shares in previous years.

In 2021, 6.9 percent of all households were using prepaid 

cards at the time of the survey.

Prepaid Card Use by Household Characteristics and Bank 

Account Ownership

Prepaid card use differed across households in different 

population segments. For example, as shown in Table 6.1, 

prepaid card use was higher among lower-income 

households, households with no high school diploma, 

Black households, and working-age households with a 

disability.44

Use of prepaid cards in 2021 was more prevalent among 

unbanked households. About one in three unbanked households (32.8 percent) used prepaid cards, compared with 

5.7 percent of banked households. Unbanked households 

that had previously been banked were more likely to use 

prepaid cards (41.1 percent) than those that had never been 

banked (25.0 percent).

Unbanked households that used prepaid cards were more 

interested in having a bank account than unbanked households that did not use prepaid cards. In 2021, 31.6 percent of 

unbanked households that used prepaid cards were very or 

somewhat interested in having a bank account, compared 

with 25.1 percent of unbanked households that did not use 

prepaid cards.45

Transactions Conducted Using Prepaid Cards

The 2021 survey included new questions that asked households about the types of transactions they conducted using 

their prepaid cards over the past 12 months. Specifically, 

households with prepaid cards were asked whether they 

used their prepaid cards to pay monthly bills like rent, 

mortgage, utilities, or child care (i.e., pay bills); receive 

money from work, retirement, or a government agency (i.e., 

receive income); build savings or keep money in a safe place 

(i.e., save or keep money safe); send money to or receive 

money from family or friends (i.e., send or receive money); 
2021 FDIC National Survey of Unbanked and Underbanked Households | 31

make purchases in person; make purchases online; and 

for some other use.

As shown in Table 6.2, among households with prepaid 

cards, almost two in three (65.4 percent) used them 

to make purchases in person, and half (50.5 percent) 

used them to make purchases online. About two in 

five (41.1 percent) used their prepaid cards to pay bills, 

and the same share used their prepaid cards to receive 

income.

More than three in four unbanked households with 

prepaid cards (77.8 percent) used them to pay bills, 

and 64.1 percent used them to receive income. Almost 

nine in ten unbanked households with prepaid cards 

(88.1 percent) used them to pay bills or receive income, 

core financial transactions that most households conduct regularly. In addition, 41.6 percent of unbanked 

households with prepaid cards used them to save or keep 

money safe. 

About one in three banked households with prepaid cards 

(31.2 percent) used them to pay bills, and a similar share 

(34.9 percent) used them to receive income; 46.1 percent 

of banked households with prepaid cards used them to do 

either or both transactions.

Households with lower income and those with less education were more likely to use prepaid cards to pay bills 

or receive income.46

Unbanked households were more likely to use prepaid 

cards to conduct multiple types of transactions, as shown 

in Table 6.3. Almost half of unbanked households with 

prepaid cards (47.6 percent) used them to conduct four or 

more types of transactions in the past 12 months, among 

the six specific types of transactions in the survey, 

almost twice the share of banked households with prepaid cards (24.7 percent). 

Unbanked households with prepaid cards conducted a 

median of three types of transactions using their prepaid 

cards. Banked households with prepaid cards conducted 

a median of two types of transactions using their prepaid 

cards.

46 Some of the differences by household income in the likelihood of using prepaid cards to pay bills or receive income were associated with differences in bank 

account ownership and the other household characteristics shown in Table 3.6.

Table 6.1 Use of Prepaid Cards by Bank Account 

Ownership and Selected Household Characteristics, 2021

All Households, Row Percent

Characteristics Prepaid Card

All 6.9

Bank Account Ownership

Unbanked 32.8

Banked 5.7

Family Income

Less Than $15,000 13.4

$15,000 to $30,000 8.8

$30,000 to $50,000 7.6

$50,000 to $75,000 6.2

At Least $75,000 4.7

Education

No High School Diploma 11.8

High School Diploma 8.5

Some College 7.2

College Degree 4.7

Age Group

15 to 24 Years 9.1

25 to 34 Years 7.4

35 to 44 Years 8.0

45 to 54 Years 8.0

55 to 64 Years 7.1

65 Years or More 4.6

Race/Ethnicity

Black 12.6

Hispanic 7.3

Asian 4.6

American Indian or Alaska Native 11.0

Native Hawaiian or Other Pacific Islander NA

White 5.8

Two or More Races 9.5

Disability Status

Disabled, Aged 25 to 64 13.6

Not Disabled, Aged 25 to 64 6.8

Note: NA indicates that the sample size is too small to produce 

a precise estimate. See Appendix Table D.1 for estimates by 

other household characteristics.
32 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 6.2 Types of Transactions Conducted Using Prepaid Cards by Bank Account Ownership and Selected Household 

Characteristics, 2021

Households Currently Using Prepaid Cards, Row Percent

Characteristics Pay Bills Receive 

Income

Save or 

Keep 

Money Safe

Send or 

Receive 

Money

Make 

Purchases 

in Person

Make 

Purchases 

Online

Some 

Other Use

None 

Selected

All 41.1 41.1 29.5 25.4 65.4 50.5 2.5 12.3

Bank Account Ownership

Unbanked 77.8 64.1 41.6 26.5 76.4 53.4 2.0 4.1

Banked 31.2 34.9 26.2 25.1 62.4 49.7 2.6 14.4

Family Income

Less Than $15,000 64.1 51.4 33.7 24.0 69.0 44.7 1.3 7.4

$15,000 to $30,000 50.7 48.5 32.4 27.0 64.7 49.4 2.7 11.2

$30,000 to $50,000 39.9 40.5 32.6 24.6 64.8 52.2 1.5 13.1

$50,000 to $75,000 36.4 36.4 23.9 27.9 66.8 56.2 3.0 13.0

At Least $75,000 23.3 32.7 25.7 24.6 62.9 50.4 3.5 15.1

Education

No High School Diploma 57.6 56.0 35.4 24.3 69.9 42.1 1.6 9.4

High School Diploma 49.2 44.1 32.3 26.6 64.2 50.1 1.8 10.6

Some College 40.7 42.6 29.9 27.1 67.6 57.4 1.6 11.2

College Degree 24.6 28.9 23.0 22.9 62.0 47.7 4.5 16.5

Age Group

15 to 24 Years NA NA NA NA NA NA NA NA

25 to 34 Years 47.8 44.5 35.2 29.5 68.6 61.9 1.8 12.2

35 to 44 Years 43.2 41.3 32.4 26.6 68.1 56.2 2.3 10.8

45 to 54 Years 40.1 40.9 31.2 26.8 64.7 51.9 2.6 12.7

55 to 64 Years 40.7 43.4 25.1 23.3 65.4 45.2 1.2 10.9

65 Years or More 32.9 35.9 23.6 18.4 59.5 33.0 4.5 15.1

Race/Ethnicity

Black 58.7 46.5 38.0 31.2 67.3 54.2 2.0 11.4

Hispanic 41.4 45.7 30.9 22.9 66.1 51.1 1.8 15.2

Asian NA NA NA NA NA NA NA NA

American Indian or Alaska Native NA NA NA NA NA NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA NA NA

White 34.4 38.8 25.9 24.2 64.7 49.3 2.6 11.3

Two or More Races NA NA NA NA NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 54.8 53.4 31.6 21.5 67.1 46.0 1.8 7.3

Not Disabled, Aged 25 to 64 39.6 39.5 30.8 27.9 66.6 55.7 2.0 12.8

Note: Row percentages sum to more than 100 because households could select more than one type of transaction. NA indicates that 

the sample size is too small to produce a precise estimate. See Appendix Table D.4 for estimates by other household characteristics.

Table 6.3 Number of Types of Transactions Conducted Using Prepaid Cards by Bank Account Ownership, 2021

Households Currently Using Prepaid Cards, Row Percent

0 Types 1 Type 2 Types 3 Types 4 or More Types

All 13.0 19.7 19.7 18.0 29.6

Bank Account Ownership

Unbanked 4.1 9.7 13.1 25.5 47.6

Banked 15.4 22.5 21.4 16.0 24.7

Note: Number of types of transactions is among the six specific types of transactions in the survey—pay bills, receive income, save or 

keep money safe, send or receive money, make purchases in person, and make purchases online—and excludes some other use.
2021 FDIC National Survey of Unbanked and Underbanked Households | 33

Nonbank Online Payment Service Use

In 2021, almost half of all households (46.4 percent) were 

using online payment services at the time of the survey.

Nonbank Online Payment Service Use by Household 

Characteristics and Bank Account Ownership

Higher-income households were more likely to use 

online payment services than lower-income households 

(see Table 6.4). For example, 26.5 percent of households 

with less than $15,000 in income used these services, 

compared with 62.1 percent of households with income of 

$75,000 or more.

Use also varied by education and age. For example, while 

18.3 percent of households with no high school diploma 

used online payment services, 60.6 percent of households 

with a college degree did so. Two-thirds of households 

aged 25 to 34 (66.1 percent) used online payment services, 

compared with 22.9 percent of households aged 65 or older.

A higher share of banked households used online payment services (47.7 percent), compared with unbanked 

households (18.1 percent).

Linking Nonbank Online Payment Service Accounts to 

Other Transaction and Credit Accounts

Households can link their online payment service 

account to one or more bank accounts, credit cards, 

prepaid cards, or other services.47 Linking a bank account 

enables households to transfer funds between their 

online payment service account and their bank account 

and to make payments from the bank account using the 

online payment service.

As shown in Table 6.5, almost three-quarters of 

banked households with online payment services in 

2021 (74.1 percent) linked their online payment service account to their bank account. One in ten banked 

households (10.0 percent) did not link any other types of 

accounts to their online payment service account.48

More than half of unbanked households with online payment services (54.9 percent) did not link any other types 

of accounts to their online payment service account. 

Another 21.3 percent of unbanked households with online 

payment services linked their online payment service 

account to a prepaid card only, and 14.1 percent linked their 

online payment service account to a credit card only.

47 For example, some online payment services can be linked to certain gift cards or other online payment services.

48 Households can use online payment services without having them linked to another account. For example, online payment services can be used to send 

or receive money between family, friends, or businesses. Some of these services offer direct deposit, remote deposit, or both. Some also offer check cashing 

using remote deposit.

Table 6.4 Use of Nonbank Online Payment Services 

by Bank Account Ownership and Selected Household 

Characteristics, 2021

All Households, Row Percent

Characteristics Nonbank Online 

Payment Service

All 46.4

Bank Account Ownership

Unbanked 18.1

Banked 47.7

Family Income

Less Than $15,000 26.5

$15,000 to $30,000 28.5

$30,000 to $50,000 35.8

$50,000 to $75,000 46.4

At Least $75,000 62.1

Education

No High School Diploma 18.3

High School Diploma 32.5

Some College 46.3

College Degree 60.6

Age Group

15 to 24 Years 65.5

25 to 34 Years 66.1

35 to 44 Years 60.1

45 to 54 Years 53.2

55 to 64 Years 39.9

65 Years or More 22.9

Race/Ethnicity

Black 43.4

Hispanic 39.7

Asian 53.6

American Indian or Alaska Native 42.1

Native Hawaiian or Other Pacific Islander NA

White 47.7

Two or More Races 56.6

Disability Status

Disabled, Aged 25 to 64 35.3

Not Disabled, Aged 25 to 64 57.0

Note: NA indicates that the sample size is too small to produce 

a precise estimate. See Appendix Table D.1 for estimates by 

other household characteristics.
34 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 6.5 Linkage of Other Transaction and Credit Accounts to Nonbank Online Payment Service Accounts by Bank 

Account Ownership, 2021

Households Currently Using Nonbank Online Payment Services, Row Percent

Credit Card Bank Account Prepaid Card Other Account Not Linked to Any Account

All 32.8 72.8 1.2 0.6 10.8

Bank Account Ownership

Unbanked 17.4 24.6 6.4 54.9

Banked 33.1 74.1 0.8 0.4 10.0

Note: Unbanked households that used online payment services were not asked whether their online payment service accounts were 

linked to a bank account. Row percentages sum to more than 100 because households could select more than one linked account.

49 Online payment services may enable users to make purchases in person using a smartphone or with an associated debit card.

Transactions Conducted Using Nonbank Online Payment 

Services

The same types of transactions that were asked of households with prepaid cards were asked of households with 

online payment services. As shown in Table 6.6, more 

than one in four households with online payment services 

(27.8 percent) used them to pay bills and close to one in five 

(19.0 percent) used them to receive income.

Banked and unbanked households used online payment 

services differently. For example, among unbanked households that used these services, 64.0 percent used them to 

pay bills compared with 27.2 percent of banked households, 

40.8 percent used them to receive income compared with 

18.7 percent of banked households, and 56.9 percent used 

them to make purchases in person compared with 30.0 percent of banked households.49

More than two-thirds of unbanked households that used 

online payment services (68.8 percent) used them to pay 

bills or receive income, more than twice the share among 

banked households that used online payment services 

(30.7 percent).

Unbanked households were more likely to use online payment services to conduct multiple types of transactions, 

as shown in Table 6.7. Almost half of unbanked households 

with online payment services (47.4 percent) used them 

to conduct four or more types of transactions in the past 

12 months, more than twice the share of banked households with online payment services (19.9 percent).

Unbanked households with online payment services conducted a median of three types of transactions using online 

payment services. Banked households with online payment 

Table 6.6 Types of Transactions Conducted Using Nonbank Online Payment Services by Bank Account Ownership and 

Selected Household Characteristics, 2021

Households Currently Using Nonbank Online Payment Services, Row Percent

Characteristics Pay Bills Receive 

Income

Save or 

Keep 

Money 

Safe

Send or 

Receive 

Money

Make 

Purchases 

in Person

Make 

Purchases 

Online

Some 

Other 

Use

None 

Selected

All 27.8 19.0 22.4 58.2 30.4 63.9 1.8 9.3

Bank Account Ownership

Unbanked 64.0 40.8 32.4 62.6 56.9 66.2 1.9 8.7

Banked 27.2 18.7 22.2 58.1 30.0 63.8 1.8 9.3

Family Income

Less Than $15,000 37.2 24.2 27.2 57.7 36.9 55.7 0.8 12.3

$15,000 to $30,000 33.1 22.7 25.0 54.0 31.7 59.2 1.6 12.6

$30,000 to $50,000 31.2 21.1 25.3 52.5 33.3 63.6 1.5 10.4

$50,000 to $75,000 27.6 19.0 23.2 53.4 32.0 65.8 2.1 9.9

At Least $75,000 25.2 17.4 20.4 62.1 28.3 64.8 2.0 8.0
2021 FDIC National Survey of Unbanked and Underbanked Households | 35

Table 6.7 Number of Types of Transactions Conducted Using Nonbank Online Payment Services by Bank Account 

Ownership, 2021

Households Currently Using Nonbank Online Payment Services, Row Percent

0 Types 1 Type 2 Types 3 Types 4 or More Types

All 9.6 31.9 25.2 13.0 20.4

Bank Account Ownership

Unbanked 8.7 15.1 11.7 17.1 47.4

Banked 9.6 32.1 25.5 12.9 19.9

Note: Number of types of transactions is among the six specific types of transactions in the survey—pay bills, receive income, save or 

keep money safe, send or receive money, make purchases in person, and make purchases online—and excludes some other use.

Characteristics Pay Bills Receive 

Income

Save or 

Keep 

Money 

Safe

Send or 

Receive 

Money

Make 

Purchases 

in Person

Make 

Purchases 

Online

Some 

Other 

Use

None 

Selected

Education

No High School Diploma 39.0 26.7 31.0 53.3 37.4 54.8 1.8 14.0

High School Diploma 31.7 20.1 23.7 50.2 33.8 63.7 1.0 11.1

Some College 29.3 20.5 22.6 54.7 31.5 64.0 1.3 9.6

College Degree 25.1 17.5 21.3 63.0 28.4 64.4 2.4 8.3

Age Group

15 to 24 Years 34.0 18.3 26.7 72.5 35.7 58.1 1.6 6.5

25 to 34 Years 30.8 19.2 24.8 69.3 31.9 60.5 1.4 6.6

35 to 44 Years 27.9 18.4 22.2 62.7 31.8 65.6 2.4 9.1

45 to 54 Years 26.1 18.9 22.3 58.5 30.3 65.2 1.9 9.3

55 to 64 Years 25.4 20.3 20.3 49.9 29.1 63.9 1.8 11.2

65 Years or More 25.0 18.9 19.1 34.1 25.1 67.5 1.8 13.6

Race/Ethnicity

Black 35.4 24.7 30.4 63.1 37.7 57.4 1.7 11.0

Hispanic 34.2 21.0 25.3 58.0 35.9 61.1 1.1 11.2

Asian 25.5 16.6 19.0 59.4 30.3 66.2 1.6 10.5

American Indian or Alaska Native NA NA NA NA NA NA NA NA

Native Hawaiian or Other Pacific 

Islander NA NA NA NA NA NA NA NA

White 25.5 17.8 20.5 57.1 28.0 65.1 2.0 8.6

Two or More Races 25.3 22.6 27.5 62.0 31.1 68.6 3.1 9.2

Disability Status

Disabled, Aged 25 to 64 32.2 22.8 23.8 57.2 36.1 65.6 3.0 10.4

Not Disabled, Aged 25 to 64 27.5 18.8 22.5 61.4 30.5 63.6 1.8 8.7

Note: Row percentages sum to more than 100 because households could select more than one type of transaction. NA indicates that 

the sample size is too small to produce a precise estimate. See Appendix Table D.5 for estimates by other household characteristics.

Table 6.6 Types of Transactions Conducted Using Nonbank Online Payment Services by Bank Account Ownership and 

Selected Household Characteristics, 2021 (continued)

Households Currently Using Nonbank Online Payment Services, Row Percent
36 | 2021 FDIC National Survey of Unbanked and Underbanked Households

services conducted a median of two types of transactions 

using online payment services. 

Table 6.8 orders by frequency of use the types of transactions, alone or in combination, that unbanked and banked 

households conducted using online payment services. 

For unbanked households with online payment services 

in 2021, about one in seven (14.9 percent) used them to 

conduct all six specific types of transactions in the survey. 

Seven of the ten most common combinations of transaction 

types for which unbanked households used online payment 

services included paying bills. For banked households with 

online payment services in 2021, about four in ten (43.5 percent) used online payment services only to send or receive 

money or to make purchases online (15.5 percent send or 

receive money only, 13.8 percent make purchases online 

only, and 14.2 percent send or receive money and make purchases online only).

Table 6.8 Types of Transactions, Alone or in Combination, Conducted Using Nonbank Online Payment Services by Bank 

Account Ownership, 2021

Households Currently Using Nonbank Online Payment Services, Column Percent

A. Unbanked Households

Bundle Pay Bills Receive 

Income

Save or Keep 

Money Safe

Send or Receive 

Money

Make Purchases 

in Person

Make Purchases 

Online Percent

1 X X X X X X 14.9

2 X 7.1

3 X X X X X 5.9

4 X X X X 5.2

5 X X X X X 4.6

6 X X X X 4.3

7 X X X 4.1

8 X X X 4.0

9 X 3.9

10 X X 3.6

Some Other Use (Alone) –

Other Combinations of Transaction Types 33.7

None Selected 8.7

B. Banked Households

Bundle Pay Bills Receive 

Income

Save or Keep 

Money Safe

Send or Receive 

Money

Make Purchases 

in Person

Make Purchases 

Online Percent

1 X 15.5

2 X X 14.2

3 X 13.8

4 X X X X X X 6.0

5 X X X 4.4

6 X X X X X 3.2

7 X X 2.9

8 X X X 2.3

9 X X X 1.5

10 X X 1.5

Some Other Use (Alone) 0.2

Other Combinations of Transaction Types 25.0

None Selected 9.3

Note: Each bundle includes the checked types of transactions only or the checked types of transactions in combination with some 

other use. “Some Other Use (Alone)” includes households that did not choose any of the six specific types of transactions in the 

survey—pay bills, receive income, save or keep money safe, send or receive money, make purchases in person, and make purchases 

online—but indicated some other use. “None Selected” includes households that did not choose any of the six specific types of 

transactions in the survey and also did not indicate some other use. The dash symbol indicates an estimate of zero; the population 

proportion may be slightly greater than zero.
2021 FDIC National Survey of Unbanked and Underbanked Households | 37

2021 FDIC National Survey of Unbanked and Underbanked Households

7. Nonbank Money Orders, Check Cashing, and Money Transfer Services

50 Around 10 percent of the declines in the use of money orders and check cashing between 2017 and 2021 were associated with changes in income and the 

other household characteristics shown in Table 3.6. Even after these changes were accounted for, the remainder of the declines in the use of money orders and 

check cashing across years were statistically significant.

51 The difference in the use of check cashing between American Indian or Alaska Native households and White households was no longer statistically 

significant after differences in the other household characteristics shown in Table 3.6 were accounted for.

As in previous years, the 2021 survey asked all households 

about their use of nonbank money orders and nonbank 

check cashing in the past 12 months. A new question in the 

2021 survey asked all households about their use of nonbank money transfer services in the past 12 months from 

companies like Western Union, MoneyGram, Walmart 

Money Center, or Ria Money Transfer. These companies 

allow customers to pay with cash at physical locations, 

either stores or kiosks, or by using a company website. The 

question differentiated nonbank money transfer services 

from services a customer might access through a bank or 

from online payment services such as PayPal, Venmo, or 

Cash App. Unless otherwise stated, all money orders, check 

cashing, and money transfer services discussed in this 

section are from nonbank providers. 

For households that used each of the three nonbank financial transaction services—money orders, check cashing, 

and money transfer services—in 2021, the survey asked 

follow-up questions about the types of transactions the 

household conducted with these services. Households that 

used money orders were asked whether they used them to 

pay monthly bills like rent, mortgage, utilities, or child care 

(i.e., pay bills); send money to family or friends (i.e., send 

money); make purchases; and for some other use. Households that cashed checks at a place other than a bank were 

asked whether any of the checks were from work, retirement, or a government agency. Households that used money transfer services were asked whether they used them to 

pay bills, send money to or receive money from family or 

friends in the United States (i.e., send or receive money in 

the United States), send money to or receive money from 

family or friends outside the United States (i.e., send or 

receive international remittances), and for some other use. 

Use of Nonbank Money Orders and Check Cashing 

Use of money orders and check cashing declined steadily 

between 2017 and 2021 (see Figure 7.1). Use of money orders 

fell from 14.3 percent in 2017 to 11.9 percent in 2019, and fell 

again to 9.7 percent in 2021. Use of check cashing fell from 

6.4 percent in 2017 to 5.5 percent in 2019, and fell again to 

3.2 percent in 2021.50

In 2021, the population segments that were more likely to 

use money orders were households with less than $15,000 

in income; households with no high school diploma; Black, 

Hispanic, and American Indian or Alaska Native households; and working-age households with a disability (see 

Table 7.1). For example, almost one in five (19.4 percent) 

households with less than $15,000 in income used money 

orders in 2021, compared with 8.5 percent of households 

with income between $50,000 and $75,000. More than one 

in five (21.6 percent) Black households and nearly one in 

five American Indian or Alaska Native (18.8 percent) and 

Hispanic (17.2 percent) households used money orders 

in 2021, compared with 5.8 percent of White households. 

Between 2019 and 2021, use of money orders fell for almost 

every population segment reported in Table 7.1 and did not 

increase for any population segment.

The population segments that were more likely to use check 

cashing in 2021 were households with less than $15,000 

in income; households with no high school diploma; and 

Black, Hispanic, and American Indian or Alaska Native 

households.51 For example, almost one in ten (9.2 percent) households with no high school diploma used check 

cashing in 2021, compared with 3.1 percent of households 

with some college education. Between 2019 and 2021, use 

of check cashing fell for almost every population segment 

reported in Table 7.1.

Figure 7.1 Use of Nonbank Money Orders and Check 

Cashing, 2017–2021 (Percent)
38 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 7.1 Use of Nonbank Money Orders and Check Cashing by Selected Household Characteristics, 2019–2021

All Households, Row Percent

Money Order Check Cashing

Characteristics 2019 2021 Difference

(2021–2019) 2019 2021 Difference(2021–2019)

All 11.9 9.7 -2.2* 5.5 3.2 -2.4*

Family Income

Less Than $15,000 23.0 19.4 -3.6* 11.0 6.9 -4.1*

$15,000 to $30,000 18.2 15.4 -2.8* 9.0 6.0 -3.0*

$30,000 to $50,000 15.2 11.9 -3.3* 7.4 3.8 -3.7*

$50,000 to $75,000 9.6 8.5 -1.1* 4.3 2.4 -1.9*

At Least $75,000 6.0 5.1 -0.9* 2.4 1.4 -1.0*

Education

No High School Diploma 23.3 21.5 -1.9 14.6 9.2 -5.5*

High School Diploma 14.6 12.4 -2.3* 7.1 4.4 -2.7*

Some College 12.9 10.4 -2.5* 5.8 3.1 -2.7*

College Degree 6.8 5.3 -1.5* 2.3 1.3 -0.9*

Age Group

15 to 24 Years 20.2 15.5 -4.7* 9.8 5.8 -4.0*

25 to 34 Years 16.4 11.8 -4.6* 7.0 3.7 -3.3*

35 to 44 Years 13.1 11.1 -2.0* 7.0 4.2 -2.8*

45 to 54 Years 12.5 9.5 -3.0* 5.3 3.6 -1.8*

55 to 64 Years 11.0 10.0 -1.1* 4.7 2.6 -2.0*

65 Years or More 7.1 6.6 -0.5 3.7 1.9 -1.8*

Race/Ethnicity

Black 27.2 21.6 -5.6* 9.6 6.3 -3.3*

Hispanic 20.8 17.2 -3.6* 10.6 5.9 -4.6*

Asian 6.9 6.7 -0.2 2.4 1.9 -0.5

American Indian or Alaska Native 21.0 18.8 -2.1 11.4 6.1 -5.3*

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA

White 7.3 5.8 -1.5* 3.9 2.0 -1.9*

Two or More Races 14.2 12.7 -1.5 3.7 5.6 1.9

Disability Status

Disabled, Aged 25 to 64 21.1 18.7 -2.4* 9.3 5.6 -3.7*

Not Disabled, Aged 25 to 64 12.1 9.5 -2.7* 5.5 3.2 -2.3*

Note: Asterisk indicates differences that are statistically significant at the 10 percent level. NA indicates that the sample size is too 

small to produce a precise estimate. See Appendix Tables E.1 and E.3 for estimates by other household characteristics and for selected 

confidence intervals.
2021 FDIC National Survey of Unbanked and Underbanked Households | 39

Use of money orders and check cashing were lower in 2021 

than in 2019 or 2017 for both unbanked and banked households, as shown in Figures 7.2 and 7.3.52 Almost one-third 

of unbanked households (32.3 percent) used money orders 

in 2021, compared with 8.7 percent of banked households. 

Unbanked households were almost ten times as likely to 

use check cashing (21.8 percent) in 2021 as banked households (2.3 percent). 

Transactions Conducted Using Nonbank Money Orders

For households that used money orders in 2021, Figure 7.4 

reports the share of households that used money orders to 

pay bills, send money, make purchases, or for some other use. Nearly three in four households (72.1 percent) that 

used money orders in 2021 used them to pay bills—the 

most common type of transaction conducted with money 

orders.53 In 2019, almost nine in ten households (87.1 percent) that sometimes or often used money orders used 

them to pay bills.54

52 For unbanked and banked households, less than 10 percent of the declines in the use of money orders and check cashing between 2017 and 2021 were 

associated with changes in income and the other household characteristics shown in Table 3.6. Even after these changes were accounted for, the remainder of 

the declines in the use of money orders and check cashing across years were statistically significant.

53 About one in ten households (11.8 percent) that used money orders in 2021 indicated “some other use” (either alone or in combination with one or more of 

the specific transaction types in the survey). Although not tabulated, common verbatim responses provided by households that indicated “some other use” of 

money orders included alimony or child support payments, bills, deposits, donations, and various fees and taxes. 

54 In the 2019 survey, a different question about using money orders to pay bills was asked only of households that used money orders sometimes or often in 

the past 12 months. Households that used money orders rarely were not asked about using money orders to pay bills.

A household could have used money orders to conduct only 

one type of transaction or to conduct several different types 

of transactions. For households that used money orders 

in 2021, Table 7.2 orders by frequency of use the types of 

transactions, alone or in combination, that unbanked and 

banked households conducted using money orders. 

Figure 7.3 Banked Households’ Use of Nonbank Money 

Orders and Check Cashing, 2017–2021 (Percent)

Figure 7.2 Unbanked Households’ Use of Nonbank 

Money Orders and Check Cashing, 2017–2021 (Percent)

Table 7.2 Types of Transactions, Alone or in 

Combination, Conducted Using Nonbank Money Orders 

by Bank Account Ownership, 2021

Households That Used Nonbank Money Orders in the Past 

12 Months, Column Percent

Bundle Pay Bills Send 

Money

Make 

Purchases Percent

1 X 85.7

2 X 5.0

3 X X 4.3

4 X X 1.0

5 X X X 0.7

6 X 0.5

Some Other Use (Alone) 2.8

Other Combinations of Transaction Types 0.0

A. Unbanked Households

B. Banked Households

Bundle Pay Bills Send 

Money

Make 

Purchases Percent

1 X 65.3

2 X 11.3

3 X 7.3

4 X X 1.8

5 X X X 0.8

6 X X 0.7

7 X X 0.5

Some Other Use (Alone) 12.3

Other Combinations of Transaction Types 0.0

Note: Each bundle includes the checked types of transactions 

only or the checked types of transactions in combination 

with some other use. “Some Other Use (Alone)” includes 

households that did not choose any of the three specific types 

of transactions in the survey—pay bills, send money, and make 

purchases—but indicated some other use.
40 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Almost all unbanked households that used money orders 

(91.3 percent) used them to conduct only one of the three 

specific types of transactions in the survey. Of the remaining unbanked households, 6.0 percent used money orders to 

conduct a combination of transactions, and 2.8 percent did 

not use money orders to conduct any of the three specific 

types of transactions in the survey and instead indicated 

some other use. 

Similarly, almost all banked households that used money 

orders (83.9 percent) used them to conduct only one of the 

three specific types of transactions in the survey. Of the 

remaining banked households, 3.9 percent used money orders to conduct a combination of transactions, and 

12.3 percent did not use money orders to conduct any of 

the three specific types of transactions in the survey and 

instead indicated some other use.

For households that used money orders in 2021, Table 7.3 

reports, by household characteristics, the types of transactions conducted using money orders. Households with less 

than $15,000 in income, households with no high school 

diploma, Black households, and working-age households 

with a disability were among the households most likely to 

use money orders to pay bills.55

As shown in Figure 7.5, paying bills was the most common type of transaction among both unbanked households (91.7 percent) and banked households (68.6 percent) 

that used money orders. Sending money was the second-most common transaction, conducted by 10.0 percent of unbanked households and 14.4 percent of banked 

households.

Cashing Checks From Work, Retirement, or a Government 

Agency

Among households that used check cashing in 2021, more 

than two-thirds (68.4 percent) cashed a check from work, 

retirement, or a government agency (see Table 7.4). Households with less than $15,000 in income (82.0 percent), 

households with no high school diploma (74.9 percent), and 

households aged 34 or younger (79.1 percent) were more 

likely than other segments of the population to cash a 

check from work, retirement, or a government agency. 

55 The difference in the use of money orders to pay bills between working-age households with a disability and working-age households without a disability 

was no longer statistically significant after differences in the other household characteristics shown in Table 3.6 were accounted for.

Four in five unbanked households (80.0 percent) that used 

check cashing cashed a check from work, retirement, or 

a government agency, as did about two in three banked 

households (63.3 percent). 

Use of Nonbank Money Transfer Services

In 2021, 7.0 percent of all households used money transfer 

services from companies like Western Union, MoneyGram, Walmart Money Center, or Ria Money Transfer (see 

Table 7.5). 

Figure 7.5 Types of Transactions Conducted Using 

Nonbank Money Orders Among Households That Used 

Nonbank Money Orders by Bank Account Ownership, 

2021 (Percent)

Note: Bars sum to more than 100 percent because households could select more 

than one type of transaction.

Figure 7.4 Types of Transactions Conducted Using 

Nonbank Money Orders Among Households That Used 

Nonbank Money Orders, 2021 (Percent)

Note: Bars sum to more than 100 percent because households could select more 

than one type of transaction.
2021 FDIC National Survey of Unbanked and Underbanked Households | 41

Table 7.3 Types of Transactions Conducted Using Nonbank Money Orders by Selected Household Characteristics, 2021

Households That Used Nonbank Money Orders in the Past 12 Months, Row Percent

Characteristics Pay Bills Send Money Make Purchases Some Other Use

All 72.1 13.7 8.3 11.8

Family Income

Less Than $15,000 88.3 5.0 4.1 6.9

$15,000 to $30,000 82.7 10.2 6.3 7.4

$30,000 to $50,000 77.5 15.6 4.9 7.9

$50,000 to $75,000 64.7 18.7 7.6 15.1

At Least $75,000 46.3 19.4 18.6 22.4

Education

No High School Diploma 86.0 12.5 3.6 5.6

High School Diploma 79.8 10.4 5.8 8.9

Some College 72.1 15.0 8.2 10.3

College Degree 49.9 17.6 15.8 22.8

Age Group

15 to 24 Years 79.9 6.3 7.2 8.8

25 to 34 Years 71.7 12.8 9.5 13.4

35 to 44 Years 73.4 13.0 8.8 11.6

45 to 54 Years 71.8 14.6 6.8 12.8

55 to 64 Years 70.7 14.2 7.3 12.8

65 Years or More 69.6 17.2 9.4 9.5

Race/Ethnicity

Black 80.6 12.1 4.8 9.1

Hispanic 76.0 15.7 6.4 10.0

Asian NA NA NA NA

American Indian or Alaska Native NA NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA NA

White 65.5 12.1 11.5 15.1

Two or More Races NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 81.9 10.2 4.7 9.2

Not Disabled, Aged 25 to 64 69.2 14.5 9.1 13.5

Note: Row percentages sum to more than 100 because households could select more than one type of transaction. NA indicates that 

the sample size is too small to produce a precise estimate. See Appendix Table E.2 for estimates by other household characteristics.
42 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 7.5 Use of Nonbank Money Transfer Services 

by Bank Account Ownership and Selected Household 

Characteristics, 2021

All Households, Row Percent

Characteristics Nonbank Money 

Transfer Service

All 7.0

Bank Account Ownership

Unbanked 15.5

Banked 6.6

Family Income

Less Than $15,000 9.8

$15,000 to $30,000 9.0

$30,000 to $50,000 8.1

$50,000 to $75,000 6.6

At Least $75,000 5.3

Education

No High School Diploma 13.8

High School Diploma 7.2

Some College 6.6

College Degree 5.8

Age Group

15 to 24 Years 9.5

25 to 34 Years 8.9

35 to 44 Years 8.7

45 to 54 Years 8.8

55 to 64 Years 6.5

65 Years or More 3.5

Race/Ethnicity

Black 12.5

Hispanic 15.4

Asian 12.0

American Indian or Alaska Native 15.6

Native Hawaiian or Other Pacific Islander NA

White 3.5

Two or More Races 7.7

Disability Status

Disabled, Aged 25 to 64 8.7

Not Disabled, Aged 25 to 64 8.1

Citizenship and Place of Birth

U.S.-Born 4.7

Foreign-Born Citizen 15.5

Foreign-Born Noncitizen 25.7

Note: NA indicates that the sample size is too small to produce 

a precise estimate. See Appendix Table E.5 for estimates by 

other household characteristics.

Table 7.4 Cashing Checks From Work, Retirement, or 

a Government Agency Using Nonbank Check Cashing 

by Bank Account Ownership and Selected Household 

Characteristics, 2021

Households That Used Nonbank Check Cashing in the Past 

12 Months, Row Percent

Characteristics

 Cash Checks From 

Work, Retirement, 

or a Government 

Agency

All 68.4

Bank Account Ownership

Unbanked 80.0

Banked 63.3

Family Income

Less Than $15,000 82.0

$15,000 to $30,000 73.4

$30,000 to $50,000 69.0

$50,000 to $75,000 58.1

At Least $75,000 52.9

Education

No High School Diploma 74.9

High School Diploma 78.2

Some College 65.0

College Degree 45.3

Age Group

15 to 24 Years NA

25 to 34 Years 79.9

35 to 44 Years 70.9

45 to 54 Years 69.8

55 to 64 Years 60.7

65 Years or More 52.7

Race/Ethnicity

Black 75.1

Hispanic 71.4

Asian NA

American Indian or Alaska Native NA

Native Hawaiian or Other Pacific Islander NA

White 63.1

Two or More Races NA

Disability Status

Disabled, Aged 25 to 64 71.7

Not Disabled, Aged 25 to 64 70.6

Note: NA indicates that the sample size is too small to produce 

a precise estimate. See Appendix Table E.4 for estimates by 

other household characteristics.
2021 FDIC National Survey of Unbanked and Underbanked Households | 43

One in four foreign-born noncitizen households (25.7 percent) used money transfer services in 2021. Other population segments that were more likely to use money transfer 

services were households with no high school diploma; 

Black, Hispanic, Asian, and American Indian or Alaska 

Native households; and foreign-born citizen households.56

About one in seven unbanked households (15.5 percent) 

used money transfer services in 2021, more than double the 

share of banked households (6.6 percent).

Transactions Conducted Using Nonbank Money Transfer 

Services

Among households that used money transfer services 

in 2021, the most common transactions conducted were 

sending or receiving international remittances (39.6 percent) and sending or receiving money in the United States 

(36.9 percent) (see Figure 7.6). One in four households that 

used money transfer services (25.4 percent) used them to 

pay bills.57

A household could have used money transfer services to 

conduct only one type of transaction or to conduct several 

different types of transactions. For households that used 

money transfer services in 2021, Table 7.6 orders by frequency of use the types of transactions, alone or in combination, that unbanked and banked households conducted 

using money transfer services. 

56 Differences in the use of money transfer services between Asian households and White households and between households with no high school diploma 

and households with a college degree were no longer statistically significant after differences in the other household characteristics shown in Table 3.6 were 

accounted for.

57 About one in twenty households (5.5 percent) that used money transfer services in 2021 indicated “some other use” (either alone or in combination with one 

or more of the specific transaction types in the survey). Although not tabulated, common verbatim responses provided by households that indicated “some 

other use” of money transfer services included payments and purchases, sending money to others, donations, and transfers between accounts.

Almost all unbanked households that used money transfer 

services (87.5 percent) used them to conduct only one of the 

three specific types of transactions in the survey. Of the 

remaining unbanked households, 12.0 percent used money 

transfer services to conduct a combination of transactions, 

and 0.5 percent did not use money transfer services to conTable 7.6 Types of Transactions, Alone or in 

Combination, Conducted Using Nonbank Money Transfer 

Services by Bank Account Ownership, 2021

Households That Used Nonbank Money Transfer Services in the 

Past 12 Months, Column Percent

A. Unbanked Households

Bundle Pay 

Bills

Send or 

Receive 

Money in the 

United States

Send or 

Receive 

International 

Remittances

Percent

1 X 37.2

2 X 26.6

3 X 23.7

4 X X 5.6

5 X X X 2.6

6 X X 2.4

7 X X 1.4

Some Other Use (Alone) 0.5

Other Combinations of Transaction Types 0.0

B. Banked Households

Bundle Pay 

Bills

Send or 

Receive 

Money in the 

United States

Send or 

Receive 

International 

Remittances

Percent

1 X 36.0

2 X 31.6

3 X 20.4

4 X X 3.5

5 X X 1.4

6 X X 0.6

7 X X X 0.5

Some Other Use (Alone) 5.9

Other Combinations of Transaction Types 0.0

Note: Each bundle includes the checked types of transactions 

only or the checked types of transactions in combination 

with some other use. “Some Other Use (Alone)” includes 

households that did not choose any of the three specific 

types of transactions in the survey—pay bills, send or receive 

money in the United States, and send or receive international 

remittances—but indicated some other use.

Figure 7.6 Types of Transactions Conducted Using 

Nonbank Money Transfer Services Among Households 

That Used Nonbank Money Transfer Services, 2021 

(Percent)

Note: Bars sum to more than 100 percent because households could select more 

than one type of transaction.
44 | 2021 FDIC National Survey of Unbanked and Underbanked Households

duct any of the three specific types of transactions in the 

survey and instead indicated some other use.

Similarly, almost all banked households that used money transfer services (88.0 percent) used them to conduct 

only one of the three specific types of transactions in the 

survey. Of the remaining banked households, 6.0 percent 

used money transfer services to conduct a combination of 

transactions, and 5.9 percent did not use money transfer services to conduct any of the three specific types of 

transactions in the survey and instead indicated some 

other use.

For households that used money transfer services in 2021, 

Table 7.7 reports, by household characteristics, the types 

of transactions conducted using money transfer services. 

Use of money transfer services to pay bills, for example, 

was higher among lower-income households, and use 

of money transfer services to send or receive money in 

the United States was higher among older households. 

Table 7.7 Types of Transactions Conducted Using Nonbank Money Transfer Services by Selected Household 

Characteristics, 2021

Households That Used Nonbank Money Transfer Services in the Past 12 Months, Row Percent

Characteristics Pay Bills Send or Receive Money 

in the United States

Send or Receive 

International Remittances Some Other Use

All 25.4 36.9 39.6 5.5

Family Income

Less Than $15,000 39.8 34.1 29.2 3.4

$15,000 to $30,000 28.1 40.2 35.5 3.1

$30,000 to $50,000 29.6 34.8 39.3 4.9

$50,000 to $75,000 23.7 35.8 42.0 7.1

At Least $75,000 15.3 38.6 45.3 7.5

Education

No High School Diploma 23.6 37.6 49.1 3.3

High School Diploma 30.8 36.6 37.4 3.0

Some College 29.7 41.9 28.1 6.9

College Degree 18.6 32.9 45.9 7.5

Age Group

15 to 24 Years NA NA NA NA

25 to 34 Years 26.8 32.0 41.1 7.8

35 to 44 Years 21.6 35.2 48.6 3.5

45 to 54 Years 26.7 36.6 40.3 3.5

55 to 64 Years 22.4 39.1 39.3 6.9

65 Years or More 22.9 48.7 27.3 7.0

Race/Ethnicity

Black 31.7 46.9 26.2 3.8

Hispanic 21.9 25.9 57.4 3.8

Asian 9.8 18.7 79.0 3.8

American Indian or Alaska Native NA NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA NA

White 28.4 46.1 20.6 9.0

Two or More Races NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 35.8 48.4 23.0 4.9

Not Disabled, Aged 25 to 64 22.8 33.7 45.3 5.4

Citizenship and Place of Birth

U.S.-Born 32.6 46.4 19.2 7.7

Foreign-Born Citizen 13.0 30.1 62.5 3.0

Foreign-Born Noncitizen 17.5 18.7 71.9 2.3

Note: Row percentages sum to more than 100 because households could select more than one type of transaction. NA indicates that 

the sample size is too small to produce a precise estimate. See Appendix Table E.6 for estimates by other household characteristics.
2021 FDIC National Survey of Unbanked and Underbanked Households | 45

Asian households, Hispanic households, and foreign-born 

(citizen and noncitizen) households were more likely to use 

money transfer services to send or receive international 

remittances. 

As shown in Figure 7.7, paying bills was the most common 

type of transaction among unbanked households (47.8 percent) that used money transfer services in 2021, followed by 

sending or receiving money in the United States (36.2 percent), and sending or receiving international remittances 

(30.1 percent). Among banked households that used money 

transfer services in 2021, the most common type of transaction was sending or receiving international remittances 

(40.6 percent), followed by sending or receiving money in the United States (37.0 percent), and paying bills 

(22.9 percent).

58 The percentages displayed in Table 7.7 are among households that used money transfer services in the past 12 months. Table 7.7 reports that, among 

households that used money transfer services, four in ten (39.6 percent) used them to send or receive international remittances. As a percentage of all

households in 2021, 2.8 percent sent or received international remittances.

59 In 2019, the question was, “In the past 12 months, did you or anyone in your household send money to family or friends living outside of the U.S. through a 

service that is not a bank?” In 2017, the question consisted of two parts. The first part was, “In the last 12 months, that is since June 2016, did you or someone 

else in your household send money to family or friends living outside of the U.S.?” The second part was, “When sending money abroad in the last 12 months, 

did you or someone else in your household use... (Mark all that apply.) A bank? A place other than a bank? Other (Specify).”

60 Specifically, the question in the 2021 survey was about sending or receiving international remittances, while the questions in the 2017 and 2019 surveys 

were about sending international remittances only. The United States is a net sender of international remittances and has many times greater outflows 

of international remittances than inflows, so it is likely that including inflows would not substantially increase the reported rate of using international 

remittances in 2017 and 2019.

Nonbank International Remittances

As discussed earlier, in the 2021 survey, households that 

used money transfer services in the past 12 months were 

asked follow-up questions including whether they used 

these services to send money to or receive money from 

family or friends outside the United States (i.e., send or 

receive international remittances). In 2021, 2.8 percent of 

all households sent or received international remittances.58 In 2017 and 2019, households were asked whether they 

used a nonbank service to send money to family or friends 

outside the United States in the past 12 months (i.e., send 

international remittances), with the questions phrased differently in 2017 and 2019.59 In 2017, 3.7 percent of all households sent international remittances, and in 2019, the share 

was 5.5 percent. Because of differences in question wording 

between the 2021 survey and the 2017 and 2019 surveys, 

the share of households that sent or received international 

remittances in 2021 is not directly comparable to the shares 

of households that sent international remittances in 2017 

and 2019.60

The population segments that were more likely to send 

international remittances in 2017 and 2019 (see Table 7.8) 

were similar to the population segments that were more 

likely to send or receive international remittances in 2021 

(see Table 7.9).

Figure 7.7 Types of Transactions Conducted Using 

Nonbank Money Transfer Services Among Households 

That Used Nonbank Money Transfer Services by Bank 

Account Ownership, 2021 (Percent)

Note: Bars sum to more than 100 percent because households could select more 

than one type of transaction.
46 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 7.9 Sending or Receiving Nonbank International 

Remittances by Bank Account Ownership and Selected 

Household Characteristics, 2021

All Households, Row Percent

Characteristics

Send or Receive 

International 

Remittances

All 2.8

Bank Account Ownership

Unbanked 4.7

Banked 2.7

Family Income

Less Than $15,000 2.9

$15,000 to $30,000 3.2

$30,000 to $50,000 3.2

$50,000 to $75,000 2.8

At Least $75,000 2.4

Education

No High School Diploma 6.8

High School Diploma 2.7

Some College 1.9

College Degree 2.6

Age Group

15 to 24 Years 2.7

25 to 34 Years 3.7

35 to 44 Years 4.2

45 to 54 Years 3.6

55 to 64 Years 2.5

65 Years or More 1.0

Race/Ethnicity

Black 3.3

Hispanic 8.9

Asian 9.5

American Indian or Alaska Native 4.1

Native Hawaiian or Other Pacific Islander NA

White 0.7

Two or More Races 3.5

Disability Status

Disabled, Aged 25 to 64 2.0

Not Disabled, Aged 25 to 64 3.7

Citizenship and Place of Birth

U.S.-Born 0.9

Foreign-Born Citizen 9.7

Foreign-Born Noncitizen 18.5

Note: NA indicates that the sample size is too small to produce 

a precise estimate. See Appendix Table E.7 for estimates by 

other household characteristics.

Table 7.8 Sending Nonbank International Remittances 

by Bank Account Ownership and Selected Household 

Characteristics, 2017–2019

All Households, Row Percent

Characteristics 2017 2019

All 3.7 5.5

Bank Account Ownership

Unbanked 6.4 9.4

Banked 3.5 5.3

Family Income

Less Than $15,000 3.9 4.8

$15,000 to $30,000 4.9 6.3

$30,000 to $50,000 5.1 7.0

$50,000 to $75,000 3.6 6.2

At Least $75,000 2.4 4.4

Education

No High School Diploma 11.3 14.7

High School Diploma 3.4 5.5

Some College 2.5 4.1

College Degree 3.0 4.5

Age Group

15 to 24 Years 3.2 7.1

25 to 34 Years 4.9 7.2

35 to 44 Years 6.2 8.5

45 to 54 Years 4.8 6.6

55 to 64 Years 2.9 4.4

65 Years or More 1.3 2.5

Race/Ethnicity

Black 4.2 6.1

Hispanic 15.6 20.2

Asian 8.7 13.3

American Indian or Alaska Native 1.3 0.3

Native Hawaiian or Other Pacific Islander NA NA

White 0.9 1.7

Two or More Races 1.4 3.1

Disability Status

Disabled, Aged 25 to 64 2.5 3.3

Not Disabled, Aged 25 to 64 5.0 7.0

Citizenship and Place of Birth 

U.S.-Born 1.2 2.0

Foreign-Born Citizen 13.4 20.6

Foreign-Born Noncitizen 24.3 32.6

Note: NA indicates that the sample size is too small to produce a 

precise estimate.
2021 FDIC National Survey of Unbanked and Underbanked Households | 47

2021 FDIC National Survey of Unbanked and Underbanked Households

8. Banked Households: Conducting Financial Transactions

The three previous sections separately examined household use of bank accounts (section 5); prepaid cards and 

nonbank online payment services (section 6); and nonbank money orders, check cashing, and money transfer 

services (section 7). This section examines the joint use 

of these six products and services by banked households 

to meet a range of financial transaction needs. Unless 

otherwise stated, all money orders, check cashing, money 

transfer services, and online payment services discussed 

in this section are from nonbank providers.

Pay Bills or Receive Income

Paying bills and receiving income are core financial 

transactions that most households conduct regularly. In 2021, almost all banked households (97.1 percent) 

used their bank accounts to pay monthly bills like rent, 

mortgage, utilities, or child care (i.e., pay bills) or receive 

money from work, retirement, or a government agency 

(i.e., receive income), and three in four banked households (75.2 percent) exclusively used their bank accounts 

to conduct these transactions (see Table 8.1). Households 

with less than $15,000 in income, households with no 

high school diploma, households aged 34 or younger, 

Black and Hispanic households, working-age households 

with a disability, and unemployed households were the 

least likely to exclusively use their bank accounts to pay 

bills or receive income. However, roughly two in three 

banked households in each of these population segments 

exclusively used their bank accounts to conduct these 

transactions.

One in seven banked households (14.7 percent) used 

online payment services to pay bills or receive income. 

Among the population segments most likely to do so 

were households with income of $75,000 or more and 

households aged 44 or younger (and especially those 

aged 34 or younger). 

About 3 percent of banked households used prepaid cards 

to pay bills or receive income, while 5.9 percent and 

1.5 percent, respectively, used money orders and money 

transfer services to pay bills. And 1.5 percent of banked 

households used check cashing to receive income. 

Households that primarily used mobile banking to access 

their bank accounts were less likely to rely exclusively on 

their bank accounts to pay bills or receive income than 

households that accessed their bank accounts using other 

methods (see Table 8.2). Households that primary used 

mobile banking were more likely to use online payment 

services for these transactions than households that 

primarily used other access methods. Households that 

primarily used an ATM or bank kiosk to access their bank 

accounts were more likely to use prepaid cards, money 

orders, or money transfer services to pay bills or receive 

income than households that primarily accessed their 

bank accounts using a bank teller, online banking, or 

mobile banking.

Table 8.1 Methods Banked Households Used to Pay Bills or Receive Income by Selected Household Characteristics, 2021

Banked Households, Row Percent

Characteristics Any 

Method

Bank 

Account

Bank 

Account 

Only

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

All 97.7 97.1 75.2 14.7 2.6 5.9 1.5 1.5

Family Income

Less Than $15,000 95.3 94.0 67.0 11.3 4.2 14.3 2.9 3.3

$15,000 to $30,000 97.1 96.3 73.9 10.3 3.4 10.6 2.9 1.8

$30,000 to $50,000 97.4 96.6 74.7 12.6 3.0 8.3 1.8 2.1

$50,000 to $75,000 98.1 97.5 76.3 14.4 2.7 5.0 1.2 1.5

At Least $75,000 98.3 98.0 76.9 17.7 1.8 2.3 0.7 0.8
48 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Characteristics Any 

Method

Bank 

Account

Bank 

Account 

Only

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

Education

No High School Diploma 95.7 93.9 67.8 8.5 4.4 16.1 4.1 2.7

High School Diploma 97.4 96.7 75.5 11.1 3.2 8.4 2.4 1.7

Some College 97.7 97.3 74.2 15.2 3.0 6.6 1.4 1.7

College Degree 98.2 97.8 76.9 17.3 1.7 2.5 0.5 1.0

Age Group

15 to 24 Years 96.1 95.0 59.1 23.4 3.2 11.4 3.4 4.1

25 to 34 Years 97.5 96.8 66.0 22.8 2.9 7.3 2.0 2.1

35 to 44 Years 97.7 96.9 70.4 18.9 2.9 7.1 2.1 1.6

45 to 54 Years 97.8 97.1 73.6 16.3 3.1 5.3 1.5 1.9

55 to 64 Years 97.7 97.2 77.7 12.0 2.9 5.7 0.9 1.1

65 Years or More 98.0 97.7 85.5 6.7 1.7 4.1 0.7 0.7

Race/Ethnicity

Black 97.3 96.1 63.4 16.8 4.6 15.5 2.9 3.6

Hispanic 96.0 94.6 66.8 15.7 3.2 11.1 2.8 2.7

Asian 98.1 97.5 77.5 15.8 1.4 3.6 0.6 1.1

American Indian or Alaska Native 96.2 95.7 68.6 14.3 3.7 10.9 3.0 3.9

Native Hawaiian or Other Pacific 

Islander NA NA NA NA NA NA NA NA

White 98.1 97.8 79.1 13.9 2.2 3.3 1.0 0.9

Two or More Races 97.8 97.2 70.0 18.0 3.5 7.0 2.6 1.5

Disability Status

Disabled, Aged 25 to 64 97.3 96.5 68.7 13.5 5.2 12.8 2.2 2.7

Not Disabled, Aged 25 to 64 97.7 97.1 72.5 17.8 2.7 5.5 1.6 1.5

Employment Status

Employed 97.8 97.3 72.4 18.1 2.5 5.6 1.6 1.6

Unemployed 97.1 95.6 65.0 17.2 6.6 11.0 3.7 2.2

Not in Labor Force 97.5 97.1 81.1 8.4 2.5 6.1 1.0 1.2

Note: NA indicates that the sample size is too small to produce a precise estimate.

Table 8.1 Methods Banked Households Used to Pay Bills or Receive Income by Selected Household Characteristics, 2021 

(continued)

Banked Households, Row Percent

Table 8.2 Methods Banked Households Used to Pay Bills or Receive Income by Primary Method of Bank Account Access, 

2021

Banked Households, Row Percent

Any 

Method

Bank 

Account

Bank 

Account 

Only

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

All 97.7 97.1 75.2 14.7 2.6 5.9 1.5 1.5

Primary Method of Bank Account Access

Bank Teller 97.2 96.3 82.1 5.5 2.2 7.5 1.8 1.3

ATM/Kiosk 97.0 96.3 73.8 11.5 3.5 9.0 1.9 2.3

Telephone Banking 98.3 97.8 80.0 7.7 3.1 7.6 1.7 2.0

Online Banking 98.0 97.7 80.3 14.1 1.9 2.0 0.4 0.7

Mobile Banking 98.2 97.7 70.4 20.2 2.8 6.2 1.7 1.6

Other 96.3 96.3 74.7 9.5 2.6 8.8 4.0 2.7

Did Not Access Bank Account 91.0 89.2 77.9 5.0 1.6 6.1 0.6 1.3
2021 FDIC National Survey of Unbanked and Underbanked Households | 49

A household could have used one or more of the six methods in the survey to pay bills or receive income. For all 

banked households, Table 8.3 orders by frequency of use, 

alone or in combination, the methods that banked households used to conduct either transaction in 2021. The vast 

majority of banked households (75.2 percent) exclusively 

used their bank accounts to pay bills or receive income 

in 2021. Most of the remaining households—18.9 percent 

overall—used their bank accounts in combination with 

exactly one other method. For example, 12.6 percent used 

their bank accounts in combination with online payment 

services, the most frequent combination. And 3.7 percent 

used their bank accounts and money orders, the secondmost frequent combination. 

Figure 8.1 shows the methods used to pay bills or receive 

income in 2021 among the 2.9 percent of banked households 

that did not use their bank accounts to conduct these transactions. The most frequently used methods were money 

orders, used by 9.0 percent of these households, and online 

payment services, used by 8.0 percent of these households.

Table 8.3 Methods Banked Households Used, Alone or in Combination, to Pay Bills or Receive Income, 2021

Banked Households, Column Percent

Bundle Bank 

Account

Nonbank Online 

Payment Service Prepaid Card Nonbank Money Order

Nonbank Check 

Cashing

Nonbank Money 

Transfer Service Percent

1 X 75.2

2 X X 12.6

3 X X 3.7

4 X X 1.5

5 X X X 0.7

6 X X 0.6

7 X X X 0.5

8 X X 0.5

9 X X X 0.4

10 X X X 0.2

Other Combinations of Methods 1.7

Did Not Use Any of These Methods 2.3

Figure 8.1 Methods Used to Pay Bills or Receive Income Among Banked Households That Did Not Use Their Bank 

Accounts to Pay Bills or Receive Income, 2021 (Percent)
50 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Make Purchases in Person or Online

The 2021 survey asked households about their use of bank 

accounts, online payment services, prepaid cards, and 

money orders to make purchases in person and online. 

Nine in ten banked households (89.6 percent) made purchases in person or online in 2021 using at least one of 

these four methods (see Table 8.4). Other methods that 

banked households could have used to make purchases 

that were not included in the 2021 survey are cash and 

credit cards. The vast majority of banked households used 

bank accounts for in-person purchases (80.6 percent) and 

for online purchases (71.2 percent). 

Compared with higher-income households, households with less than $15,000 in income were less likely 

to use their bank accounts to make purchases in person 

(73.8 percent) or online (49.6 percent) and were also less 

likely to use online payment services to make online 

purchases (15.7 percent). Compared with older households, households aged 24 or younger were more likely 

Table 8.4 Methods Banked Households Used to Make Purchases in Person or Online by Selected Household 

Characteristics, 2021

Banked Households, Row Percent

Characteristics Any 

Method

Bank 

Account, 

in Person

Bank 

Account, 

Online

Nonbank 

Online 

Payment 

Service,

in Person

Nonbank 

Online 

Payment 

Service, 

Online

Prepaid 

Card,

in Person

Prepaid 

Card, 

Online

Nonbank 

Money 

Order

All 89.6 80.6 71.2 14.3 30.5 3.5 2.8 0.8

Family Income

Less Than $15,000 81.2 73.8 49.6 10.0 15.7 5.0 3.4 0.8

$15,000 to $30,000 84.9 78.1 55.3 8.8 17.3 3.7 2.9 0.9

$30,000 to $50,000 88.3 80.1 66.4 12.0 23.2 4.1 3.3 0.6

$50,000 to $75,000 91.3 83.4 75.6 14.9 30.9 3.7 3.2 0.6

At Least $75,000 92.5 81.7 80.5 17.6 40.4 2.9 2.3 0.9

Education

No High School Diploma 79.8 74.7 42.6 7.1 11.1 5.2 3.3 0.7

High School Diploma 87.8 80.9 63.8 10.9 21.2 3.8 3.0 0.7

Some College 91.3 83.8 75.4 14.5 30.0 3.9 3.4 0.8

College Degree 91.0 79.3 77.3 17.3 39.3 2.8 2.2 0.8

Age Group

15 to 24 Years 95.6 88.6 88.2 23.3 38.2 4.4 4.4 1.2

25 to 34 Years 93.8 84.2 84.2 21.3 41.1 3.7 3.4 1.2

35 to 44 Years 93.4 83.6 82.0 19.4 40.7 4.2 3.7 1.0

45 to 54 Years 92.1 83.7 77.6 16.5 36.2 4.1 3.4 0.6

55 to 64 Years 89.8 80.8 69.7 11.9 26.4 3.7 2.7 0.7

65 Years or More 82.2 73.5 51.4 5.9 15.9 2.5 1.5 0.6

Race/Ethnicity

Black 88.6 80.7 70.7 16.7 26.1 5.5 4.7 1.1

Hispanic 89.6 83.1 69.0 15.1 26.2 4.0 3.2 1.2

Asian 87.1 70.6 70.2 16.7 36.4 2.7 1.7 0.8

American Indian or Alaska Native 91.8 82.9 68.2 15.7 29.2 6.1 3.6 1.8

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA NA NA

White 89.9 80.9 71.8 13.4 31.5 3.1 2.4 0.7

Two or More Races 94.4 80.3 74.6 17.0 38.9 4.7 5.5 2.2

Disability Status

Disabled, Aged 25 to 64 88.9 80.6 65.1 13.6 25.3 5.6 4.2 0.8

Not Disabled, Aged 25 to 64 92.6 83.3 79.7 17.5 37.1 3.7 3.2 0.9

Note: NA indicates that the sample size is too small to produce a precise estimate.
2021 FDIC National Survey of Unbanked and Underbanked Households | 51

to use their bank accounts to make purchases in person 

(88.6 percent) or online (88.2 percent) and to use online 

payment services to make purchases in person (23.3 percent) or online (38.2 percent).

A household could have used one or more methods to 

make purchases. For all banked households, Table 8.5 

orders by frequency of use, alone or in combination, the 

methods that banked households used to make purchases 

in 2021. Half of banked households (54.9 percent) exclusively used their bank accounts to make purchases in 2021, 

and 27.9 percent used both bank accounts and online payment services but did not use any other method to make 

purchases.61

Figures 8.2 and 8.3 show the methods used to make 

purchases in person and to make purchases online, 

respectively, for banked households that did not use their 

bank accounts for those transactions. The 19.4 percent 

of households that did not use their bank accounts to 

make purchases in person were more likely to use online 

payment services than prepaid cards to make in-person 

purchases.62 Likewise, the 28.8 percent of households that 

did not use their bank accounts to make online purchases were more likely to use online payment services than 

prepaid cards to make online purchases.

61 Banked households that used both bank accounts and online payment services but did not use any other method to make purchases include households that 

used the combinations of methods described in bundles 3, 4, 6, 8, and 9 in Table 8.5, as well as certain other combinations of methods that are not shown in 

Table 8.5.

62 Online payment services may enable users to make purchases in person using a smartphone or with an associated debit card.

Send or Receive Money

The 2021 survey asked households about their use of bank 

accounts, online payment services, and prepaid cards to 

send money to or receive money from family or friends 

(i.e., send or receive money); money orders to send money 

to family or friends (i.e., send money); and money transfer 

services to send money to or receive money from family or 

friends in the United States (i.e., send or receive money in 

the United States) and outside the United States (i.e., send 

or receive international remittances). About half of banked 

households (48.0 percent) used at least one of these five 

methods to send or receive money in 2021 (see Table 8.6). 

Some banked households may not have sent or received 

money in 2021, while others could have sent or received 

money using methods not included in the survey, such as 

cash.

Two in three banked households aged 34 or younger 

(65.7 percent) used at least one of the five methods in the 

survey to send or receive money in 2021, a higher share 

than older households. About half of banked households 

aged 34 or younger (48.5 percent) used bank accounts, 

and a similar share used online payment services 

(47.5 percent). 

Table 8.5 Methods Banked Households Used, Alone or in Combination, to Make Purchases in Person or Online, 2021

Banked Households, Column Percent

Bundle

Bank 

Account,

in Person

Bank 

Account, 

Online

Nonbank 

Online 

Payment 

Service, 

in Person

Nonbank 

Online 

Payment 

Service, 

Online

Prepaid 

Card,

in Person

Prepaid 

Card, 

Online

Nonbank 

Money Order Percent

1 X X 37.3

2 X 13.6

3 X X X 12.5

4 X X X X 10.3

5 X 4.0

6 X X 1.7

7 X 1.6

8 X X X 1.1

9 X X 1.1

10 X X X X 0.9

Other Combinations of Methods 5.7

Did Not Use Any of These Methods 10.4
52 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Three in five Asian banked households (61.8 percent) used 

at least one of the five methods to send or receive money 

in 2021, a higher share than households of other races and 

ethnicities. Half of Asian banked households (49.8 percent) 

used bank accounts and one in three (32.6 percent) used 

online payment services, while one in ten (9.6 percent) used 

money transfer services to send or receive international 

remittances.

A household could have used one or more methods to send 

or receive money. For all banked households, Table 8.7 

orders by frequency of use, alone or in combination, the 

methods that banked households used to send or receive 

money in 2021. About one in six banked households 

(16.0 percent) exclusively used their bank accounts, another 

one in six (16.2 percent) used both their bank accounts and 

online payment services but did not use any other method, and one in eleven (9.0 percent) exclusively used online 

payment services.

Figure 8.4 shows the methods used to send or receive money among the 63.9 percent of banked households that did 

not use their bank accounts to conduct these transactions 

in 2021. The most frequently used method was online payment services, used by 15.0 percent of these households.

Save or Keep Money Safe

The 2021 survey asked households about their use of bank 

accounts, online payment services, and prepaid cards to 

build savings or keep money in a safe place (i.e., save or 

keep money safe). Five in six banked households (83.8 percent) used at least one of these three methods to save or 

keep money safe in 2021 (see Table 8.8). Some banked 

households may not have saved in 2021. Others could have 

Figure 8.3 Methods Used to Make Purchases Online 

Among Banked Households That Did Not Use Their Bank 

Accounts to Make Purchases Online, 2021 (Percent)

Note: Among banked households that did not use their bank accounts to make 

purchases online, 0.7 percent used nonbank money orders to make purchases; 

however, the survey did not ask whether purchases made with money orders were in 

person or online.

Figure 8.2 Methods Used to Make Purchases in Person 

Among Banked Households That Did Not Use Their Bank 

Accounts to Make Purchases in Person, 2021 (Percent)

Note: Among banked households that did not use their bank accounts to make 

purchases in person, 0.9 percent used nonbank money orders to make purchases; 

however, the survey did not ask whether purchases made with money orders were in 

person or online.

Table 8.6 Methods Banked Households Used to Send or Receive Money by Selected Household Characteristics, 2021

Banked Households, Row Percent

Characteristics Any Method Bank 

Account

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Money 

Transfer 

Service,

in the 

United 

States

Nonbank 

Money 

Transfer 

Service, 

International 

Remittances

All 48.0 36.1 27.7 1.4 1.2 2.4 2.7

Family Income

Less Than $15,000 34.0 25.8 16.5 1.9 0.9 3.2 2.7

$15,000 to $30,000 35.6 25.9 16.0 1.8 1.4 3.2 3.1

$30,000 to $50,000 40.3 30.5 19.0 1.5 1.7 2.7 3.1

$50,000 to $75,000 46.0 35.1 25.0 1.5 1.5 2.3 2.6

At Least $75,000 58.9 44.2 38.7 1.1 1.0 2.0 2.4
2021 FDIC National Survey of Unbanked and Underbanked Households | 53

Characteristics Any Method Bank 

Account

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Money 

Transfer 

Service,

in the 

United 

States

Nonbank 

Money 

Transfer 

Service, 

International 

Remittances

Education

No High School Diploma 32.0 21.5 10.8 2.3 2.4 5.2 6.6

High School Diploma 35.6 27.0 16.5 1.7 1.2 2.4 2.6

Some College 46.1 34.4 25.6 1.5 1.4 2.6 1.9

College Degree 59.0 44.9 38.4 1.1 0.9 1.9 2.7

Age Group

15 to 24 Years 67.7 53.6 48.5 2.6 0.4 2.4 2.5

25 to 34 Years 65.2 47.1 47.2 1.6 1.5 2.6 3.8

35 to 44 Years 58.9 42.5 38.9 1.6 1.4 2.8 4.0

45 to 54 Years 53.9 40.3 32.3 1.8 1.1 3.1 3.3

55 to 64 Years 41.2 31.1 20.7 1.4 1.4 2.5 2.5

65 Years or More 28.9 23.7 8.0 0.8 1.1 1.7 0.9

Race/Ethnicity

Black 49.3 37.1 28.5 2.8 2.4 5.8 3.5

Hispanic 51.0 38.6 24.7 1.4 2.5 3.8 8.5

Asian 61.8 49.8 32.6 0.7 1.1 2.2 9.6

American Indian or Alaska Native 48.4 35.6 27.1 2.8 5.3 5.1 4.4

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA NA

White 45.8 34.3 27.6 1.2 0.7 1.5 0.7

Two or More Races 56.2 37.7 36.7 2.4 3.7 3.0 3.7

Disability Status

Disabled, Aged 25 to 64 40.6 29.5 22.2 2.1 1.8 4.3 2.0

Not Disabled, Aged 25 to 64 56.0 41.2 35.8 1.6 1.3 2.6 3.6

Note: NA indicates that the sample size is too small to produce a precise estimate.

Table 8.6 Methods Banked Households Used to Send or Receive Money by Selected Household Characteristics, 2021 

(continued)

Banked Households, Row Percent
54 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Figure 8.4 Methods Used to Send or Receive Money Among Banked Households That Did Not Use Their Bank Accounts 

to Send or Receive Money, 2021 (Percent)

Table 8.7 Methods Banked Households Used, Alone or in Combination, to Send or Receive Money, 2021

Banked Households, Column Percent

Bundle Bank Account

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money Order

Nonbank Money 

Transfer Service, 

in the 

United States

Nonbank Money 

Transfer Service, 

International 

Remittances

Percent

1 X X 16.2

2 X 16.0

3 X 9.0

4 X 0.8

5 X X 0.8

6 X 0.7

7 X X X 0.5

8 X X X 0.5

9 X X 0.5

10 X X X 0.5

Other Combinations of Methods 2.6

Did Not Use Any of These Methods 52.0
2021 FDIC National Survey of Unbanked and Underbanked Households | 55

saved using methods not included in the survey, such as 

keeping savings in the home or with family and friends.

Five in six banked households (83.0 percent) used bank 

accounts to save or keep money safe in 2021; one in ten 

(10.6 percent) used online payment services, and 1.5 percent 

used prepaid cards. About three in four banked households 

(72.2 percent) exclusively used their bank accounts to save 

or keep money safe in 2021. 

Seven in ten households with less than $15,000 in income 

(69.2 percent) saved or kept money safe using at least one 

of the three methods, a lower share than among higher-income households. Two in three banked households 

aged 34 or younger (68.1 percent) exclusively used their 

bank accounts to save or keep money safe in 2021. One in 

six banked households aged 34 or younger (16.9 percent) 

used online payment services to save or keep money safe, 

and 1.9 percent used prepaid cards.

Table 8.8 Methods Banked Households Used to Save or Keep Money Safe by Selected Household Characteristics, 2021

Banked Households, Row Percent

Characteristics Any Method Bank Account Bank Account 

Only

Nonbank Online 

Payment Service

Prepaid 

Card

All 83.8 83.0 72.2 10.6 1.5

Family Income

Less Than $15,000 69.2 68.4 59.7 7.6 2.9

$15,000 to $30,000 75.3 74.4 66.7 7.3 1.8

$30,000 to $50,000 81.2 80.1 70.8 9.2 1.7

$50,000 to $75,000 85.1 84.0 73.5 10.8 1.2

At Least $75,000 89.9 89.2 76.4 12.7 1.1

Education

No High School Diploma 71.7 70.3 64.0 5.9 2.5

High School Diploma 79.9 79.0 70.9 7.8 1.8

Some College 82.9 82.0 71.3 10.5 1.6

College Degree 88.7 87.9 74.9 13.0 1.0

Age Group

15 to 24 Years 87.2 85.8 67.9 17.9 1.9

25 to 34 Years 85.9 84.9 68.1 16.7 1.8

35 to 44 Years 85.7 84.5 70.9 13.7 1.8

45 to 54 Years 84.8 83.8 71.3 12.2 1.7

55 to 64 Years 82.8 82.0 73.4 8.3 1.4

65 Years or More 81.0 80.6 75.9 4.5 1.0

Race/Ethnicity

Black 77.9 76.5 62.4 13.7 2.9

Hispanic 79.2 78.2 67.3 10.8 1.7

Asian 83.7 82.7 73.0 10.4 0.6

American Indian or Alaska Native 77.8 77.1 61.4 13.5 3.1

Native Hawaiian or Other Pacific Islander NA NA NA NA NA

White 85.9 85.2 75.1 9.9 1.2

Two or More Races 83.9 83.7 67.0 15.9 2.4

Disability Status

Disabled, Aged 25 to 64 74.3 73.3 64.0 8.7 2.4

Not Disabled, Aged 25 to 64 86.0 85.0 71.9 13.1 1.6

Note: NA indicates that the sample size is too small to produce a precise estimate.
56 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Three in four Black banked households (76.5 percent) used 

bank accounts to save or keep money safe, a lower share 

than among households of other races and ethnicities. For 

example, 85.2 percent of White banked households saved or 

kept money safe using bank accounts in 2021. Almost one 

in seven Black banked households (13.7 percent) saved or 

kept money safe using online payment services compared 

with 9.9 percent of White households, and 2.9 percent of 

Black banked households saved or kept money safe using 

prepaid cards compared with 1.2 percent of White banked 

households.

A household could have used one or more methods to save 

or keep money safe. For all banked households, Table 8.9 

orders by frequency of use, alone or in combination, the 

methods that banked households used to save or keep 

money safe in 2021. About three in four banked households 

(72.2 percent) exclusively used their bank accounts. About 

one in ten banked households (9.4 percent) used their bank 

accounts and online payment services but not prepaid 

cards.

Figure 8.5 shows the use of online payment services or 

prepaid cards to save or keep money safe among the 

17.0 percent of banked households that did not use their 

bank accounts to save or keep money safe in 2021. The most 

frequently used method was online payment services, used 

by 4.6 percent of these households.

Table 8.9 Methods Banked Households Used, Alone or in Combination, to Save or Keep Money Safe, 2021

Banked Households, Column Percent

Bundle Bank Account Nonbank Online Payment Service Prepaid Card Percent

1 X 72.2

2 X X 9.4

3 X X 0.9

4 X 0.7

5 X X X 0.4

6 X 0.1

7 X X –

Other Combinations of Methods 0.0

Did Not Use Any of These Methods 16.2

Note: The dash symbol indicates an estimate of zero; the population proportion may be slightly greater than zero.

Figure 8.5 Methods Used to Save or Keep Money Safe 

Among Banked Households That Did Not Use Their Bank 

Accounts to Save or Keep Money Safe, 2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 57

2021 FDIC National Survey of Unbanked and Underbanked Households

9. Unbanked Households: Conducting Financial Transactions

63 The 2017 survey included questions on methods used to pay bills and receive income in a typical month. In 2017, 67.0 percent of unbanked households 

used cash—the most prevalent method—to pay bills in a typical month, and 8.4 percent used credit cards. In addition, 26.3 percent of unbanked households 

received income in cash in a typical month. In 2021, among unbanked households that did not use any of the five methods in the 2021 survey to pay bills or 

receive income, 5.8 percent had a credit card.

64 Household income categories and household age group categories have been combined to increase the sample size. The difference in the likelihood of using 

any of the methods in the survey to pay bills or receive income between households aged 55 or older and younger households was no longer statistically 

significant after differences in the other household characteristics shown in Table 3.6 were accounted for.

The previous section examined the joint use of bank 

accounts, prepaid cards, nonbank online payment services, nonbank money orders, nonbank check cashing, and 

nonbank money transfer services by banked households. 

This section examines the joint use of these products and 

services, except bank accounts, by unbanked households 

to meet a range of financial transaction needs. Unless 

otherwise stated, all money orders, check cashing, money 

transfer services, and online payment services discussed in 

this section are from nonbank providers.

Pay Bills or Receive Income

Paying bills and receiving income are core financial 

transactions that most households conduct regularly. As 

shown in Table 9.1, about half of unbanked households 

(56.4 percent) used at least one of the five methods in the 

survey—prepaid cards, online payment services, money 

orders, check cashing, and money transfer services—to pay 

monthly bills like rent, mortgage, utilities, or child care 

(i.e., pay bills) or receive money from work, retirement, or 

a government agency (i.e., receive income). Other methods 

that unbanked households could have used to pay bills or 

receive income that were not included in the 2021 survey 

are cash and credit cards.63

The population segments of unbanked households least 

likely to have used any of the methods in the survey to 

pay bills or receive income in 2021 were households with 

income of $50,000 or more (40.9 percent), households with 

a college degree (38.3 percent), households aged 55 or older 

(48.0 percent), Hispanic households (47.7 percent), and 

households not in the labor force (51.1 percent).64

Three in ten unbanked households (28.9 percent) used 

prepaid cards to pay bills or receive income, and a similar 

share (29.6 percent) used money orders to pay bills. Prepaid cards and money orders were the two most prevalent methods used to conduct these transactions across 

almost all population segments of unbanked households, 

except Hispanic households. One in three Hispanic 

households (31.6 percent) used money orders to pay bills, 

18.6 percent used check cashing to receive income, and 

15.7 percent used prepaid cards to pay bills or receive 

income. 

Table 9.1 Methods Unbanked Households Used to Pay Bills or Receive Income by Selected Household Characteristics, 

2021

Unbanked Households, Row Percent

Characteristics Any 

Method

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

All 56.4 12.5 28.9 29.6 17.5 7.4

Family Income

Less Than $15,000 59.2 11.2 32.1 28.3 17.1 6.3

$15,000 to $30,000 59.4 14.4 28.2 34.2 19.0 9.4

$30,000 to $50,000 57.2 12.9 30.6 30.7 21.3 8.9

At Least $50,000+ 40.9 11.9 18.8 23.2 11.0 4.7
58 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Characteristics Any 

Method

Nonbank 

Online 

Payment 

Service

Prepaid 

Card

Nonbank 

Money Order

Nonbank 

Check 

Cashing

Nonbank 

Money 

Transfer 

Service

Education

No High School Diploma 54.4 6.8 26.1 28.2 18.7 5.5

High School Diploma 59.1 14.6 32.7 30.4 18.1 8.8

Some College 62.4 18.5 33.4 35.9 18.4 8.8

College Degree 38.3 11.7 13.7 17.2 7.9 5.3

Age Group

15 to 34 Years+ 62.5 22.5 34.3 29.8 20.6 7.4

35 to 54 Years+ 60.4 13.5 32.6 30.8 19.2 8.8

55 Years or More+ 48.0 4.7 21.4 28.3 13.5 5.9

Race/Ethnicity

Black 64.8 17.9 38.2 32.8 18.8 6.4

Hispanic 47.7 5.3 15.7 31.6 18.6 10.0

Asian NA NA NA NA NA NA

American Indian or Alaska Native NA NA NA NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA

White 56.5 12.6 33.2 26.6 14.4 5.7

Two or More Races NA NA NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 59.6 10.0 35.5 29.6 14.1 5.8

Not Disabled, Aged 25 to 64 59.0 14.8 28.4 32.6 20.9 9.9

Employment Status

Employed 62.0 16.0 30.6 33.5 22.6 8.3

Unemployed 65.8 17.2 42.1 30.6 22.6 15.0

Not in Labor Force 51.1 9.3 25.6 27.0 13.3 5.5

Note: The plus symbol indicates instances in which categorical groups typically used in this report have been combined to increase the 

sample size. NA indicates that the sample size is too small to produce a precise estimate.

65 For Table 9.2, unbanked households’ main reasons for not having a bank account were combined to increase the sample size: “Fees or minimum balance” 

includes the reasons, “Bank account fees are too high,” “Bank account fees are too unpredictable,” and “Don’t have enough money to meet minimum balance 

requirements;” “Trust or privacy” includes the reasons, “Don’t trust banks” and “Avoiding a bank gives more privacy;” and “Convenience or access” includes 

the reasons, “Bank locations are inconvenient,” “Banks do not offer needed products and services,” “Don’t have personal identification required to open an 

account,” and “Problems with past banking or credit history.”

As shown in Table 9.2, among unbanked households 

whose main reason for not having a bank account was 

related to convenience or access, two in three (65.0 percent) used at least one of the five methods to pay bills or 

receive income in 2021.65 Households whose main reason 

for not having a bank account was related to convenience 

or access were more likely to use money orders to pay 

bills than households whose main reason for not having 

a bank account was related to fees or minimum balance. 

Those households citing reasons related to convenience 

or access were also more likely to use money transfer 

services to pay bills than households whose main reason for not having a bank account was related to trust or 

privacy. 

A household could have used one or more of the five 

methods in the survey to pay bills or receive income. For 

all unbanked households, Table 9.3 orders by frequency of 

use, alone or in combination, the methods that unbanked 

households used to conduct either transaction in 2021. One 

in four unbanked households (28.2 percent) exclusively 

used one method to pay bills or receive income, the most 

Table 9.1 Methods Unbanked Households Used to Pay Bills or Receive Income by Selected Household Characteristics, 

2021 (continued)

Unbanked Households, Row Percent
2021 FDIC National Survey of Unbanked and Underbanked Households | 59

prevalent of which was prepaid cards, used by one in ten 

unbanked households (11.4 percent).66

In 2021, 71.1 percent of unbanked households did not use 

prepaid cards to pay bills or receive income. Of these households, 27.0 percent used money orders to pay bills, and 

16.4 percent used check cashing to receive income—the 

most frequent methods (see Figure 9.1). 

Make Purchases in Person or Online

The 2021 survey asked households about their use of online 

payment services, prepaid cards, and money orders to make 

66 Not shown in Table 9.3 is the percentage of unbanked households that exclusively used money transfer services to pay bills (1.1 percent).

purchases in person and online. One in three unbanked 

households (33.5 percent) made purchases using at least one 

of these three methods (see Table 9.4). Other methods that 

unbanked households could have used to make purchases that were not included in the 2021 survey are cash and 

credit cards.

Fewer than one in five Hispanic unbanked households 

(18.5 percent) used at least one of the three methods, a 

much lower share than among Black unbanked households 

(42.9 percent) and White unbanked households (39.3 percent). Almost half of unbanked households aged 34 or 

Table 9.2 Methods Unbanked Households Used to Pay Bills or Receive Income by Main Reason for Not Having a Bank 

Account, 2021

Unbanked Households, Row Percent

Any

Method

Nonbank 

Online Payment 

Service

Prepaid 

Card

Nonbank 

Money 

Order

Nonbank 

Check 

Cashing

Nonbank 

Money Transfer 

Service

All 56.4 12.5 28.9 29.6 17.5 7.4

Main Reason for Not Having a Bank Account

Fees or Minimum Balance+ 59.1 12.8 28.5 29.9 18.3 7.8

Trust or Privacy+ 58.9 12.5 31.5 30.8 18.7 4.7

Convenience or Access+ 65.0 18.2 33.0 39.6 19.6 12.5

Other Reason 57.3 11.8 27.8 33.7 19.4 10.3

Did Not Select a Reason 40.0 7.5 24.3 14.6 10.7 2.8

Note: The plus symbol indicates instances in which categorical groups typically used in this report have been combined to increase the 

sample size.

Table 9.3 Methods Unbanked Households Used, Alone or in Combination, to Pay Bills or Receive Income, 2021

Unbanked Households, Column Percent

Bundle Nonbank Online 

Payment Service Prepaid Card Nonbank Money Order

Nonbank Check 

Cashing

Nonbank Money 

Transfer Service Percent

1 X 11.4

2 X 9.4

3 X X 5.4

4 X X 4.8

5 X X 3.9

6 X 3.9

7 X 2.4

8 X X 1.6

9 X X 1.4

10 X X X 1.4

Other Combinations of Methods 10.8

Did Not Use Any of These Methods 43.6
60 | 2021 FDIC National Survey of Unbanked and Underbanked Households

younger (46.5 percent) used at least one of the three methods to make purchases, a higher share than among older 

unbanked households. 

Use of prepaid cards was higher than use of online payment services for both types of purchases, and for almost 

every segment of unbanked households, prepaid cards were 

the most prevalent method for both in-person and online 

purchases. For example, among unbanked households 

aged 34 or younger, prepaid cards were the most prevalent method for in-person purchases (32.3 percent). One in 

five unbanked households aged 34 or younger (19.4 percent) used online payment services to make in-person purchases, a much higher share than among older 

Table 9.4 Methods Unbanked Households Used to Make Purchases in Person or Online by Selected Household 

Characteristics, 2021

Unbanked Households, Row Percent

Characteristics Any 

Method

Nonbank Online 

Payment Service,

in Person

Nonbank Online 

Payment Service,

Online

Prepaid 

Card,

in Person

Prepaid 

Card, 

Online

Nonbank 

Money Order

All 33.5 10.3 12.0 25.1 17.6 0.7

Family Income

Less Than $15,000 35.2 9.1 11.0 26.6 16.6 0.7

$15,000 to $30,000 32.5 11.7 12.1 25.6 18.4 1.3

$30,000 to $50,000 35.9 11.5 13.0 26.4 20.4 0.2

At Least $50,000+ 28.0 9.9 13.8 17.9 15.3 0.4

Education

No High School Diploma 25.5 5.7 5.8 21.1 11.9 0.9

High School Diploma 36.6 12.2 14.5 27.6 20.9 0.4

Some College 45.7 16.7 18.8 32.2 25.9 1.0

College Degree 23.5 5.1 10.1 13.5 5.3 0.9

Age Group

15 to 34 Years+ 46.5 19.4 22.5 32.3 27.3 0.2

35 to 54 Years+ 36.6 10.8 12.5 27.3 19.3 0.7

55 Years or More+ 21.6 3.7 4.4 17.9 9.1 1.1

Race/Ethnicity

Black 42.9 13.7 16.1 31.8 23.2 0.9

Hispanic 18.5 6.1 5.6 13.3 8.8 0.2

Asian NA NA NA NA NA NA

American Indian or Alaska Native NA NA NA NA NA NA

Native Hawaiian or Other Pacific 

Islander NA NA NA NA NA NA

White 39.3 10.0 12.3 31.2 21.7 1.2

Two or More Races NA NA NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 35.8 8.0 10.4 29.3 17.7 1.2

Not Disabled, Aged 25 to 64 35.3 12.9 13.7 25.9 20.6 0.4

Note: The plus symbol indicates instances in which categorical groups typically used in this report have been combined to increase the 

sample size. NA indicates that the sample size is too small to produce a precise estimate.

Figure 9.1 Methods Used to Pay Bills or Receive Income 

Among Unbanked Households That Did Not Use Prepaid 

Cards to Pay Bills or Receive Income, 2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 61

unbanked households.67 For online purchases, 27.3 percent 

of unbanked households aged 34 or younger used prepaid 

cards, slightly higher than the 22.5 percent that used online 

payment services.

A household could have used one or more methods to 

make purchases. For all unbanked households, Table 9.5 

orders by frequency of use, alone or in combination, the 

methods that unbanked households used to make purchases in 2021. As previously noted, one in three unbanked 

households used at least one of the three methods to make 

purchases; 66.5 percent did not use any of these methods. 

Among households that used at least one of these three 

methods, the vast majority exclusively used one method to 

make purchases in person or online. One in five unbanked 

households (19.0 percent) exclusively used prepaid cards 

(8.5 percent in person only, 1.1 percent online only, and 

9.4 percent in person and online), and 6.3 percent exclusively used online payment services (1.1 percent in person 

only, 2.1 percent online only, and 3.1 percent in person and 

online).68

Send or Receive Money

The 2021 survey asked households about their use of 

online payment services and prepaid cards to send money 

to or receive money from family or friends (i.e., send or 

receive money); money orders to send money to family or 

friends (i.e., send money); and money transfer services to 

67 Online payment services may enable users to make purchases in person using a smartphone or with an associated debit card.

68 Not shown in Table 9.3 is the percentage of unbanked households that exclusively used money orders to make purchases (0.4 percent).

send money to or receive money from family or friends 

in the United States (i.e., send or receive money in the 

United States) and outside the United States (i.e., send or 

receive international remittances). Fewer than one in four 

unbanked households (23.1 percent) used at least one of 

these four methods to send or receive money in 2021 (see 

Table 9.6). Some unbanked households may not have sent 

or received money in 2021, while others could have sent or 

received money using methods not included in the survey, 

such as cash.

The population segments of unbanked households that 

were less likely to use at least one of the four methods to 

send or receive money were households aged 55 or older 

(12.4 percent) compared with younger households, and 

White households (17.8 percent) compared with Black 

(28.1 percent) and Hispanic (23.7 percent) households. 

Online payment services were the most prevalent method 

used by unbanked households to send or receive money (11.4 percent), followed by prepaid cards (8.7 percent). 

Online payment services and prepaid cards were the two 

most prevalent methods used to conduct these types of 

transactions across almost all population segments of 

unbanked households. One exception was households 

with no high school diploma, which were equally likely to 

use online payment services (5.5 percent), prepaid cards 

(5.3 percent), and money transfer services to send or receive 

Table 9.5 Methods Unbanked Households Used, Alone or in Combination, to Make Purchases in Person or Online, 2021

Unbanked Households, Column Percent

Bundle

Nonbank Online 

Payment Service,

in Person

Nonbank Online 

Payment Service, 

Online

Prepaid Card,

in Person

Prepaid Card, 

Online

Nonbank Money 

Order Percent

1 X X 9.4

2 X 8.5

3 X X X X 4.8

4 X X 3.1

5 X 2.1

6 X 1.1

7 X 1.1

8 X X X 0.9

9 X X X 0.5

10 X X 0.4

Other Combinations of Methods 1.7

Did Not Use Any of These Methods 66.5
62 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 9.6 Methods Unbanked Households Used to Send or Receive Money by Selected Household Characteristics, 2021

Unbanked Households, Row Percent

Characteristics Any 

Method

Nonbank 

Online 

Payment 

Service

Prepaid Card Nonbank 

Money Order

Nonbank 

Money 

Transfer 

Service, 

in the United 

States

Nonbank 

Money 

Transfer 

Service, 

International 

Remittances

All 23.1 11.4 8.7 3.2 5.6 4.7

Family Income

Less Than $15,000 19.1 10.7 8.4 1.4 4.1 3.5

$15,000 to $30,000 22.7 9.1 7.8 3.1 8.0 4.0

$30,000 to $50,000 30.9 15.2 11.8 5.6 6.6 5.4

At Least $50,000+ 26.9 13.4 7.9 6.2 4.1 8.7

Education

No High School Diploma 18.9 5.5 5.3 4.0 5.3 7.6

High School Diploma 24.9 14.0 10.1 2.0 5.8 4.3

Some College 29.9 16.8 15.0 5.1 6.8 1.7

College Degree 15.4 10.0 1.0 0.9 3.3 1.2

Age Group

15 to 34 Years+ 32.1 22.2 12.2 4.1 8.7 2.6

35 to 54 Years+ 27.3 12.3 9.9 3.7 6.5 7.9

55 Years or More+ 12.4 3.1 5.1 2.1 2.6 2.5

Race/Ethnicity

Black 28.1 18.5 12.9 4.1 6.5 1.2

Hispanic 23.7 6.2 4.2 4.2 5.9 12.3

Asian NA NA NA NA NA NA

American Indian or Alaska Native NA NA NA NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA NA NA NA

White 17.8 9.3 9.9 1.5 4.7 1.2

Two or More Races NA NA NA NA NA NA

Disability Status

Disabled, Aged 25 to 64 17.3 8.5 7.5 2.5 4.0 2.2

Not Disabled, Aged 25 to 64 28.2 14.1 10.8 3.2 7.0 6.7

Note: The plus symbol indicates instances in which categorical groups typically used in this report have been combined to increase the 

sample size. NA indicates that the sample size is too small to produce a precise estimate.
2021 FDIC National Survey of Unbanked and Underbanked Households | 63

money in the United States (5.3 percent); 7.6 percent of 

households with no high school diploma used money transfer services to send or receive international remittances. 

Another exception was Hispanic households. The most 

prevalent methods used by Hispanic households to send or 

receive money were online payment services (6.2 percent) 

and money transfer services (5.9 percent for sending or 

receiving money in the United States and 12.3 percent for 

sending or receiving international remittances). Identical 

shares of Hispanic households used prepaid cards (4.2 percent) and money orders (4.2 percent) to conduct these types 

of transactions in 2021.

A household could have used one or more methods to send 

or receive money. For all unbanked households, Table 9.7 

orders by frequency of use, alone or in combination, 

the methods that unbanked households used to send or 

receive money in 2021. Three in four unbanked households 

(76.9 percent) did not use any of the four methods to send or 

receive money in 2021. One in twenty unbanked households 

(5.3 percent) exclusively used online payment services to 

send or receive money, and 3.6 percent used both online 

payment services and prepaid cards but did not use any 

other method.

Save or Keep Money Safe

The 2021 survey asked households about their use of 

online payment services and prepaid cards to build 

savings or keep money in a safe place (i.e., save or keep 

money safe). One in six unbanked households (16.0 percent) used at least one of these two methods to save or 

keep money safe in 2021 (see Table 9.8). Some unbanked 

households may not have saved in 2021. Others could 

have saved using methods not included in the survey, 

such as keeping savings in the home or with family and 

friends.

About one in eight unbanked households (13.7 percent) 

saved or kept money safe using prepaid cards, and a much 

lower share (5.9 percent) used online payment services. 

One in nine unbanked households aged 34 or younger 

(11.4 percent) used online payment services to save or keep 

money safe in 2021, much higher than the rates of use 

among older unbanked households.

A household could have used one or more methods to save 

or keep money safe. For all unbanked households, Table 9.9 

orders by frequency of use, alone or in combination, the 

methods that unbanked households used to save or keep 

money safe in 2021. One in ten unbanked households 

(10.1 percent) exclusively used prepaid cards, 2.3 percent 

exclusively used online payment services, and 3.6 percent 

used both. 

Table 9.7 Methods Unbanked Households Used, Alone or in Combination, to Send or Receive Money, 2021

Unbanked Households, Column Percent

Bundle Nonbank Online 

Payment Service

Prepaid 

Card

Nonbank Money 

Order

Nonbank Money 

Transfer Service, 

in the United States

Nonbank Money 

Transfer Service, 

International Remittances

Percent

1 X 5.3

2 X X 3.6

3 X 2.9

4 X 2.6

5 X 2.6

6 X X X 1.2

7 X 1.2

8 X X 0.8

9 X X 0.5

10 X X 0.4

Other Combinations of Methods 2.0

Did Not Use Any of These Methods 76.9
64 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 9.8 Methods Unbanked Households Used to Save or Keep Money Safe by Selected Household Characteristics, 

2021

Unbanked Households, Row Percent

Characteristics Any Method Nonbank Online Payment Service Prepaid Card

All 16.0 5.9 13.7

Family Income

Less Than $15,000 13.8 5.6 11.3

$15,000 to $30,000 14.7 5.5 13.3

$30,000 to $50,000 23.2 5.4 20.3

At Least $50,000+ 16.2 7.9 13.6

Education

No High School Diploma 12.3 4.7 11.1

High School Diploma 17.8 5.8 15.6

Some College 21.4 9.4 17.1

College Degree 9.3 2.5 7.0

Age Group

15 to 34 Years+ 20.3 11.4 16.3

35 to 54 Years+ 19.8 6.0 17.4

55 Years or More+ 8.8 2.1 7.8

Race/Ethnicity

Black 24.0 9.6 19.5

Hispanic 7.7 2.6 7.3

Asian NA NA NA

American Indian or Alaska Native NA NA NA

Native Hawaiian or Other Pacific Islander NA NA NA

White 15.0 4.5 13.9

Two or More Races NA NA NA

Disability Status

Disabled, Aged 25 to 64 17.8 6.6 15.3

Not Disabled, Aged 25 to 64 17.5 6.5 15.2

Note: The plus symbol indicates instances in which categorical groups typically used in this report have been combined to increase the 

sample size. NA indicates that the sample size is too small to produce a precise estimate.

Table 9.9 Methods Unbanked Households Used, Alone or in Combination, to Save or Keep Money Safe, 2021

Unbanked Households, Column Percent

Bundle Nonbank Online Payment Service Prepaid Card Percent

1 X 10.1

2 X X 3.6

3 X 2.3

Other Combinations of Methods 0.0

Did Not Use Any of These Methods 84.0
2021 FDIC National Survey of Unbanked and Underbanked Households | 65

2021 FDIC National Survey of Unbanked and Underbanked Households

10. Bank and Nonbank Credit

69 See fdic.gov/regulations/laws/rules/6000-1200.html (Equal Credit Opportunity Act), ffiec.gov/cra/history.htm (Community Reinvestment Act), and 

cdfifund.gov/about/Pages/default.aspx (Community Development Financial Institutions Fund).

70 See Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit 

Union Administration, and Office of the Comptroller of the Currency, Statement Encouraging Responsible Small-Dollar Lending to Consumers and Small Businesses 

in Response to COVID-19, March 26, 2020, fdic.gov/news/financial-institution-letters/2020/fil20026.html.

71 See Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the 

Comptroller of the Currency, Interagency Guidance for Responsible Small-Dollar Loans, May 20, 2020, fdic.gov/news/financial-institution-letters/2020/fil20058.

html.

72 The 2021 survey did not collect information on mortgages, auto loans, and student loans.

73 Personal loans or lines of credit from companies other than banks include loans or lines of credit offered online or through storefront locations by nonbank 

finance companies. These loans or lines of credit may be marketed to prime or subprime borrowers. Payday, pawn shop, and auto title loans are not included 

in this category of credit.

74 The 2019 survey did not ask households about their use of nonbank personal loans. While the 2017 survey asked households about their use of bank and 

nonbank personal loans, estimates for 2017 are not comparable to estimates for 2019 or 2021 because of changes in the wording of the survey instrument. See 

Appendix 2 for details.

Recognizing the importance of credit to households and 

communities, policymakers have had a longstanding 

interest in not only ensuring equal access to credit but 

also in expanding access to credit, as evidenced by the 

Equal Credit Opportunity Act, the Community Reinvestment Act, and the creation of the Community Development Financial Institutions Fund.69 In March 2020, the 

FDIC, Board of Governors of the Federal Reserve System 

(FRB), Consumer Financial Protection Bureau (CFPB), 

National Credit Union Administration (NCUA), and 

Office of the Comptroller of the Currency (OCC) issued 

a statement encouraging financial institutions to offer 

responsible small-dollar loans to consumers and small 

businesses in response to the COVID-19 pandemic.70 In 

May 2020, the FDIC, FRB, NCUA, and OCC issued interagency guidance to clarify regulatory expectations in a 

manner that encourages financial institutions to offer 

responsible small-dollar loans.71

This section examines household use of credit, focusing 

on products that households may use to address cash-flow 

imbalances, unexpected expenses, or temporary income 

shortfalls.72 Households were asked whether, in the past 

12 months, they had a Visa, MasterCard, American Express, 

or Discover credit card (i.e., a credit card); a personal loan 

or line of credit from a bank (i.e., a bank personal loan); or a 

personal loan or line of credit from a company other than a 

bank (i.e., a nonbank personal loan).73 Households were also 

asked whether they used, in the past 12 months, the following nonbank credit: rent-to-own services or payday, pawn 

shop, tax refund anticipation, or auto title loans.

The 2021 survey included new questions on loan amounts. 

Specifically, households that had a bank personal loan in 

the past 12 months were asked whether their most recent 

bank personal loan was for $1,000 or less or for more than 

$1,000. Likewise, households that had a nonbank personal 

loan in the past 12 months were asked whether their most 

recent nonbank personal loan was for $1,000 or less or for 

more than $1,000.

Credit Use

As shown in Table 10.1, among all households, 71.5 percent had a credit card in 2021, similar to the proportion 

in 2019 (71.3 percent) and above the 2017 level (68.5 percent). The share of households that had a bank personal 

loan decreased from 10.8 percent in 2019 to 8.0 percent in 

2021. Altogether, 72.5 percent of households in 2019 and 

72.3 percent of households in 2021 had a credit card or bank 

personal loan. In addition, 2.8 percent of households had a 

nonbank personal loan in 2021.74

Use of rent-to-own services and payday, pawn shop, tax 

refund anticipation, and auto title loans all decreased 

between 2017 and 2021. About 1 percent of households in 

2021 used each product or service. The proportion of households that used at least one of the five products or services 

declined sharply from 7.4 percent in 2017, to 4.8 percent in 

2019, and to 4.4 percent in 2021.

Use of a rent-to-own service or a payday, pawn shop, tax 

refund anticipation, or auto title loan was associated with 

a lower likelihood of having a credit card or bank personal 

loan. Among households that used a rent-to-own service or 

a payday, pawn shop, tax refund anticipation, or auto title 

loan in 2021, 59.1 percent also had a credit card or bank personal loan. In contrast, among households that did not use 

a rent-to-own service or a payday, pawn shop, tax refund 
66 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 10.1 Use of Credit by Bank Account Ownership, 2017–2021

All Households, Row Percent

Credit Products 2017 2019 2021 Difference

(2021–2019)

A. All Households

Credit Card 68.5 71.3 71.5 0.2

Bank Personal Loan 10.8 8.0 -2.8*

Credit Card or Bank Personal Loan 72.5 72.3 -0.2

Nonbank Personal Loan 2.8

Rent-to-Own Service 1.6 1.2 1.2 0.0

Payday Loan 1.8 1.5 1.1 -0.4*

Pawn Shop Loan 1.5 1.3 1.0 -0.3*

Tax Refund Anticipation Loan 2.5 0.8 1.0 0.2*

Auto Title Loan 1.5 0.9 0.9 0.0

Rent-to-Own Service or Payday, Pawn Shop, Tax Refund Anticipation, or Auto Title Loan 7.4 4.8 4.4 -0.4*

B. Unbanked Households

Credit Card 7.0 8.0 8.3 0.3

Bank Personal Loan 1.0 0.8 -0.2

Credit Card or Bank Personal Loan 8.5 8.7 0.1

Nonbank Personal Loan 1.0

Rent-to-Own Service 4.3 4.0 2.9 -1.1*

Payday Loan 3.4 2.6 1.7 -0.8

Pawn Shop Loan 4.9 5.6 3.9 -1.7*

Tax Refund Anticipation Loan 4.0 2.5 2.1 -0.4

Auto Title Loan 2.7 1.8 1.2 -0.6

Rent-to-Own Service or Payday, Pawn Shop, Tax Refund Anticipation, or Auto Title Loan 14.2 13.4 9.5 -3.9*

C. Banked Households

Credit Card 72.7 74.9 74.5 -0.4

Bank Personal Loan 11.3 8.3 -3.0*

Credit Card or Bank Personal Loan 76.1 75.2 -0.9*

Nonbank Personal Loan 2.9

Rent-to-Own Service 1.4 1.1 1.1 0.1

Payday Loan 1.7 1.5 1.1 -0.4*

Pawn Shop Loan 1.3 1.1 0.8 -0.2*

Tax Refund Anticipation Loan 2.4 0.7 0.9 0.2*

Auto Title Loan 1.4 0.8 0.9 0.0

Rent-to-Own Service or Payday, Pawn Shop, Tax Refund Anticipation, or Auto Title Loan 6.9 4.3 4.2 -0.2

Note: The 2019 survey did not ask households about their use of nonbank personal loans. While the 2017 survey asked households 

about their use of bank and nonbank personal loans, estimates for 2017 are not comparable to estimates for 2019 or 2021 because 

of changes in the wording of the survey instrument. Asterisk indicates differences that are statistically significant at the 10 percent 

level. See Appendix Tables F.7–F.9 for estimates of ownership of credit cards; use of bank personal loans; and use of a rent-to-own 

service or a payday, pawn shop, tax refund anticipation, or auto title loan over time by household characteristics and for selected 

confidence intervals.
2021 FDIC National Survey of Unbanked and Underbanked Households | 67

anticipation, or auto title loan in 2021, 72.9 percent had a 

credit card or bank personal loan.75

Conversely, use of a rent-to-own service or a payday, 

pawn shop, tax refund anticipation, or auto title loan was 

associated with a higher likelihood of having a nonbank 

personal loan. Among households that used a rent-toown service or a payday, pawn shop, tax refund anticipation, or auto title loan in 2021, 9.6 percent also had a 

nonbank personal loan. In contrast, among households 

that did not use a rent-to-own service or a payday, pawn 

shop, tax refund anticipation, or auto title loan in 2021, 

2.5 percent had a nonbank personal loan.

Credit Use by Bank Account Ownership

Unbanked households were much less likely to have a 

credit card, bank personal loan, or nonbank personal loan 

than banked households (see Table 10.1). For example, in 

2021, 8.7 percent of unbanked households had a credit 

card or bank personal loan, compared with 75.2 percent of 

banked households.

The proportion of unbanked households that used a 

rent-to-own service or a payday, pawn shop, tax refund 

anticipation, or auto title loan decreased substantially 

between 2017 (14.2 percent) and 2021 (9.5 percent). Despite 

this decline, use of these nonbank credit products or 

services in 2021 continued to be more prevalent among 

unbanked households than among banked households 

(4.2 percent).76

Credit Use by Household Characteristics

As shown in Table 10.2, the likelihood of having a credit 

card in 2021 was lower among lower-income households, 

less-educated households, Black households, Hispanic 

households, American Indian or Alaska Native households, and working-age households with a disability. 

Patterns were generally similar for bank personal loans.77

75 The difference in the likelihood of having a credit card or bank personal loan in 2021 between households that used a rent-to-own service or a payday, 

pawn shop, tax refund anticipation, or auto title loan and households that did not use these nonbank credit products or services was associated primarily 

with differences in income and other characteristics of U.S. households. This difference in the likelihood of having a credit card or bank personal loan was no 

longer statistically significant after differences in the household characteristics shown in Table 3.6 were accounted for.

76 The difference in the likelihood of using a rent-to-own service or a payday, pawn shop, tax refund anticipation, or auto title loan in 2021 between unbanked 

and banked households was associated primarily with differences in income and other characteristics of U.S. households. This difference by bank account 

ownership was no longer statistically significant after differences in the household characteristics shown in Table 3.6 were accounted for.

77 One exception is American Indian or Alaska Native households, for which the likelihood of having a bank personal loan (10.3 percent) was similar to that 

of White households (8.7 percent). Differences in the likelihood of having a bank personal loan by educational attainment and differences in the likelihood 

of having a bank personal loan between Black and White households were no longer statistically significant after differences in the other household 

characteristics shown in Table 3.6 were accounted for.

78 The sample size for American Indian or Alaska Native households was too small to disaggregate by finer income categories.

79 Using the 2015 survey data, Goodstein et al. (2021) found that differences in the likelihood of having a credit card or bank personal loan between Black 

and White households and between Hispanic and White households remained statistically and economically significant after accounting for bank account 

ownership, subjective attitudes about banks, income and other household characteristics, geographic proximity to financial providers, and neighborhood 

population characteristics. See Ryan M. Goodstein, Alicia Lloro, Sherrie L. W. Rhine, and Jeffrey M. Weinstein, “What Accounts for Racial and Ethnic 

Differences in Credit Use?” Journal of Consumer Affairs 55, no. 2 (2021): 389–416, doi.org/10.1111/joca.12343. 

Differences by education and income in the likelihood of 

having a credit card or bank personal loan were especially pronounced. For example, only 37.9 percent of households without a high school diploma had a credit card or 

bank personal loan in 2021, compared with 86.2 percent 

of households with a college degree. Similarly, only 

33.9 percent of households with less than $15,000 in 

income had a credit card or bank personal loan in 2021, 

compared with 87.9 percent of households with income of 

$75,000 or more.

Differences by race and ethnicity and by disability status 

in the likelihood of having a credit card or bank personal loan were also large. In 2021, 49.9 percent of Black 

households, 60.0 percent of Hispanic households, and 

54.4 percent of American Indian or Alaska Native households had a credit card or bank personal loan, compared 

with 78.8 percent of White households. About half of 

working-age households with a disability (48.4 percent) 

had a credit card or bank personal loan in 2021, compared 

with 75.7 percent of working-age households without a 

disability.

Differences by race and ethnicity in the likelihood of having 

a credit card or bank personal loan were present at every 

income level, as shown in Figure 10.1. For example, even 

among households with income between $50,000 and 

$75,000, 64.8 percent of Black households and 71.2 percent of Hispanic households had a credit card or bank 

personal loan, whereas 81.3 percent of White households 

did so. Among American Indian or Alaska Native households, 36.2 percent of households with less than $50,000 

in income and 78.4 percent of households with income of 

$50,000 or more had a credit card or bank personal loan.78

Only some of the racial and ethnic differences in the 

likelihood of having a credit card or bank personal loan 

were associated with racial and ethnic differences in bank 

account ownership and socioeconomic and demographic 

characteristics beyond income.79
68 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Table 10.2 Use of Credit by Selected Household Characteristics, 2021

All Households, Row Percent

Characteristics Credit 

Card

Bank Personal 

Loan

Credit Card or 

Bank Personal 

Loan

Nonbank 

Personal Loan

Rent-to-Own 

Service or 

Payday, Pawn 

Shop, Tax Refund 

Anticipation, or 

Auto Title Loan

All 71.5 8.0 72.3 2.8 4.4

Family Income

Less Than $15,000 32.9 2.7 33.9 1.6 7.0

$15,000 to $30,000 51.3 4.1 52.2 2.5 6.9

$30,000 to $50,000 66.2 6.5 67.1 2.8 6.1

$50,000 to $75,000 77.0 8.8 77.8 3.2 4.3

At Least $75,000 87.5 10.9 87.9 3.0 2.3

Education

No High School Diploma 36.5 4.1 37.9 2.3 7.8

High School Diploma 59.5 6.7 60.7 2.5 5.9

Some College 71.6 8.3 72.2 3.4 5.2

College Degree 85.7 9.3 86.2 2.6 2.3

Age Group

15 to 24 Years 61.3 6.8 62.6 3.8 6.8

25 to 34 Years 70.8 9.1 71.9 3.6 7.0

35 to 44 Years 73.1 8.8 73.7 3.2 5.3

45 to 54 Years 72.3 9.2 73.1 3.0 5.0

55 to 64 Years 70.3 8.3 71.1 2.8 3.7

65 Years or More 73.0 5.9 73.4 1.7 2.1

Race/Ethnicity

Black 48.8 5.9 49.9 3.3 7.6

Hispanic 59.5 6.1 60.0 2.8 6.4

Asian 81.6 7.9 81.9 1.8 2.2

American Indian or Alaska Native 50.4 10.3 54.4 5.7 10.5

Native Hawaiian or Other Pacific Islander NA NA NA NA NA

White 78.1 8.7 78.8 2.7 3.3

Two or More Races 72.7 8.5 73.1 3.9 8.2

Disability Status

Disabled, Aged 25 to 64 47.4 6.9 48.4 3.5 7.9

Not Disabled, Aged 25 to 64 74.9 9.1 75.7 3.1 4.8

Note: NA indicates that the sample size is too small to produce a precise estimate. See Appendix Tables F.1 and F.4 for estimates by 

other household characteristics.
2021 FDIC National Survey of Unbanked and Underbanked Households | 69

Figure 10.1 Use of a Credit Card or Bank Personal Loan by Income Level and Race and Ethnicity, 2021 (Percent)

Differences by disability status in the likelihood of having 

a credit card or bank personal loan were also present at 

every income level, as shown in Figure 10.2. For example, 

among households with income between $50,000 and 

$75,000, 67.1 percent of working-age households with a 

disability had a credit card or bank personal loan, whereas 

76.9 percent of working-age households without a disability did so.

Turning to nonbank personal loans, Table 10.2 shows some 

differences in the likelihood of having these loans in 2021 

by income and age. For example, 3.2 percent of households 

with income between $50,000 and $75,000 had a nonbank 

personal loan, double the percentage among households 

with less than $15,000 in income (1.6 percent). In addition, 

households aged 34 or younger were more than twice as 

likely to have a nonbank personal loan as households aged 

65 or older.

The patterns for the use of a rent-to-own service or a payday, pawn shop, tax refund anticipation, or auto title loan 

by household characteristics were generally opposite the 

patterns for the use of a credit card or bank personal loan, 

as displayed in Table 10.2. Use of a rent-to-own service or 

payday, pawn shop, tax refund anticipation, or auto title 

loan in 2021 was higher among lower-income households, 

less-educated households, Black households, Hispanic 

households, American Indian or Alaska Native households, 

and working-age households with a disability.

Differences by race and ethnicity in the likelihood of 

using of a rent-to-own service or a payday, pawn shop, tax 

refund anticipation, or auto title loan were present at every 

income level, as shown in Figure 10.3. For example, among 

households with income between $30,000 and $50,000, 

8.6 percent of Black households and 8.4 percent of Hispanic 

households used a rent-to-own service or a payday, pawn 

shop, tax refund anticipation, or auto title loan, compared 

with 4.6 percent of White households. Among American 

Indian or Alaska Native households, 15.1 percent of households with less than $50,000 in income and 4.6 percent of 

households with income of $50,000 or more used a rent-toown service or a payday, pawn shop, tax refund anticipation, or auto title loan.
70 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Figure 10.2 Use of a Credit Card or Bank Personal Loan by Income Level and Disability Status, 2021 (Percent)

Figure 10.3 Use of a Rent-to-Own Service or a Payday, Pawn Shop, Tax Refund Anticipation, or Auto Title Loan by 

Income Level and Race and Ethnicity, 2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 71

Credit Use by Geography

Credit use varied across regions of the United States. In 

2021, 67.3 percent of households in the South had a credit 

card or bank personal loan, compared with 74.8 percent in 

the Northeast, 75.2 percent in the Midwest, and 76.0 percent in the West. The proportion of households that had a 

nonbank personal loan in 2021 was lowest in the Northeast (1.7 percent) and similar in the other three regions 

(2.8 percent in the Midwest, 3.0 percent in the West, and 

3.1 percent in the South). Use of a rent-to-own service 

or a payday, pawn shop, tax refund anticipation, or auto 

title loan in 2021 was highest in the South (5.6 percent), 

followed by the Midwest (4.2 percent), the Northeast 

(3.6 percent), and the West (3.2 percent).

Figures 10.4 and 10.5 show that credit use varied widely 

across states. In 2021, 83.9 percent of households in Minnesota had a credit card or bank personal loan, compared 

with 50.8 percent of households in Mississippi.80 Use of a 

80 The likelihood of having a nonbank personal loan in 2021 ranged from 0.9 percent in New York to 5.7 percent in Mississippi.

81 The difference in the likelihood of using a rent-to-own service or a payday, pawn shop, tax refund anticipation, or auto title loan in 2021 across 

metropolitan status was associated primarily with differences in income and other characteristics of U.S. households. This geographical difference was no 

longer statistically significant after differences in the other household characteristics shown in Table 3.6 were accounted for.

rent-to-own service or a payday, pawn shop, tax refund 

anticipation, or auto title loan was highest in Oklahoma 

(10.6 percent) and lowest in Washington, DC (1.3 percent). 

(See Appendix Tables F.1–F.6 for detailed estimates of 

credit use by region, state, and MSA.) 

With regard to metropolitan status, 65.3 percent of 

households that did not live in a metropolitan area had 

a credit card or bank personal loan in 2021, compared 

with 73.4 percent of households that lived in a metropolitan area. For nonbank personal loans, the likelihood 

of having these loans in 2021 was similar for households 

that did not live in a metropolitan area (3.1 percent) and 

households that lived in a metropolitan area (2.7 percent). 

Finally, households that did not live in a metropolitan 

area were more likely to use a rent-to-own service or a 

payday, pawn shop, tax refund anticipation, or auto title 

loan in 2021 (5.2 percent), compared with households that 

lived in a metropolitan area (4.3 percent).81

Figure 10.4 Use of a Credit Card or Bank Personal Loan by State, 2021 (Percent)
72 | 2021 FDIC National Survey of Unbanked and Underbanked Households

Loan Amounts for Bank and Nonbank Personal Loans

For most households that had a bank or nonbank personal 

loan, the amount of the most recent loan was more than 

$1,000. As shown in Figure 10.6, for 84.2 percent of households that had a bank personal loan in 2021, the amount of 

the most recent loan was more than $1,000. Similarly, as 

shown in Figure 10.7, for 77.4 percent of households that 

had a nonbank personal loan in 2021, the amount of the 

most recent loan was more than $1,000.

Differences by income in the likelihood of having a personal loan and in the amount of the most recent loan were 

especially pronounced. For example, 3.5 percent of households with less than $30,000 in income had a bank personal 

loan in 2021, compared with 9.3 percent of households with 

82 See Appendix Tables F.10 and F.11 for estimates of the amount of the most recent bank personal loan or nonbank personal loan by other household 

characteristics.

income of $30,000 or more. Likewise, 2.1 percent of households with less than $30,000 in income had a nonbank personal loan in 2021, compared with 3.0 percent of households 

with income of $30,000 or more.

For households that had a bank or nonbank personal loan, 

the amount of the most recent loan tended to be smaller 

among lower-income households. For example, as displayed in Figure 10.6, among households that had a bank 

personal loan in 2021, the amount of the most recent loan 

was $1,000 or less for 30.0 percent of households with less 

than $30,000 in income but 14.2 percent of households with 

income of $30,000 or more.82

Figure 10.5 Use of a Rent-to-Own Service or a Payday, Pawn Shop, Tax Refund Anticipation, or Auto Title Loan by 

State, 2021 (Percent)
2021 FDIC National Survey of Unbanked and Underbanked Households | 73

Figure 10.6 Amount of Most Recent Bank Personal Loan Among Households That Had a Bank Personal Loan by Income 

Level, 2021 (Percent)

Figure 10.7 Amount of Most Recent Nonbank Personal Loan Among Households That Had a Nonbank Personal Loan by 

Income Level, 2021 (Percent)

One in four households (25.5 percent) did not use any of 

the credit products included in the 2021 survey, as shown 

in Table 10.3.83 Among households with less than $30,000 

in income, half did not use any of the credit products 

included in the survey, almost triple the percentage among 

households with income of $30,000 or more (18.2 percent). 

Nearly half of households with less than $30,000 in income 

(43.7 percent) had a credit card in 2021, by far the most 

prevalent type of credit among the credit products included 

in the survey.

83 In Tables 10.3 and 10.4, the estimates of the shares of households in 2021 that had a bank or nonbank personal loan, by the amount of the most recent 

loan, differ from those in Figures 10.6 and 10.7 because Tables 10.3 and 10.4 present estimates as shares of all households, while Figures 10.6 and 10.7 present 

estimates as shares of households that had a bank personal loan or a nonbank personal loan only.

84 In 2021, 23.0 percent of all households had less than $30,000 in income. Of these households, 56.3 percent (or 12.9 percent of all households) did not have a 

credit card and 43.7 percent (or 10.0 percent of all households) had a credit card.

For households with less than $30,000 in income that did 

not have a credit card, the vast majority (88.8 percent) 

did not use any of the credit products included in the 2021 

survey (see Table 10.4).84 One in twelve households with 

less than $30,000 in income that did not have a credit card 

(8.3 percent) used a rent-to-own service or a payday, pawn 

shop, tax refund anticipation, or auto title loan. Much 

smaller percentages—1.1 percent or less—had each of the 

four types of bank and nonbank personal loans.
74 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

Rent-toOwn Service 

Bank 

Personal Loan, 

Most Recent Loa

$1,000 or Less 

Bank Nonbank Nonbank or Payday, 

Personal Loan, Personal Loan, Personal Loan, Pawn Shop, No 

n Most Recent Loan Most Recent Loan Most Recent Loan Tax Refund Credit 

More Than $1,000 $1,000 or Less More Than $1,000 Anticipation, 

or Auto Title 

Loan 

All 1.0 2.4 0.9 1.2 6.9 50.0 

Credit Card Ownership 

Does Not Have Credit Card 0.6 1.1 1.1 0.8 8.3 88.8 

Has Credit Card 1.6 4.2 0.7 1.7 5.1 0.0 

Table 10.3 Use of Credit by Income Level, 2021 

All Households, Row Percent 

Credit 

Card 

Bank 

Personal Loan, 

Most Recent Loan 

$1,000 or Less 

Bank 

Personal Loan, 

Most Recent Loan 

More Than $1,000 

Nonbank 

Personal Loan, 

Most Recent Loan 

$1,000 or Less 

Nonbank 

Personal Loan, 

Most Recent Loan 

More Than $1,000 

Rent-toOwn Service 

or Payday, 

Pawn Shop, 

Tax Refund 

Anticipation, 

or Auto Title 

Loan 

No 

Credit 

All 

Family Income 

Less Than $30,000 

At Least $30,000 

71.5 

43.7 

79.8 

1.3 

1.0 

1.3 

6.7 

2.4 

8.0 

0.6 

0.9 

0.5 

2.2 

1.2 

2.4 

4.4 

6.9 

3.7 

25.5 

50.0 

18.2 

Note: Households may have used credit products that were not included in the 2021 survey. 

Table 10.4 Use of Credit Among Households With Less Than $30,000 in Income by Credit Card Ownership, 2021 

Households With Less Than $30,000 in Income, Row Percent 

Note: Households may have used credit products that were not included in the 2021 survey. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 75 

2021 FDIC National Survey of Unbanked and Underbanked Households

11. Underbanked Households 

Underbanked households are banked households that 

used financial products or services outside of the banking 

system. Specifically, a household is classified as “underbanked” in 2021 if it had a checking or savings account 

at a bank or credit union and in the past 12 months used 

at least one of the following products or services from a 

nonbank provider: money orders, check cashing, international remittances, rent-to-own services, payday loans, 

pawn shop loans, tax refund anticipation loans, or auto title 

loans. These nonbank transaction and credit products and 

services are disproportionately used by unbanked households to meet their transaction and credit needs, as discussed in sections 7 and 10. Households that had a checking 

or savings account at a bank or credit union and in the past 

12 months did not use any of the above nonbank transaction and credit products and services are classified as “fully 

banked.” The remaining households—those in which no 

one in the household had a checking or savings account at a 

bank or credit union—are classified as “unbanked.” Unless 

otherwise stated, all money orders, check cashing, money 

transfer services (which includes international remittances), and online payment services discussed in this section 

are from nonbank providers. 

In 2021, 14.1 percent of U.S. households—representing 

approximately 18.7 million households—were underbanked. In addition, 81.5 percent of U.S. households—representing approximately 107.9 million households—were 

fully banked, and 4.5 percent of U.S. households—representing approximately 5.9 million households—were 

unbanked. Underbanked and fully banked rates in 2021 are 

not directly comparable to underbanked and fully banked 

rates in previous years because of changes to the questions 

on international remittances.85 

Underbanked, Fully Banked, and Unbanked Rates by 

Household Characteristics 

Consistent with the results of previous surveys, underbanked rates in 2021 varied considerably across the U.S. 

population. As shown in Table 11.1, underbanked rates were 

higher among households with less than $15,000 in income; 

households with no high school diploma; households aged 

24 or younger; and Black, Hispanic, and American Indian or 

Alaska Native households. About one in four Black, Hispanic, and American Indian or Alaska Native households 

were underbanked, compared with about one in ten White 

households. 

Table 11.1 Underbanked, Fully Banked, and Unbanked Rates by Selected Household Characteristics, 2021 

All Households, Row Percent 

Characteristics Underbanked Fully Banked Unbanked 

All 14.1 81.5 4.5 

Family Income 

Less Than $15,000 19.2 61.0 19.8 

$15,000 to $30,000 18.9 71.9 9.2 

$30,000 to $50,000 17.3 78.7 4.0 

$50,000 to $75,000 14.0 83.9 2.1 

At Least $75,000 9.7 89.7 0.6 

85 As discussed in section 7, in the 2021 survey, households were asked whether they used money transfer services in the past 12 months. Households that 

used money transfer services were asked follow-up questions including whether they used these services to send money to or receive money from family or 

friends outside the United States (i.e., send or receive international remittances). The 2019 and 2017 surveys asked about sending international remittances. 

Specifically, in 2019, the question was, “In the past 12 months, did you or anyone in your household send money to family or friends living outside of the U.S. 

through a service that is not a bank?” In 2017, the question consisted of two parts. The first part was, “In the last 12 months, that is since June 2016, did you 

or someone else in your household send money to family or friends living outside of the U.S.?” The second part was, “When sending money abroad in the last 

12 months, did you or someone else in your household use... (Mark all that apply.) A bank? A place other than a bank? Other (Specify).” Excluding the use of 

international remittances, the underbanked rate would have been 12.3 percent in 2021, 14.6 percent in 2019, and 18.1 percent in 2017. The decline between 2017 

and 2021 was statistically significant. 
76 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

Table 11.1 Underbanked, Fully Banked, and Unbanked Rates by Selected Household Characteristics, 2021 (continued)

All Households, Row Percent 

Characteristics Underbanked Fully Banked Unbanked 

Education 

No High School Diploma 24.1 56.7 19.2 

High School Diploma 16.7 76.5 6.8 

Some College 14.9 81.8 3.3 

College Degree 9.9 89.2 0.9 

Age Group 

15 to 24 Years 21.9 72.2 5.8 

25 to 34 Years 17.7 77.3 5.1 

35 to 44 Years 16.9 77.9 5.1 

45 to 54 Years 14.5 80.3 5.2 

55 to 64 Years 13.4 81.9 4.8 

65 Years or More 9.1 88.2 2.7 

Race/Ethnicity 

Black 24.7 64.0 11.3 

Hispanic 24.1 66.7 9.3 

Asian 16.5 80.5 2.9 

American Indian or Alaska Native 25.1 68.0 6.9 

Native Hawaiian or Other Pacific 

Islander NA NA NA 

White 9.3 88.6 2.1 

Two or More Races 20.6 74.4 5.0 

Disability Status 

Disabled, Aged 25 to 64 20.5 64.7 14.8 

Not Disabled, Aged 25 to 64 14.9 81.4 3.7 

Note: NA indicates that the sample size is too small to produce a precise estimate. See Appendix Table G.1 for estimates by other 

household characteristics. 

Underbanked Households’ Use of Nonbank Transactions 

and Credit 

Households classified as underbanked are a fairly diverse 

group, with a variety of experiences and levels of engagement with the banking system. To better understand the 

financial behaviors of underbanked households and their 

engagement with the banking system, the remainder of 

this section segments underbanked households into three 

groups based on their use of nonbank transaction and 

credit products and services: 

• Underbanked, nonbank transactions only segment. 

This group comprises banked households that used at 

least one of the three nonbank transactions (money 

orders, check cashing, or international remittances) but 

none of the five nonbank credit (rent-to-own services or 

payday, pawn shop, tax refund anticipation, or auto title 

loans). 

• Underbanked, nonbank credit only segment. This 

group comprises banked households that used at least 

one of the five nonbank credit but none of the three 

nonbank transactions. 

• Underbanked, nonbank transactions and credit segment. This group comprises banked households that 

used at least one of the three nonbank transactions and 

at least one of the five nonbank credit. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 77 

 

 

In 2021, underbanked households that only used nonbank 

transactions comprised 10.1 percent of all households (see 

Table 11.2). These households made up almost three in four 

underbanked households (71.6 percent), while 18.0 percent 

of underbanked households (or 2.5 percent of all households) only used nonbank credit, and 10.3 percent of underbanked households (or 1.5 percent of all households) used 

both nonbank transactions and credit.86 

Underbanked Household Segments by Household 

Characteristics 

Compared with fully banked households, a higher proportion of underbanked households overall and in each 

of the underbanked segments had less than $15,000 in 

income, did not have a high school diploma, were aged 34 

or younger, were Black or Hispanic, and were working-age 

households with a disability (see Table 11.3). More than half 

of underbanked households (53.9 percent) had less than 

$50,000 in income, compared with 37.0 percent of fully 

banked households. 

The characteristics of underbanked households that 

used both nonbank transactions and credit differed in 

many ways from the characteristics of underbanked 

households that used only nonbank transactions or only 

nonbank credit. A lower proportion of underbanked 

households that used both nonbank transactions and 

credit had income of $75,000 or more and a lower proportion had a college degree, compared with underbanked 

households that used only nonbank transactions or only 

nonbank credit. A higher proportion of underbanked 

households that used both nonbank transactions and 

credit were aged 34 or younger, were Black, and were 

working-age households with a disability, compared with 

underbanked households that used only nonbank transactions or only nonbank credit. For example, 13.8 percent 

of underbanked households that used both nonbank 

transactions and credit had income of $75,000 or more, 

compared with 29.7 percent of underbanked households 

that used only nonbank transactions and 27.5 percent 

of underbanked households that used only nonbank 

Table 11.2 Distribution of Underbanked, Fully Banked, 

and Unbanked Households, 2021 

All Households, Column Percent 

Category as 

Share of All 

Households 

Underbanked 14.1 

Underbanked, Nonbank Transactions Only 10.1 

Underbanked, Nonbank Credit Only 2.5 

Underbanked, Nonbank Transactions and 

Credit 1.5 

Fully Banked 81.5 

Unbanked 4.5 

Table 11.3 Distributions of Selected Household Characteristics Among Underbanked, Fully Banked, and Unbanked 

Households, 2021 

All Households, Column Percent 

Characteristics All Underbanked 

Underbanked, 

Nonbank 

Transactions 

Only 

Underbanked, 

Nonbank 

Credit 

Only 

Underbanked, 

Nonbank 

Transactions 

and Credit 

Fully 

Banked Unbanked 

Family Income 

Less Than $15,000 9.5 12.9 13.4 9.6 15.7 7.1 42.0 

$15,000 to $30,000 13.5 18.2 17.5 18.3 22.8 11.9 27.7 

$30,000 to $50,000 18.6 22.8 21.3 24.3 30.2 18.0 16.6 

$50,000 to $75,000 18.5 18.5 18.2 20.4 17.5 19.1 8.5 

At Least $75,000 39.9 27.6 29.7 27.5 13.8 43.9 5.1 

Education 

No High School Diploma 7.9 13.6 14.1 9.6 16.4 5.5 34.1 

High School Diploma 24.3 28.9 27.5 29.9 36.8 22.8 37.1 

Some College 27.8 29.5 27.8 33.2 34.9 28.0 20.3 

College Degree 39.9 28.0 30.5 27.2 11.9 43.7 8.5 

86 Underbanked households in the three segments may have used nonbank transactions or credit not included in the categorization of underbanked 

households, such as online payment services, money transfer services for transactions other than sending or receiving international remittances, or nonbank 

personal loans. 
78 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

 

 

 

Table 11.3 Distributions of Selected Household Characteristics Among Underbanked, Fully Banked, and Unbanked 

Households, 2021 (continued)

All Households, Column Percent 

Characteristics All Underbanked 

Underbanked, 

Nonbank 

Transactions 

Only 

Underbanked, 

Nonbank 

Credit 

Only 

Underbanked, 

Nonbank 

Transactions 

and Credit 

Fully 

Banked Unbanked 

Age Group 

15 to 24 Years 4.4 6.9 7.0 7.1 5.8 3.9 5.8 

25 to 34 Years 16.2 20.4 18.4 22.8 30.0 15.4 18.5 

35 to 44 Years 17.1 20.6 20.6 19.1 23.0 16.4 19.7 

45 to 54 Years 16.8 17.3 16.6 20.2 16.6 16.5 19.8 

55 to 64 Years 18.6 17.6 18.4 16.0 15.2 18.6 19.8 

65 Years or More 26.9 17.3 19.0 14.9 9.5 29.1 16.4 

Race/Ethnicity 

Black 12.8 22.4 22.8 15.7 31.0 10.0 32.4 

Hispanic 14.6 25.0 26.7 19.1 23.8 12.0 30.4 

Asian 5.3 6.2 7.6 2.3 3.7 5.3 3.5 

American Indian or Alaska Native 0.7 1.3 1.2 1.2 2.5 0.6 1.1 

Native Hawaiian or Other Pacific Islander 0.3 0.3 0.2 0.4 0.7 0.2 0.4 

White 64.9 42.8 39.7 59.7 34.3 70.6 30.6 

Two or More Races 1.4 2.0 1.8 1.7 4.0 1.3 1.6 

Disability Status 

Disabled, Aged 25 to 64 8.2 11.9 11.3 11.8 16.5 6.5 27.3 

Not Disabled, Aged 25 to 64 60.5 63.9 62.6 66.2 68.3 60.4 50.5 

Not Applicable (Not Aged 25 to 64) 31.3 24.2 26.1 22.0 15.3 33.1 22.2 

Note: See Appendix Table G.4 for distributions of other household characteristics. 

credit. And 31.0 percent of underbanked households that 

used both nonbank transactions and credit were Black, 

compared with 22.8 percent of underbanked households 

that used only nonbank transactions and 15.7 percent of 

underbanked households that used only nonbank credit. 

Primary Method Used to Access Bank Accounts 

As the primary method of bank account access, use of 

mobile banking was higher among underbanked households (48.8 percent) than among fully banked households 

(42.5 percent), as shown in Table 11.4. Use of mobile banking as the primary method of account access was higher 

in all three underbanked segments, compared with fully 

banked households, and was highest among underbanked 

households that used both nonbank transactions and credit 

(53.1 percent). 

Fully banked households were more likely to use online 

banking (23.8 percent) than to use either a bank teller 

(14.9 percent) or an ATM or bank kiosk (15.2 percent) as 

the primary method of account access, while the reverse 

was true for underbanked households overall: 11.6 percent used online banking, 15.0 percent used a bank 

teller, and 20.6 percent used an ATM or bank kiosk as the 

primary method of account access. Underbanked households that used both nonbank transactions and credit 

were less likely to use online banking (4.2 percent) and 

more likely to use telephone banking (5.4 percent) as the 

primary method of account access, compared with the 

other two underbanked segments and with fully banked 

households. 

Pay Bills or Receive Income 

Paying bills and receiving income are core financial transactions that most households conduct regularly. As shown 

in Table 11.5, almost all fully banked and underbanked 

households used their bank accounts to pay bills or receive 

income, whether or not they also used another method. For 

example, 97.3 percent of fully banked households used their 

bank accounts for these transactions, as did 96.1 percent of 

underbanked households. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 79 

 

 

Table 11.4 Primary Method of Bank Account Access Among Underbanked and Fully Banked Households, 2021 

Underbanked and Fully Banked Households That Accessed Their Account in the Past 12 Months, Row Percent 

Bank 

Teller 

ATM/ 

Kiosk 

Telephone 

Banking 

Online 

Banking 

Mobile 

Banking Other 

Bank 

Teller or 

ATM/Kiosk 

Underbanked 15.0 20.6 3.3 11.6 48.8 0.6 35.6 

Underbanked, Nonbank Transactions Only 16.4 20.0 3.1 12.4 47.4 0.6 36.4 

Underbanked, Nonbank Credit Only 11.2 21.4 2.8 12.6 51.7 0.3 32.6 

Underbanked, Nonbank Transactions and Credit 11.9 24.0 5.4 4.2 53.1 1.3 35.9 

Fully Banked 14.9 15.2 2.9 23.8 42.5 0.7 30.2 

Table 11.5 Methods Used to Pay Bills or Receive Income Among Underbanked and Fully Banked Households, 2021 

Underbanked and Fully Banked Households, Row Percent 

Any 

Method 

Bank 

Account 

Bank 

Account 

Only 

Nonbank 

Online 

Payment 

Service 

Prepaid 

Card 

Nonbank 

Money 

Order 

Nonbank 

Check 

Cashing 

Nonbank 

Money 

Transfer 

Service 

Underbanked 98.5 96.1 38.1 18.8 6.5 40.4 9.9 6.2 

Underbanked, Nonbank Transactions Only 98.7 96.5 33.9 16.8 5.1 47.5 10.5 6.5 

Underbanked, Nonbank Credit Only 97.1 96.3 68.0 23.3 6.8 0.0 0.0 2.1 

Underbanked, Nonbank Transactions and 

Credit 99.1 93.2 14.7 24.4 16.3 61.2 23.5 11.3 

Fully Banked 97.6 97.3 81.6 14.0 1.9 0.0 0.0 0.7 

The share of households that exclusively used their bank 

accounts to pay bills or receive income was much higher 

among fully banked households, compared with the three 

underbanked segments. Four in five fully banked households (81.6 percent) exclusively used their bank accounts. 

Among underbanked households that used only nonbank 

credit, roughly two-thirds (68.0 percent) exclusively used 

their bank accounts to pay bills or receive income, compared with 33.9 percent of underbanked households that 

used only nonbank transactions and 14.7 percent of underbanked households that used both nonbank transactions 

and credit. 

Underbanked households were substantially more likely to 

use money transfer services to pay bills (6.2 percent), compared with fully banked households (0.7 percent). Underbanked households were also more likely to use prepaid 

cards to pay bills or receive income (6.5 percent), compared 

with fully banked households (1.9 percent). 

Among underbanked households that used both nonbank 

transactions and credit, a higher share used money orders 

or money transfer services to pay bills and a higher share 

used check cashing to receive income, compared with 

underbanked households that used only nonbank transactions. For example, three in five underbanked households that used both nonbank transactions and credit 

(61.2 percent) used money orders to pay bills, compared 

with 47.5 percent of underbanked households that used only 

nonbank transactions. 

Use of Credit Cards and Personal Loans 

Underbanked households were less likely to have a credit 

card and were more likely to have both bank and nonbank 

personal loans than fully banked households in 2021 (see 

Table 11.6). For example, 62.4 percent of underbanked 

households had a credit card, compared with 76.6 percent of fully banked households. One in ten underbanked 

households (10.0 percent) had a bank personal loan, compared with 8.0 percent of fully banked households. And 

5.6 percent of underbanked households had a nonbank 

personal loan, compared with 2.4 percent of fully banked 

households. 

The underbanked segment that used both nonbank transactions and credit was less likely to have a credit card and 
80 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

more likely to have a nonbank personal loan than the other 

two underbanked segments. For example, 53.1 percent of 

underbanked households that used both nonbank transactions and credit had a credit card, compared with 65.6 percent of underbanked households that used only nonbank 

credit and 62.9 percent of underbanked households that 

used only nonbank transactions. 

Use of Rent-to-Own Services and Payday, Pawn Shop, Tax 

Refund Anticipation, and Auto Title Loans 

Underbanked households that used both nonbank transactions and credit were more likely to use rent-to-own 

services, payday loans, and pawn shop loans in 2021 than 

underbanked households that used only nonbank credit 

(see Table 11.7). For example, 26.8 percent of underbanked 

households that used both nonbank transactions and 

credit used a pawn shop loan, compared with 15.5 percent of 

underbanked households that used only nonbank credit. 

Underbanked households that used both nonbank transactions and credit were less likely to use tax refund anticipation loans and auto title loans in 2021 than underbanked 

households that used only nonbank credit. For example, 

16.0 percent of underbanked households that used both 

nonbank transactions and credit used an auto title loan, 

compared with 24.0 percent of underbanked households 

that used only nonbank credit. 

Table 11.6 Use of Credit Cards, Bank Personal Loans, and Nonbank Personal Loans Among Underbanked and Fully 

Banked Households, 2021 

Underbanked and Fully Banked Households, Row Percent 

Credit Card Bank Personal 

Loan 

Credit Card or Bank 

Personal Loan 

Nonbank Personal 

Loan 

Underbanked 

Underbanked, Nonbank Transactions Only 

Underbanked, Nonbank Credit Only 

Underbanked, Nonbank Transactions and Credit 

Fully Banked 

62.4 

62.9 

65.6 

53.1 

76.6 

10.0 

9.2 

12.6 

10.8 

8.0 

64.0 

64.1 

67.9 

56.6 

77.2 

5.6 

3.7 

9.0 

13.2 

2.4 

Table 11.7 Use of Rent-to-Own Services and Payday, Pawn Shop, Tax Refund Anticipation, and Auto Title Loans Among 

Underbanked and Fully Banked Households, 2021 

Underbanked and Fully Banked Households, Row Percent 

Rent-to-Own Service 

Rentto-Own 

Service 

Payday 

Loan 

Pawn 

Shop 

Loan 

Tax Refund 

Anticipation 

Loan 

Auto 

Title 

Loan 

or Payday, Pawn 

Shop, Tax Refund 

Anticipation, or 

Auto Title Loan 

Underbanked 7.7 7.2 5.6 6.3 6.0 28.4 

Underbanked, Nonbank Transactions Only 0.0 0.0 0.0 0.0 0.0 0.0 

Underbanked, Nonbank Credit Only 24.8 22.8 15.5 25.1 24.0 100.0 

Underbanked, Nonbank Transactions and Credit 31.0 29.9 26.8 17.0 16.0 100.0 

Fully Banked 0.0 0.0 0.0 0.0 0.0 0.0 
2021 FDIC National Survey of Unbanked and Underbanked Households | 81 

2021 FDIC National Survey of Unbanked and Underbanked Households

12. Implications and Conclusions 

The financial disruptions due to the COVID-19 pandemic 

created unique opportunities and challenges for economic 

inclusion, some of which may be temporary, while others 

may be longer lasting. The importance of quickly receiving 

income from Economic Impact Payments or other government relief programs created a unique bankable moment, 

and consumers benefited from enhanced online and mobile 

account opening technologies and the greater availability 

of safe and affordable bank accounts. This combination of 

factors resulted in meaningful gains in connecting households to the banking system. 

Health and safety concerns regarding in-person interactions during the pandemic may have accelerated the longterm trend of increasing use of mobile and online channels 

to access financial products and services, such as mobile 

banking and online payment services. As the pandemic 

wanes, it will be important to carefully monitor whether 

the shift from in-person activity continues, stabilizes, or 

subsides. 

Beyond impacts directly tied to the pandemic, the financial services marketplace continues to become more 

disaggregated, and consumers are bundling services and 

providers (bank and nonbank) in new and interesting 

ways. This disaggregation may provide greater choices for 

consumers but also may make it more difficult for consumers to clearly distinguish differences between bank 

and nonbank products and to understand the protections available, such as deposit insurance. The economic 

inclusion implications of disaggregation on different 

segments of the population bear further research and 

highlight the need to learn more about how consumers are 

navigating the choices presented to them by the evolving 

marketplace. 

1. Despite economic challenges posed by the pandemic, 

more consumers became banked and sustained their 

banking relationship through financial distress. 

The importance of quickly receiving government 

payments contributed to decisions by many unbanked 

consumers to open bank accounts. Focusing on 

opportunities to connect consumers to safe and 

affordable bank accounts when they are receiving 

income and other government payments continues 

to be a promising economic inclusion strategy. 

Enhancements to online account opening technology 

deployed during the pandemic and the increased 

availability of low-cost accounts in recent years also 

may facilitate these banking efforts. Disruptions in 

income had a smaller impact in exits from the banking 

system than previous survey results might suggest, 

and further research is needed to explore the reasons 

for this smaller than expected impact, including 

strategies banks used to assist low- and moderateincome (LMI) consumers navigate short-term financial 

shocks. 

The pandemic highlighted the need for consumers to 

quickly respond to economic shocks, particularly to ensure 

that they were able to receive and access relief funds and 

other benefits. Community organizations, policymakers, 

and bankers raised awareness about Economic Impact 

Payments and connected consumers to bank accounts. 

For example, the FDIC launched a national #GetBanked 

consumer education campaign and collaborated with the 

U.S. Department of the Treasury to help consumers connect 

to banks that offered online opening of safe and affordable 

accounts so that they could establish a banking relationship 

and receive stimulus payments more quickly and securely. 

The 2021 survey provides strong evidence that receipt of 

income, such as stimulus payments, unemployment benefits, and employment income, was an important motivator 

for account openings. Among recently banked households 

that received a government benefit payment, almost half 

said that the payment contributed to opening an account. 

And among recently banked households that started a 

new job, one in three said that the new job contributed to 

opening an account. These results are consistent with 2013 

findings that showed that the most common reason recently banked households opened an account was to receive 

direct deposit. Together, these findings provide compelling 

evidence of the effectiveness of focusing on bringing people 

into the financial mainstream when they are receiving 

funds. 

Economic inclusion efforts should continue to focus on 

connecting consumers with safe and affordable accounts at 

a variety of bankable moments, for example, with receipt 

of new employment income, tax refunds, and government 

benefits and transfers. While initiatives to bank consumers 
82 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

at opportune moments have existed for some time (e.g., 

Bank On, Volunteer Income Tax Assistance site banking 

efforts), more options are available today than in the past to 

connect consumers with safe and affordable bank accounts. 

As of September 2022, over 250 banks and credit unions 

offer an account that meets Bank On National Account 

Standards. In addition, mobile and online account opening options are more accessible. Restrictions on in-person 

activities during the pandemic led many banks to enhance 

their digital account opening technologies to make it easier 

and quicker for consumers to open accounts remotely 

through online and mobile banking. At the same time, 

consumer comfort and familiarity with financial technology increased as many consumers used online and mobile 

methods for shopping or handling their finances.87 Public awareness campaigns timed with bankable moments 

highlighting account opening options could be helpful for 

bringing consumers into banking. 

In addition to expanding access to banking, maintaining 

sustainable banking relations is a key economic inclusion 

consideration. The pandemic tested the sustainability 

of banking relationships when labor market disruptions 

reduced or curtailed many household income streams. 

In 2021, about one in five recently unbanked households 

(21.1 percent) reported that losing or quitting a job, being 

furloughed, having reduced hours, or having a significant 

loss of income contributed to closing a bank account in 

the prior 15 months. As sizable as this share is, it is much 

lower than results reported in a past FDIC survey. Although 

not directly comparable, in 2013, one-third (33.9 percent) 

of recently unbanked households experienced a significant income loss or a job loss that they said contributed to 

the household becoming unbanked. Government aid and 

financial system flexibilities during the pandemic likely 

played a role in mitigating consumer financial distress, 

particularly in helping consumers meet their credit obligations. But it would be beneficial to identify lessons learned 

regarding communication strategies, staff training, or 

bank policies that were particularly effective in helping 

consumers and financial institutions navigate financial 

disruptions. For example, at the start of the pandemic, 

regulators encouraged financial institutions to work with 

consumers, especially LMI consumers, and to consider 

measures to reduce the financial impact of the pandemic, 

such as waiving early withdrawal penalties for time deposits or ATM fees.88 It is important to explore whether these 

or other efforts were effective and could be continued to 

help LMI consumers cope with short-term financial shocks 

without becoming unbanked. 

2. Household use of some nonbank financial services, 

such as check cashing and certain consumer credit 

products, has declined significantly over the past 

decade. A combination of factors may be driving 

these trends, including reduced demand from 

changing needs, increased participation in the 

banking system, or the increasing supply of other, 

new nonbank products and services, many of which 

can be found online or through mobile applications. 

Much remains to be learned about consumer choices 

and the factors that are motivating them. Additional 

research into these choices and motivations is 

vital to ensuring that economic inclusion efforts 

evolve to address consumers’ changing needs and 

preferences. 

An example of how consumer use of financial providers has 

been shifting over time is the long-term trend of declining 

use of the nonbank financial products and services covered 

by the survey. For the most commonly used nonbank financial transaction services, usage has fallen significantly. In 

2021, the share of households that used nonbank money 

orders and nonbank check cashing in the past year was 

half of what it had been in 2011. Check cashing use fell from 

7.9 percent in 2011 to 3.2 percent in 2021, while money order 

use fell from 18.8 percent to 9.7 percent. 

These declines have persisted across bank account ownership and demographic groups. Significant drops have 

been seen among both the highest- and lowest-income 

households. For example, the use of nonbank money 

orders among households with less than $15,000 in income 

dropped from 30.8 percent to 19.4 percent between 2011 and 

2021, while it fell from 10.2 percent to 5.1 percent among 

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

groups, use of nonbank financial services declined considerably between 2019 and 2021; for example, unbanked 

households’ use of nonbank check cashing fell from 

39.9 percent in 2011 to 31.9 percent in 2019, and dropped to 

21.8 percent in 2021. Impacts from the pandemic may have 

played a role in accelerating changes in consumer financial 

services choices. 

87 In addition to FDIC survey results that show increased use of digital channels (e.g., mobile banking) and products (e.g., online payment services) 

across broad demographic segments, other surveys like the 2020 Diary of Consumer Payment Choice reports that “online or mobile purchases of goods 

and services increased from 17 percent of all purchases in 2019 to 24 percent in 2020 (as a share of both in-person and not-in-person purchases).” See 

www.atlantafed.org/banking-and-payments/consumer-payments/diary-of-consumer-payment-choice. 

88 See Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, Joint Statement on 

CRA Consideration for Activities in Response to COVID-19, March 19, 2020, www.fdic.gov/news/financial-institution-letters/2020/fil20019.html. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 83 

Similarly, nonbank credit use has also declined. In 2013, 

7.5 percent of households used at least one of the nonbank credit products tracked by the survey at that time: 

rent-to-own services and payday, pawn shop, tax refund 

anticipation, and auto title loans. But in 2021, the share of 

households using those same products fell by 40 percent 

to 4.4 percent. The decline was particularly pronounced 

among unbanked households; nearly one in five unbanked 

households (18.2 percent) used at least one of these nonbank credit products in 2013, but fewer than one in ten 

(9.5 percent) did so in 2021. 

Decreasing use of these nonbank services, especially 

through a period of declining unbanked rates, could imply 

that a growing number of households is fulfilling financial services needs within the banking system and benefiting from the consumer protections and opportunities 

that the system provides. However, to understand whether 

the decline in observed use of nonbank financial services correlates with greater inclusion in banking, more 

information is needed about whether and how households 

have replaced nonbank products and services like money 

orders and check cashing. It is also important to think 

about household attitudes, characteristics, and usage 

patterns when assessing how and why financial habits 

are changing. For example, while it may be reasonable to 

consider that unbanked households that were using nonbank services but were very interested in having a bank 

account may have curtailed their use of nonbanks in favor 

of banks, a significant portion of unbanked households do 

not trust banks, and it is less likely that these households 

are shifting from nonbanks to banks. 

The declines in observed nonbank financial service use 

may also reflect a change in demand among consumers 

driven by changing needs. In some cases, consumers may 

simply no longer need a service. For example, the overall 

decline in the use of paper checks has been well documented and could explain why some households no longer 

use check cashing services. Potential drivers of the longterm decline in demand for nonbank credit are less clear, 

but it is likely that changes in economic conditions, policy 

changes, and shifts in prevailing attitudes about the 

nonbank credit products mentioned in the survey affected 

demand. 

On the supply side, the rapidly changing marketplace has 

led to a proliferation of new nonbank financial products, and some households may be turning to these new 

products as they become available. Providers like nonbank 

fintechs and online payment services offer new ways to 

conduct core financial transactions such as receiving 

income (e.g., new ways to cash checks virtually), while 

emerging credit options such as buy now, pay later products provide new alternatives to existing credit offerings 

inside and outside of the banking system. To the extent 

that households have replaced existing nonbank financial 

services with new nonbank products, there may be consumer protection concerns. Also, banks may need to better 

target their economic inclusion strategies to align with 

changes in consumer behavior. 

Learning more about how households use new and 

existing bank and nonbank services will help clarify the 

true extent to which consumers are transacting within or outside of the banking system. As the diversity of 

options available in the marketplace grows, financial 

services are becoming more disaggregated as banked 

and unbanked households alike may increasingly turn to 

separate providers to meet different needs. As households 

combine bank and nonbank products in new ways, banks 

may need to work harder to distinguish themselves from 

nonbank providers and demonstrate the unique value and 

protections they offer consumers. The research community, including the FDIC National Survey of Unbanked and 

Underbanked Households, should strive to ensure adequate 

coverage of emerging products and to better understand 

how consumers are evaluating their options. Knowing 

more about the full range of services that households are 

using and the reasons motivating their choices will also 

allow economic inclusion stakeholders to better gauge the 

status of their efforts to develop, promote, and connect 

consumers to appealing banking products and can inform 

ways to evolve this work going forward. 

3. While many banked households appear to use 

nonbank online payment services such as PayPal, 

Venmo, and Cash App to complement banking 

products, unbanked households may be using them 

as substitutes for banking or other financial services. 

These use cases have different economic inclusion 

implications but highlight that it is important for all 

consumers to understand limits and applicability of 

consumer protections, especially deposit insurance. 

Nonbank online payment services have quickly become a 

common tool for many households, particularly younger households, to conduct financial transactions. Nearly 

half of all households (46.4 percent) used nonbank online 

payment services in 2021, including two-thirds of households aged 34 or younger. A similar (although not directly 

comparable and somewhat narrower) result from the 

2019 survey found that less than one-third of households 
84 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

(31.1 percent) were using nonbank person-to-person (P2P) 

payment services at that time.89 

Unlike some of the other nonbank services included in the 

survey, nonbank online payment services are not disproportionately used by unbanked households. Nearly half 

of banked households (47.7 percent) used nonbank online 

payment services in 2021, compared with less than one in 

five unbanked households (18.1 percent). User characteristics differ greatly from those of households that use other 

nonbank financial services; in general, households that 

use nonbank online payment services tend to be higher 

income and more educated than households that do not 

use these services. 

Banked households appear to use nonbank online payment services in conjunction with banking products by 

linking them to credit cards or bank accounts, and they 

use them for a limited set of transactions. Most banked 

households that use nonbank online payment services use 

them to make purchases online and to send money to or 

receive money from family or friends. Banked households 

do not commonly use nonbank online payment services 

for core financial transactions; fewer than one in five 

(18.7 percent) used them to receive income, and 27.2 percent used them to pay bills. These findings suggest that 

banked households might be disaggregating their use 

of financial services and that they are turning to other 

providers to meet some needs while continuing to rely on 

bank products for core transactions. 

Unbanked households use nonbank online payment 

services quite differently than banked households. 

Unbanked users frequently use them to conduct both core 

and secondary types of transactions, and the majority of 

unbanked households use them as stand-alone services 

not linked to a prepaid card or other type of account. These 

findings suggest that some unbanked households are 

using nonbank online payment services in place of bank 

accounts, consistent with prior qualitative research. Focus 

groups conducted by the FDIC in 2015 highlighted that 

some unbanked households felt that nonbank P2P payment services could function like bank accounts and were 

effective substitutes.90 

Banked and unbanked households’ different use cases prompt different economic inclusion considerations. 

Among unbanked households, those using nonbank online 

payment services are demonstrating that they need ways 

to conduct core financial transactions. But their choice to 

use nonbank services implies that they do not view banks 

or banking products as appropriate for their needs, so 

inclusion efforts responsive to these use cases might be 

helpful. Banked households, which have not commonly 

used nonbank financial services such as nonbank money 

orders, check cashing, or money transfer services, are 

often not the main focus of inclusion efforts. Yet banked 

households may not understand the implications of 

including a nonbank provider in the transaction process. 

Consequently, both banked and unbanked households 

may benefit from public awareness and education efforts 

to clarify consumer protections and the applicability of 

deposit insurance, distinguish between types of providers, 

and demonstrate the benefits and opportunities afforded 

by the banking system. 

89 The 2019 survey asked households about their use of a website or app to send or receive money inside the United States (examples are PayPal, Venmo, and 

Cash App). This service is known as a nonbank person-to-person (P2P) payment service. 

90 See Opportunities for Mobile Financial Services to Engage Underserved Consumers Qualitative Research Findings, May 25, 2016, www.fdic.gov/consumers/ 

community/mobile/MFS_Qualitative_Research_Report.pdf. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 85 

2021 FDIC National Survey of Unbanked and Underbanked Households

Appendix 1. FDIC Technical Notes 

The data for this report were collected through an 

FDIC-sponsored supplement (Supplement) to the Current 

Population Survey (CPS) for June 2021. The CPS, conducted 

by the U.S. Census Bureau for the Bureau of Labor Statistics (BLS), is a monthly survey with about 58,000 households selected for interview each month. The survey is 

based on a scientific sample that is representative of the 

U.S. civilian noninstitutional 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. It 

also collects data on 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 Bureau’s website.1 

The CPS sample consists of independent samples in each 

state and the District of Columbia.2 The sample size for 

each state is set to meet specific precision requirements 

for the unemployment rate estimate.3 

2021 Supplement 

The seventh Supplement was conducted in June 2021. 

Previous Supplements were conducted in January 2009, 

June 2011, June 2013, June 2015, June 2017, and June 2019. A 

primary purpose of the Supplement is to estimate the percentage of U.S. households that are unbanked and to identify the reasons why. The Supplement has also collected 

information since 2009 on household use of a variety of 

bank and nonbank financial transaction services and 

credit products. The Supplement survey instrument used 

in 2021, attached as Appendix 3, included approximately 

70 questions designed to elicit this information. 

The 2021 instrument was developed in conjunction with 

experts from a nationally recognized survey research 

firm and underwent two rounds of cognitive testing. For a 

detailed description of the 2021 revisions, see Appendix 2. 

Because of changes in the questionnaire, direct comparisons between 2021 and prior-year estimates are not 

possible in some cases. 

Eligibility and Exclusions 

All households that participated in the June 2021 CPS were 

eligible to participate in the Supplement. However, only 

CPS respondents that specified they had some level of participation in their household finances and that responded 

“yes” or “no” to whether someone in their household had 

a checking or savings account (question B20) were considered Supplement respondents.4 

CPS Response Rate and Coverage Ratio 

For the June 2021 CPS, a statistical sample of 58,320 survey-eligible households was selected from the sampling 

frame.5 Of these households, 44,524 participated in the 

CPS, resulting in a 76 percent response rate. There were 

13,796 nonrespondent eligible households, most of which 

refused to participate (83 percent). The remaining 17 percent consisted of households where (a) no one was home at 

the time of the interview, (b) the household respondent was 

temporarily absent, (c) the household could not be located, 

(d) language barriers prevented the interview, or (e) other 

reasons. Because of the availability of translators for many 

languages, only 1 percent of nonrespondents (136 households) did not participate as a result of language barriers. 

Coverage ratios for the CPS measure the percentage of 

persons in the target universe (the U.S. civilian noninstitutional population, aged 15 or older) that are included 

1

 See, for example, U.S. Census Bureau, Current Population Survey: Design and Methodology, Technical Paper 77, October 2019, census.gov/programs-surveys/cps/ 

methodology/CPS-Tech-Paper-77.pdf. 

2 California and New York State are each divided into two areas that have independent sample designs: Los Angeles County and the remainder of California, 

and New York City (five boroughs) and the remainder of New York State. 

3 The precision targets that are the basis for the sample design of the CPS are provided in Chapter 2-2 of U.S. Census Bureau, Current Population Survey: Design 

and Methodology, Technical Paper 77. 

4 CPS respondents involved in their household finances include respondents in households where adults had separate finances or where the respondent was 

the only adult in the household. For households where adults shared finances or had a mix of shared and separate finances, respondents were asked to specify 

how much they participated in their household financial decisions. Only those that 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 2021 Supplement, available at census.gov/programs-surveys/cps/ 

technical-documentation/complete.html.
86 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

in the sampling frame.6 The overall coverage ratio for 

the June 2021 CPS was 90 percent. The missing 10 percent (i.e., undercoverage) consists of three groups: (a) 

persons residing in households that are not in the CPS 

sampling frame, (b) noninstitutional 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 or older, the coverage ratio was 

93 percent for Whites, 82 percent for Blacks, and 83 percent for Hispanics. 

Supplement Response Rate 

Of the 44,524 households that participated in the CPS, 

30,434 (68 percent) also participated in the Supplement 

(i.e., were Supplement respondents). Taking into account 

the nonresponse to the CPS, the overall response rate for 

the Supplement was 52 percent. 

CPS and Supplement Weights 

The weights calculated by the Census Bureau for the CPS 

and the Supplement were adjusted to account for both 

nonresponse and undercoverage. These adjustments help 

correct any biases in estimates because of nonresponse 

and undercoverage, so that results are representative of 

the U.S. civilian noninstitutional population, aged 15 or 

older.7 

Supplement Item Nonresponse and Imputation 

In the 2021 Supplement, nonresponse to individual survey 

questions (i.e., item nonresponse) was addressed through 

imputation, consistent with the Census Bureau’s treatment of missing values in the CPS.8 For a given Supplement 

question, item nonresponse occurred when a Supplement 

respondent refused to answer the question, responded 

“don’t know,” or dropped out of the Supplement before 

the question was administered (i.e., the household broke 

off).9 Breakoffs were the most common source of item 

nonresponse. 

The Census Bureau implemented “hot deck” allocation 

for nearly all missing values in the Supplement. For a 

household with a missing value to a given question, 

hot deck allocation replaced the missing value with a 

response to the same question provided by a household with similar characteristics, known as the donor 

household. In general, the characteristics used to identify donor households should be associated with the 

outcome variable, Y, and with the indicator variable for 

whether Y is missing. Identifying donors according to 

these criteria reduces both the bias and the variance of 

household estimates.10 Examples of variables used to 

select donor households in the 2021 Supplement included 

household bank account ownership, household income, 

metropolitan status, and the average age of adults in the 

household.11 

Where appropriate, this report discusses trends in survey 

results over time, primarily between 2017 and 2021. The 

2019 estimates published in this report are identical to 

those published in the 2019 report because both reports 

address item nonresponse in the 2019 Supplement through 

imputation.12 However, the 2017 estimates published in 

this report may differ from the 2017 estimates published 

in the 2019 and 2017 reports because this report addresses 

item nonresponse in the 2017 Supplement through imputation, while the 2019 and 2017 reports addressed item 

nonresponse in the 2017 Supplement in other ways.13 In 

the 2019 report, for which only missing values in the 2019 

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 and updated with data on the components of population change, 

including births, deaths, and net migration). 

7 For details on the weighting procedure, refer to the technical documentation for the June 2021 Supplement, available at census.gov/programs-surveys/cps/ 

technical-documentation/complete.html. The household weight is usually the weight of the householder; however, if the householder is a married male, the 

spouse’s weight is used. The householder (or reference person) is generally the person or one of the people in whose name the home is owned or rented. 

8 A description of the methodology used by the Census Bureau to impute missing values in the CPS is provided in Chapter 3-4 of U.S. Census Bureau, Current 

Population Survey: Design and Methodology, Technical Paper 77. 

9 As mentioned earlier, 68 percent of the households that participated in the CPS were Supplement respondents. The remaining households (i.e., Supplement 

nonrespondents) had missing values for all Supplement questions. These households, which were not assigned a Supplement weight, did not have missing 

values imputed. 

10 See Rebecca R. Andridge and Roderick J. A. Little, “A Review of Hot Deck Imputation for Survey Non-response,” International Statistical Review 78, no. 1 (2010): 

40–64, dx.doi.org/10.1111%2Fj.1751-5823.2010.00103.x. 

11 The raw dataset, available at census.gov/programs-surveys/cps/data.html, contains an allocation flag for each Supplement question. For example, 

HXPSUSE10 is the allocation flag for question PSUSE10. In the 2021 Supplement, the allocation flag for each question equals -1 if the household is not in the 

universe for the question, 1 if the household has an allocated value (i.e., a missing value was imputed), or 0 if the household does not have an allocated value 

(i.e., no missing value). 

12 For more information about the imputation of missing values in the 2019 Supplement and about the treatment of missing values in the 2019 report, see 

Appendix 1 of the 2019 report, available at fdic.gov/analysis/household-survey/2019report.pdf. In the 2019 Supplement, the allocation flag for each question 

equals -1 if the household is not in the universe for the question, 1 if the household has an allocated value, or 2 if the household does not have an allocated 

value. As discussed above, the allocation flag in the 2021 Supplement equals 0 (not 2) if the household does not have an allocated value. 

13 As in the 2021 Supplement, the allocation flag for each question in the 2017 Supplement equals -1 if the household is not in the universe for the question, 1 if 

the household has an allocated value, or 0 if the household does not have an allocated value. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 87 

Supplement were imputed, missing values in the 2017 and 

earlier Supplements were dropped from the analysis to 

avoid bias in estimating changes in outcome variables over 

time. In the 2017 report, for which missing values were not 

imputed in any Supplement, missing values in all Supplements either were dropped when computing an estimate, 

or they were retained and reported as “unknown.” 

Analysis of Supplement Survey Results 

Estimating the Share and Number of Unbanked and 

Underbanked Households 

Using Supplement survey results, households were 

classified as “unbanked” if they responded “no” to 

question B20, “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 in the past 12 months they used at least 

one of the following nonbank products or services that are 

disproportionately used by unbanked households to meet 

their transaction and credit needs: money orders, check 

cashing, international remittances, rent-to-own services, 

payday loans, pawn shop loans, tax refund anticipation 

loans, or auto title loans. 

The proportion of U.S. households that were unbanked 

was estimated 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 were 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, the 

report includes estimated numbers of households (e.g., 

unbanked households or underbanked households). The 

number of households for a given category is estimated as the sum of the weights of the sample households 

in that category. For the entire Supplement sample of 

30,434 respondent households, the sum of the household weights is roughly 132.5 million, which would be an 

estimate of all U.S. households as of June 2021. The Housing 

Vacancy Survey, another survey related to the CPS that uses 

household controls to produce household weights, provided an estimate of 126.5 million as the number of households in June 2021.14 This difference (132.5 million versus 

126.5 million) is because household weights prepared by 

the Census Bureau for the CPS and for the Supplement 

are generally householder 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, population controls 

were used only in the preparation of person weights. As a 

result, the sum of household weights for a category tends 

to be somewhat higher than the actual household count 

for the category. 

Assigning Household Characteristics 

This report also contains a number of tables for which 

unbanked rates and other household statistics are computed for subgroups defined by a particular socioeconomic 

or demographic characteristic. The household classification of a socioeconomic or demographic variable that is 

defined at the person level rather than the household level 

(e.g., race/ethnicity, education, or employment status) is 

based on the socioeconomic or demographic classification 

of the householder.15 

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 that may be residing 

there. Detailed definitions regarding household types 

can be found in the technical documentation on the CPS 

website.16 

14 See U.S. Census Bureau, Current Population Survey/Housing Vacancy Survey Table 13a Monthly Household Estimates: 2000 to Present, Vintage 2021, August 2, 2022, 

census.gov/housing/hvs/data/hist_tab_13a_v2021.xlsx. 

15 In a few cases, the householder is classified as an ineligible respondent for the CPS, but another eligible household resident participated in the CPS and in 

the Supplement. In these cases, we use the attributes of the eligible respondent to characterize the household. 

16 See census.gov/programs-surveys/cps/technical-documentation/subject-definitions.html. 
88 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

Classifying Household Race and Ethnicity 

Consistent with U.S. Office of Management and Budget 

(OMB) standards for the classification of race and ethnicity and with CPS tabulations of race and ethnicity, 

households are classified into the following racial and 

ethnic categories:17 

• “Hispanic household” refers to a household for which 

the householder identifies as Hispanic or Latino 

regardless of race. 

• “Black household” refers to a household for which the 

householder identifies as Black or African American 

alone and not Hispanic or Latino. 

• “Asian household” refers to a household for which the 

householder identifies as Asian alone and not Hispanic or Latino. 

• “American Indian or Alaska Native household” refers 

to a household for which the householder identifies 

as American Indian or Alaska Native alone and not 

Hispanic or Latino. 

• “Native Hawaiian or Other Pacific Islander household” refers to a household for which the householder 

identifies as Native Hawaiian or Other Pacific Islander 

alone and not Hispanic or Latino. 

• “White household” refers to a household for which the 

householder identifies as White alone and not Hispanic or Latino. 

• “Two or More Races household” refers to a household 

for which the householder identifies as two or more 

races and not Hispanic or Latino. 

Classifying Working-Age Households With Disabilities 

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) and later reports, households are categorized as follows: if the householder is between the ages of 25 and 64 

and either (a) indicates “yes” to any of the six-question 

disability sequence in the CPS or (b) is classified as “not 

in labor force – disabled,” the household is classified as 

“disabled, aged 25 to 64.”18 If the householder is between 

the ages of 25 and 64 and neither condition (a) nor (b) 

above is met, the household is classified as “not disabled, 

aged 25 to 64.” If the householder is not between the ages 

of 25 and 64, the household is classified as “not applicable (not aged 25 to 64).”19 

Metropolitan Statistical Area Definitions 

This report presents estimates of unbanked rates and 

other outcomes of interest for larger metropolitan statistical areas (MSAs). MSA delineations are established by 

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 2000 Census data, first established by OMB in June 

2003.20 

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 2015.21 

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.22 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. 

For the 2017–2021 survey data, all housing units were 

assigned metropolitan area codes based on the 2013 

17 For the OMB standards for the classification of race and ethnicity, see “Revisions to the Standards for the Classification of Federal Data on Race and 

Ethnicity,” Federal Register 62, no. 210, October 30, 1997: 58782–58790, govinfo.gov/content/pkg/FR-1997-10-30/pdf/97-28653.pdf. For information on CPS 

tabulations of race and ethnicity, see bls.gov/cps/definitions.htm. All estimates presented in the 2021 and 2019 reports, including 2017 and earlier estimates 

provided for comparative purposes, use these racial and ethnic categories. Estimates presented in the 2009–2017 reports used different racial and ethnic 

categories; see Appendix 1 of the 2017 report, available at fdic.gov/analysis/household-survey/2017/2017report.pdf. 

18 Specifically, 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 census.gov/data/datasets/time-series/demo/cps/cps-basic.html. 

19 A universally accepted method to identify the population with disabilities does not exist. Key estimates from the Supplement, such as the unbanked rate 

among disabled households, are qualitatively similar using alternative disability measures. For more information, see Appendix I of the 2013 report, available 

at fdic.gov/analysis/household-survey/2013/2013appendix.pdf. 

20 For the February 2013 delineations, see Office of Management and Budget, OMB Bulletin Number 13-01, February 28, 2013, whitehouse.gov/wp-content/ 

uploads/legacy_drupal_files/omb/bulletins/2013/b13-01.pdf. For the June 2003 delineations, see Office of Management and Budget, OMB Bulletin Number 

03-04, June 6, 2003, whitehouse.gov/wp-content/uploads/2017/11/bulletins_b03-04.pdf. In each year between 2003 and 2009, OMB published minor revisions 

to the MSA delineations, based on the Census Bureau’s annual population estimates. 

21 The technical documentation for the June 2015 Supplement is available at census.gov/programs-surveys/cps/technical-documentation/complete.html. 

22 Unlike MSAs, which are composed of one of more full counties or county equivalents, NECTAs are composed of cities and towns and often do not follow 

county boundaries.
2021 FDIC National Survey of Unbanked and Underbanked Households | 89 

delineations. For the 2015 survey data, approximately 

three-quarters of housing units were assigned metropolitan area codes based on the 2013 delineations, while 

the remaining housing units were assigned metropolitan 

area codes based on the 2003 delineations. To facilitate 

MSA-level estimates using the 2015 survey data, a housing unit with an obsolete 2003 MSA code was assigned 

the corresponding 2013 MSA code.23 A housing unit with a 

NECTA code was assigned the 2013 MSA code that comprised the majority of the NECTA population.24 Overall, 

less than three percent of housing units in the 2015 survey data were affected by these adjustments. 

For the 2013 and earlier survey data, all housing units 

were assigned metropolitan area codes based on the 

2003 delineations. For these survey years, metropolitan area estimates are based on the 2003 delineations. 

Because of changes in geographic boundaries (e.g., the 

addition or subtraction of a county), some metropolitan 

area estimates that use 2015–2021 survey data are not 

directly comparable to the corresponding metropolitan 

area estimates that use 2013 and earlier survey data. In 

the appendix tables (published separately on fdic.gov/ 

analysis/household-survey), 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. 

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.25 

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 in the proportions of U.S. households that were unbanked between 2021 (4.5 percent) and 

2019 (5.4 percent) is -0.9 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 2021 and 2019 is zero, the probability of observing the -0.9 percentage point difference 

in our sample data is less than 0.1 percent (the p-value 

reported by statistical software is 0.000). 

Certain 2021 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.2, the estimated proportion of U.S. 

households that were unbanked in 2021 is 4.5 percent, and 

the 90 percent confidence interval around this estimate 

ranges from 4.2 to 4.7 percent. 

23 In 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. 

24 For example, housing units 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 2010 Census 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. 

25 For a detailed description of the methodology used to calculate standard errors based on sample replicates, see Chapter 2-4 of U.S. Census Bureau, Current 

Population Survey: Design and Methodology, Technical Paper 77.
90 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

2021 FDIC National Survey of Unbanked and Underbanked Households

Appendix 2. 2021 Revisions to the FDIC National Survey of Unbanked and Underbanked Households 

The FDIC revised the survey instrument based on lessons learned from the administration of the 2019 survey, 

feedback received in response to the 2019 survey results, 

and an interest in topics not covered in past surveys. For 

example, the 2021 survey included new questions on the 

effects of the COVID-19 pandemic on households with 

recent exits from or entrances into the banking system; 

the use of nonbank online payment services and nonbank 

money transfer services; the types of financial transactions that households conducted using bank accounts, 

nonbank online payment services, prepaid cards, nonbank money orders, nonbank check cashing, and nonbank 

money transfer services; and dollar amounts of personal 

loans or lines of credit from banks and from companies 

other than banks. 

To accommodate new questions in the 2021 survey, several 

questions from the 2019 survey were dropped. For example, the 2021 survey did not include questions on which 

adults in a household had a bank account; frequency of 

use of nonbank money orders, nonbank check cashing, 

nonbank bill payment services, and nonbank international remittances; satisfaction with banks; clarity of banks’ 

communications about account fees; measures of the 

demand for bank credit; saving for unexpected expenses 

or emergencies; monthly income volatility; and mobile 

phone, smartphone, and home internet access. 

Specific revisions to the 2021 survey are described below. 

Bank Account Ownership, Interest in Having a Bank 

Account, and Reasons for Not Having a Bank Account 

A question on which adults in the household had a bank 

account (2019 B30) was dropped. 

The 2021 survey retained questions on previous bank 

account ownership (2019 and 2021 UB10), interest in having a bank account (2019 and 2021 UB50), and reasons for 

not having a bank account (2019 and 2021 UB55). However, in the 2021 survey these questions were asked of 

all unbanked households, while in the 2019 survey these 

questions were asked only of unbanked households that 

did not use a bank prepaid card at the time of the survey. 

The following changes were made to the response options 

on reasons for not having a bank account: 

• “Because bank hours are inconvenient” was removed as 

a response option. 

• “Because you cannot open an account due to personal 

identification, credit, or former bank account problems” 

was split into two response options: “Because you don’t 

have the personal identification required to open an 

account” and “Because you cannot open an account due 

to problems with past banking or credit history.” 

Response options on the main reason for not having a bank 

account (2019 and 2021 UB60) were revised to be consistent 

with 2021 UB55. 

Bank Account Access Methods and Bank Branch Visits 

The 2021 survey retained questions on methods used to 

access bank accounts in the past 12 months (2019 and 2021 

BA10). However, in the 2021 survey these questions were 

asked of all banked households, while in the 2019 survey 

these questions were asked of all banked households, all 

unbanked households that used a bank prepaid card at 

the time of the survey, and all unbanked households that 

had a bank account at some point in the past 12 months. 

Additionally, the response option, “Using a mobile phone, 

including an app,” was changed to “Using an app, text messaging, or internet browser on a mobile phone.” The change 

to this response option was also applied to the main bank 

account access method (2019 and 2021 BA15). 

The 2021 survey retained a question that asked households whether they spoke with a teller or other employee in 

person at a bank branch in the past 12 months (2019 BR10 

and 2021 UB70). However, in the 2021 survey this question 

was asked of all unbanked households, while in the 2019 

survey this question was asked of all households that had 

not previously indicated that they accessed a bank account 

using a bank teller in the past 12 months. The latter group, 

based on the skip patterns in the 2019 survey instrument, 

included almost all unbanked households and some banked 

households. 

For households that visited a bank branch in the past 

12 months (i.e., households that answered “yes” to 2019 
2021 FDIC National Survey of Unbanked and Underbanked Households | 91 

BR10 or to the bank teller option in 2019 BA10), a follow-up 

question on how often households spoke with a teller or 

other employee in person at a bank branch in the past 

12 months (2019 BR15) was dropped. 

Nonbank Online Payment Services 

The 2021 survey included a new question that asked all 

households whether they were using, at the time of the 

survey, nonbank online payment services “with an account 

feature that allows you to receive and store money in the 

account” (2021 PSUSE10). Examples of nonbank online payment services are PayPal, Venmo, and Cash App. The survey 

question instructed households not to consider Zelle. 

For households that used nonbank online payment services, a follow-up question asked whether their nonbank 

online payment service accounts were linked to a credit 

card, bank account, or prepaid card (2021 PSUSE30). Households could select one or more types of linked accounts. 

The response option on bank accounts was asked only of 

banked households, and the response option on prepaid 

cards was asked only of households that used prepaid cards. 

Households could also indicate that their nonbank online 

payment service account was linked to another type of 

account or not linked to any account. 

Households that used nonbank online payment services 

were also asked about the types of financial transactions 

they conducted using these services, details of which are 

described below. 

Prepaid Cards 

The 2021 survey retained a question on prepaid card use 

(2019 P10 and 2021 PUSE10). However, in the 2021 survey all 

households were asked whether they used prepaid cards at 

the time of the survey, while in the 2019 survey all households were asked whether they used prepaid cards in the 

past 12 months. 

The last sentence of the introductory description of 

prepaid cards, “I am not asking about gift cards,” was 

changed to: 

• “I am not asking about gift cards or debit cards linked 

to a checking account” for households that did not use 

nonbank online payment services. 

• “I am not asking about gift cards or debit cards linked 

to a checking account or online payment service” 

for households that used nonbank online payment 

services. 

Follow-up questions on sources of prepaid cards (2019 

PW10) and on the use of bank prepaid cards at the time of 

the survey (2019 PBUSE) were dropped. 

Households that used prepaid cards were also asked about 

the types of financial transactions they conducted using 

their prepaid cards, details of which are described below. 

Nonbank Money Orders, Check Cashing, and Money 

Transfer Services 

The 2021 survey retained questions on the use of nonbank money orders (2019 and 2021 NBMO10) and nonbank check cashing (2019 and 2021 NBCC10) in the past 

12 months. The 2021 survey included a new question that 

asked all households whether they used nonbank money 

transfer services from companies like Western Union, 

MoneyGram, Walmart Money Center, or Ria Money 

Transfer in the past 12 months (2021 NBMT10). The survey question instructed households not to include services from a bank and, for households that used nonbank 

online payment services, not to include online services 

such as PayPal, Venmo, or Cash App. 

Transactions Conducted Using Bank Accounts, Nonbank 

Online Payment Services, Prepaid Cards, Nonbank 

Money Orders, Nonbank Check Cashing, and Nonbank 

Money Transfer Services 

The 2021 survey included new questions on the types 

of financial transactions that households conducted 

over the past 12 months. Banked households were asked 

whether they used their bank accounts for the following 

types of transactions (2021 BUSE20):26 

• Pay monthly bills like rent, mortgage, utilities, or child 

care 

• Receive money from work, retirement, or a government 

agency 

• Build savings or keep money in a safe place 

• Send money to or receive money from family or friends 

• Make purchases in person 

• Make purchases online 

• Some other use 

26 When asked about the types of transactions conducted using bank accounts, banked households that used nonbank online payment services were 

instructed not to consider these services. 
92 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

The same types of transactions were asked of households 

that used nonbank online payment services (2021 PSUSE20) 

or prepaid cards (2021 PUSE20). 

Households that used nonbank money orders were asked 

whether they used nonbank money orders for the following 

types of transactions (2021 NBMO20): 

• Pay monthly bills like rent, mortgage, utilities, or child 

care 

• Send money to family or friends 

• Make purchases 

• Some other use 

Households that used nonbank check cashing were asked 

whether they cashed a check from work, retirement, or a 

government agency using nonbank check cashing (2021 

NBCC20). 

Households that used nonbank money transfer services 

were asked whether they used nonbank money transfer services for the following types of transactions (2021 

NBMT20): 

• Pay monthly bills like rent, mortgage, utilities, or child 

care 

• Send money to or receive money from family or friends 

in the United States 

• Send money to or receive money from family or friends 

outside the United States 

• Some other use 

The follow-up question on the use of nonbank money 

transfer services to pay monthly bills like rent, mortgage, 

utilities, or child care replaced a question in the 2019 survey 

that asked all households whether they paid bills through 

a service like Western Union or MoneyGram in the past 

12 months (i.e., use of nonbank bill payment services) (2019 

NBBP10). The follow-up question on the use of nonbank 

money transfer services to send money to or receive money 

from family or friends outside the United States (i.e., send 

or receive nonbank international remittances) replaced 

a question in the 2019 survey that asked all households 

whether they sent money to family or friends living outside 

of the United States through a service that is not a bank (i.e., 

send nonbank international remittances) (2019 NBRM10).27 

For households that used nonbank money orders, nonbank 

check cashing, nonbank bill payment services, or nonbank 

international remittances in the past 12 months, follow-up 

questions on whether those services were used often, 

sometimes, or rarely (2019 NBMO15, 2019 NBCC15, 2019 

NBBP15, and 2019 NBRM15) were dropped. For households 

that used nonbank money orders often or sometimes, a 

follow-up question on whether the money orders were used 

to pay bills (2019 NBMO16) was also dropped. 

A question on the use of a website or an app that is not a 

bank to send or receive money within the United States (i.e., 

nonbank peer-to-peer or person-to-person [P2P] payment 

services such as PayPal, Venmo, or Cash App) in the past 

12 months (2019 NBP2P) was dropped. 

Bank and Nonbank Credit 

The 2021 survey retained a question that asked all households whether they had a personal loan or line of credit 

from a bank in the past 12 months (2019 and 2021 CPL10). 

The 2021 survey included a new question that asked all 

households whether they had a personal loan or line 

of credit from a company other than a bank in the past 

12 months (2021 CNBPL10). The survey question instructed households not to include student loans or loans taken 

out to make major purchases like a house or car and, for 

households that used payday loans (2019 and 2021 CNBPDL), pawn shop loans (2019 and 2021 CNBPWN), or auto title 

loans (2019 and 2021 CNBATL) in the past 12 months, not to 

include such loans.28 

For households that had a personal loan or line of credit from a bank, a new, follow-up question asked for the 

amount of the most recent loan (2021 CPL20). Similarly, for 

households that had a personal loan or line of credit from 

a company other than a bank, a new, follow-up question asked for the amount of the most recent loan (2021 

CNBPL20). The response options for both follow-up questions were $1,000 or less and more than $1,000. 

Questions on measures of the demand for bank credit—whether households applied for a new credit card or a 

personal loan or line of credit at a bank (2019 CA10), were 

turned down or not given as much credit as applied for 

(2019 CA15), and thought about applying but did not because 

of concerns about being turned down (2019 CA20)—were 

dropped. 

27 Earlier surveys also included questions on sending nonbank international remittances (e.g., 2017 Q130 and Q135). 

28 The 2017 survey included a series of questions on household use of credit products that are likely reported to the nationwide credit reporting agencies (2017 

Q1600). At the end of the series of questions, households were asked whether they had other personal loans or lines of credit from a bank or from a company 

other than a bank. 
2021 FDIC National Survey of Unbanked and Underbanked Households | 93 

COVID-19 Pandemic and Transitions in Bank Account 

Ownership 

ing of households’ bank accounts since March 2020 (2021 

LE30). Banked households that were recently banked (i.e., 

answered “yes” to 2021 LE10) and that had experienced the 

second, fourth, or fifth events in the list above were asked 

a follow-up question on whether those events contributed 

to the opening of households’ bank accounts since March 

2020 (2021 LE40). 

The 2021 survey included new questions that asked households whether they experienced economic changes since 

the start of the COVID-19 pandemic in March 2020 and 

whether those changes contributed to the closing or opening of households’ bank accounts. 

Banked households were asked whether they did not have 

an account at some point since March 2020 (2021 LE10). 

All households were asked whether they experienced any 

of the following economic events since March 2020 (2021 

LE20): 

• Lost or quit a job, furloughed, or reduced hours 

• Started a new job 

• Had a significant loss of income 

• Had a significant increase in income 

• Received a government benefit payment (for example, unemployment benefits or a pandemic stimulus 

payment) 

Unbanked households that had previously been banked (i.e., 

answered “yes” to 2021 UB10) and that had experienced the 

first or third events in the list above were asked a follow-up 

question on whether those events contributed to the closThe 2013 survey included similar questions on transitions 

in bank account ownership and circumstances affecting 

those transitions. Households were asked about economic events, such as a new job, a job loss, retirement, and 

a significant increase in income, and about changes in 

household structure, such as divorce, marriage, birth, and 

a move or relocation. Households with recent exits from 

or entrances into the banking system were asked whether these events contributed to the closing or opening of 

households’ bank accounts.29 

Satisfaction and Clarity; Saving for Unexpected Expenses 

or Emergencies; Monthly Income Volatility; and Mobile 

Phone, Smartphone, and Home Internet Access 

Questions on satisfaction with banks (2019 A20), clarity 

of banks’ communications about account fees (2019 A40), 

saving for unexpected expenses or emergencies (2019 S10), 

monthly income volatility (2019 H10), mobile phone access 

(2019 H20), smartphone access (2019 H30), and home internet access (2019 H40) were dropped. 

29 For the complete list of events included in the 2013 survey, see the 2013 survey instrument, available at fdic.gov/analysis/household-survey/datadownloads/instrument-2013.pdf. Because of differences in the specific events included in the 2013 and 2021 surveys and differences in the reference 

timeframe for having experienced an event and for having opened a bank account (the past 12 months versus the past 15 months), findings are not comparable 

across the two surveys. 
94 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

2021 FDIC National Survey of Unbanked and Underbanked Households

Appendix 3. 2021 Survey Instrument 

This month we are asking some additional questions about household finances. 

[B10 is asked only of households with more than one adult.] (PRESUP=1 and HUNUMHOU15>1) 

B10. Which of the following best describes how adults in your household handle finances? 

 Share all finances [CONTINUE] 

 Share some finances [CONTINUE] 

 Share no finances at all [GO TO B20] 

 I AM THE ONLY ADULT IN THE HOUSEHOLD (VOLUNTEERED) [GO TO B20] 

 DK/REFUSE [CONTINUE] 

[B15 is asked only of households with adults that share all or some finances.] (B10=1,2) 

B15. How much do you participate in making financial decisions for your household? 

 A lot [CONTINUE] 

 Some [CONTINUE] 

 Not at all [TERMINATE] 

 DK/REFUSE [TERMINATE] 

Now I’m going to ask some questions about accounts that you (IF OTHERS AGE≥15 FILL: or anyone in your household) 

might have at banks, including credit unions. 

[B20 is asked of all households.] 

B20. Do you (IF OTHERS AGE≥15 FILL: or anyone else in your household) have a checking or savings account now? 

 YES [CONTINUE] 

 NO [GO TO UB10] 

 DK/REFUSE [TERMINATE] 

[BA10 is asked only of banked households.] (B20=1) 

BA10. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) access an account in any of the 

following ways? 

A. Visiting a bank teller? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 95 

B. Using an ATM or bank kiosk? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Calling the bank? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

D. Using an app, text messaging, or Internet browser on a mobile phone? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

E. Using a computer or tablet? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

F. Did you (IF OTHERS AGE≥15 FILL: or anyone in your household) access an account in any other way? 

 YES (Specify) [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[BA15 is asked only of households that selected more than one access method in BA10A–F.] 

BA15. What was the most common way that you (IF OTHERS AGE≥15 FILL: or anyone in your household) accessed an account? 

(Read only answers marked in BA10A–F. Mark only one.) 

 Visiting a bank teller? [GO TO PSUSE10] 

 Using an ATM or bank kiosk? [GO TO PSUSE10] 

 Calling the bank? [GO TO PSUSE10] 

 Using an app, text messaging, or Internet browser on a mobile phone? [GO TO PSUSE10] 

 Using a computer or tablet? [GO TO PSUSE10] 

 Other (Specify) [GO TO PSUSE10] 

 DK/REFUSE [GO TO PSUSE10] 

[UB10 is asked only of unbanked households.] (B20=2) 

UB10. Have you (IF OTHERS AGE≥15 FILL: or anyone else in your household) ever had a bank account? 

 YES [CONTINUE] 

 NO [GO TO UB50] 

 DK/REFUSE [GO TO UB50] 
96 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

[UB15 is asked only of unbanked households that had a bank account at some point in the past.] (UB10=1) 

UB15. In the past 12 months, that is since June 2020, have you (IF OTHERS AGE≥15 FILL: or anyone in your household) had a 

bank account? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[UB50 is asked only of unbanked households.] (B20=2) 

UB50. How interested are you (IF OTHERS AGE≥15 FILL: or anyone in your household) in having a bank account? 

 Very interested [CONTINUE] 

 Somewhat interested [CONTINUE] 

 Not very interested [CONTINUE] 

 Not at all interested [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[UB55 is asked only of unbanked households.] (B20=2) 

UB55. 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... 

A2. Because bank locations are inconvenient? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B1. Because bank account fees are too high? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B2. Because bank account fees are too unpredictable? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Because banks do not offer products and services you need? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 97 

D. Because you don’t trust banks? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

E. Because you don’t have enough money to meet minimum balance requirements? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

F. Because avoiding a bank gives more privacy? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

G1. Because you don’t have the personal identification required to open an account? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

G2. Because you cannot open an account due to problems with past banking or credit history? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

H. Because of some other reason? 

 YES (Specify) [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
98 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

[UB60 is asked only of households that selected more than one reason in UB55A2–H.] 

UB60. What is the main reason why no one in your household has an account? (Read only answers marked in UB55A2–H. Mark 

only one.) 

 Bank locations are inconvenient [CONTINUE] 

 Bank account fees are too high [CONTINUE] 

 Bank account fees are too unpredictable [CONTINUE] 

 Banks do not offer products and services you need [CONTINUE] 

 Don’t trust banks [CONTINUE] 

 Don’t have enough money to meet minimum balance requirements [CONTINUE] 

 Avoiding a bank gives more privacy [CONTINUE] 

 Don’t have the personal identification required to open an account [CONTINUE] 

 Cannot open an account due to problems with past banking or credit history [CONTINUE] 

 Some other reason (Specify) [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[UB70 is asked only of unbanked households.] (B20=2) 

UB70. Even though you don’t currently have an account with a bank, in the past 12 months, have you (IF OTHERS AGE≥15 

FILL: or others in your household) spoken with a teller or other employee in person at a bank branch? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[PSUSE10 is asked of all households.] 

PSUSE10. Do you (IF OTHERS AGE≥15 FILL: or anyone else in your household) use any online payment services with an 

account feature that allows you to receive and store money in the account? Examples are PayPal, Venmo, or Cash App. I am 

not asking about Zelle. 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

Now I have a question about prepaid cards. Prepaid cards allow you or others, like relatives, an employer, or a government 

agency, to load or reload funds that can later be spent. Prepaid cards also allow you to withdraw cash from ATMs. I am not 

asking about gift cards or debit cards linked to a checking account (IF PSUSE10=1 FILL: or online payment service). 

[PUSE10 is asked of all households.] 

PUSE10. Do you (IF OTHERS AGE≥15 FILL: or anyone else in your household) use any prepaid cards now? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 99 

[Read only for households that are banked, use an online payment service, or use a prepaid card.] (B20=1 OR PSUSE10=1 OR PUSE10=1) 

The next few questions are about how your household uses its accounts to handle its finances. 

[BUSE20 is asked only of banked households.] (B20=2) 

BUSE20. Think about the ways you (IF OTHERS AGE≥15 FILL: or others in your household) used your bank accounts in the past 

12 months. (IF PSUSE10=1 FILL: I’m not asking about how you use online payment services like PayPal, Venmo, or Cash App.) 

Did you use bank accounts to... 

A. Build savings or keep money in a safe place? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B. Pay monthly bills like rent, mortgage, utilities, or child care? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Receive money from work, retirement, or a government agency? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

D. Send or receive money from family or friends? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

E. Make purchases in person? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

F. Make purchases online? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
100 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

G. Are there any other ways you used bank accounts? 

 YES (Specify) [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[PSUSE20 is asked only of households that use an online payment service.] (PSUSE10=1) 

PSUSE20. Think about the ways you (IF OTHERS AGE≥15 FILL: or others in your household) used your accounts with online 

payment services like PayPal, Venmo, or Cash App in the past 12 months. Did you use those accounts to... 

A. Build savings or keep money in a safe place? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B. Pay monthly bills like rent, mortgage, utilities, or child care? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Receive money from work, retirement, or a government agency? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

D. Send or receive money from family or friends? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

E. Make purchases in person? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

F. Make purchases online? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 101 

G. Are there any other ways you used online payment services? 

 YES (Specify) [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[PSUSE30 is asked only of households that use an online payment service.] (PSUSE10=1) 

PSUSE30. Thinking about your (IF OTHERS AGE≥15 FILL: household’s) accounts with online payment services like PayPal, 

Venmo, or Cash App, are any of those accounts linked to a... (Mark all that apply.) 

 Credit card [CONTINUE] 

 (Read only if B20=1) Bank account [CONTINUE] 

 (Read only if PUSE10=1) Prepaid card [CONTINUE] 

 OTHER ACCOUNT (Specify) (VOLUNTEERED) [CONTINUE] 

 NOT LINKED TO ANY ACCOUNTS (VOLUNTEERED) [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[PUSE20 is asked only of households that use a prepaid card.] (PUSE10=1) 

PUSE20. Think about the ways you (IF OTHERS AGE≥15 FILL: or others in your household) used your prepaid cards in the past 

12 months. Did you use prepaid cards to... 

A. Build savings or keep money in a safe place? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B. Pay monthly bills like rent, mortgage, utilities, or child care? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Receive money from work, retirement, or a government agency? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

D. Send or receive money from family or friends? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
102 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

E. Make purchases in person? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

F. Make purchases online? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

G. Are there any other ways you used prepaid cards? 

 YES (Specify) [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

The next few questions are about other financial products or services that you might have used in the past 12 months. 

[NBMO10 is asked of all households.] 

NBMO10. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) go to some place other than a 

bank to purchase a money order? 

 YES [CONTINUE] 

 NO [GO TO NBMT10] 

 DK/REFUSE [GO TO NBMT10] 

[NBMO20 is asked only of households that purchased a nonbank money order in the past 12 months.] (NBMO10=1) 

NBMO20. What were those money orders used for? To... (Mark all that apply.) 

 Pay monthly bills like rent, mortgage, utilities, or child care [CONTINUE] 

 Send money to family or friends [CONTINUE] 

 Make purchases [CONTINUE] 

 Some other use (Specify) [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[NBMT10 is asked of all households.] 

NBMT10. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) use money transfer services 

from a company like Western Union, MoneyGram, Walmart Money Center, or Ria Money Transfer? Do not include services 

from a bank (IF PSUSE10=1 FILL: or online services such as PayPal, Venmo, or Cash App). 

 YES [CONTINUE] 

 NO [GO TO NBCC10] 

 DK/REFUSE [GO TO NBCC10] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 103 

[NBMT20 is asked only of households that used a nonbank money transfer service in the past 12 months.] (NBMT10=1) 

NBMT20. What were those money transfer services used for? To... (Mark all that apply.) 

 Pay monthly bills like rent, mortgage, utilities, or child care [CONTINUE] 

 Send or receive money from family or friends in the U.S. [CONTINUE] 

 Send or receive money from family or friends outside the U.S. [CONTINUE] 

 Some other use (Specify) [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[NBCC10 is asked of all households.] 

NBCC10. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) go to some place other than a 

bank to cash a check? 

 YES [CONTINUE] 

 NO [GO TO CNBPDL] 

 DK/REFUSE [GO TO CNBPDL] 

[NBCC20 is asked only of households that used a nonbank check casher in the past 12 months.] (NBCC10=1) 

NBCC20. Were any of those checks from work, retirement, or a government agency? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

The next questions are about how people borrow money or purchase items on credit. 

[CNBPDL is asked of all households.] 

CNBPDL. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) take out a payday loan or 

payday advance from a provider other than a bank? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[CNBPWN is asked of all households.] 

CNBPWN. In the past 12 months, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) pawn an item at a pawn 

shop? Do not include selling an unwanted item to a pawn shop. 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
104 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

[CNBTAX is asked of all households.] 

CNBTAX. In the past 12 months, that is since June 2020, did you (IF OTHERS AGE≥15 FILL: or anyone in your household) take 

out a tax refund anticipation loan? This is a way to receive your tax refund faster than the IRS would provide it. 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[CNBATL is asked of all households.] 

CNBATL. 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 anyone in your household) take out an auto title loan? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[CNBRTO is asked of all households.] 

CNBRTO. 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 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] 

[CCC10 is asked of all households.] 

CCC10. In the past 12 months, have you (IF OTHERS AGE≥15 FILL: or anyone in your household) had a credit card from Visa, 

MasterCard, American Express, or Discover? Please do not include debit cards. 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[CPL10 is asked of all households.] 

CPL10. In the past 12 months, have you (IF OTHERS AGE≥15 FILL: or anyone in your household) had a personal loan or line of 

credit from a bank? Do not include student loans, or loans taken out to make major purchases like a house or car. 

 YES [CONTINUE] 

 NO [GO TO CNBPL10] 

 DK/REFUSE [GO TO CNBPL10] 

[CPL20 is asked only of households that had a bank personal loan or line of credit in the past 12 months.] (CPL10=1) 

CPL20. Thinking of the most recent personal loan or line of credit from a bank, about how much was it for? 

 $1,000 or less [CONTINUE] 

 More than $1,000 [CONTINUE] 

 DK/REFUSE [CONTINUE] 
2021 FDIC National Survey of Unbanked and Underbanked Households | 105 

[CNBPL10 is asked of all households.] 

CNBPL10. In the past 12 months, have you (IF OTHERS AGE≥15 FILL: or anyone in your household) had a personal loan or line 

of credit from a company other than a bank? Do not include student loans, or loans taken out to make major purchases like a 

house or car (IF CNBPDL=1 OR CNBPWN=1 OR CNBATL=1 FILL: or payday, pawn, or auto title loans). 

 YES [CONTINUE] 

 NO [GO TO LE10] 

 DK/REFUSE [GO TO LE10] 

[CNBPL20 is asked only of households that had a nonbank personal loan or line of credit in the past 12 months.] (CNBPL10=1) 

CNBPL20. Thinking of the most recent loan or line of credit from a company other than a bank, about how much was it for? 

 $1,000 or less [CONTINUE] 

 More than $1,000 [CONTINUE] 

 DK/REFUSE [CONTINUE] 

The last few questions ask about things that might have happened since March 2020, when the Coronavirus pandemic 

began widely affecting the U.S. 

[LE10 is asked only of banked households.] (B20=1) 

LE10. Was there ever a time since March of 2020 when (IF NOT(OTHERS AGE≥15) FILL: you did not have) (IF OTHERS AGE≥15 

FILL: no one in your household had) a bank account? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[LE20 is asked of all households.] 

LE20. Did you (IF OTHERS AGE≥15 FILL: or others in your household) experience any of the following events since March 

2020? 

A. Lost or quit a job, furloughed, or reduced hours? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

B. Started a new job? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

C. Had a significant loss of income? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 
106 | 2021 FDIC National Survey of Unbanked and Underbanked Households 

D. Had a significant increase in income? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

E. Received a government benefit payment, for example unemployment benefits or a Coronavirus stimulus payment? 

 YES [CONTINUE] 

 NO [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[LE30 is asked only of unbanked households that (1) had a bank account at some point in the past and (2) experienced at least one life 

event in LE20A or LE20C.] (UB10=1 AND (LE20A=1 OR LE20C=1)) 

LE30. Earlier you mentioned that you (IF OTHERS AGE≥15 FILL: or someone else in your household) had a bank account in the 

past. Did any of these events contribute to your bank accounts being closed since March 2020? (Read only answers marked in 

LE20A and LE20C. Mark all that apply.) 

 Lost or quit a job, furloughed, or reduced hours [CONTINUE] 

 Had a significant loss of income [CONTINUE] 

 NONE OF THE ABOVE [CONTINUE] 

 DK/REFUSE [CONTINUE] 

[LE40 is asked only of banked households that (1) did not have a bank account at some point since March 2020 and (2) experienced at 

least one life event in LE20B, LE20D, or LE20E.] (LE10=1 AND (LE20B=1 OR LE20D=1 OR LE20E=1)) 

LE40. Did any of these events contribute to a bank account being opened since March 2020? (Read only answers marked in 

LE20B, LE20D, and LE20E. Mark all that apply.) 

 Started a new job [CONTINUE] 

 Had a significant increase in income [CONTINUE] 

 Received a government benefit payment, for example unemployment benefits or a 

Coronavirus stimulus payment [CONTINUE] 

 NONE OF THE ABOVE [CONTINUE] 

 DK/REFUSE [CONTINUE] 

<END>

FDIC-007-2022

Federal Deposit Insurance Corporation