Significant increase in banked households

The FDIC has announced the release of the National Survey of Unbanked and Underbanked Households, which indicated the number of U.S. households without a bank account fell significantly in 2015. Seven percent of U.S. households were unbanked in 2015. That was the lowest share in the survey's history and a decrease from 7.7 percent in 2013 and 8.2 percent in 2011. While improving economic conditions during the two years through the 2015 survey account for part of the drop in the unbanked rate, the rate fell further than expected based on economic factors alone. Other key findings in the survey include:

• Overall, 56.3 percent of households set aside money in the previous 12 months that could be used for unexpected expenses or emergencies, even if the funds were later spent.
• Examining consumer credit use in the past 12 months, including credit cards, personal loans, and personal lines of credit, the survey reveals that 63.8 percent of households held credit only from bank sources, 4.1 percent held credit only from non-bank sources, 4 percent held credit from both bank and non-bank sources, and 28 percent had no credit from any source.
• Some 13.7 percent of households had credit needs that were not fully met by banks. About half (52.5 percent) of these households reported that they stayed current on bills.
• Between 2013 and 2015, the proportion of households that used a prepaid card in the past 12 months increased from 7.9 percent to 9.8 percent. This growth occurred broadly across socioeconomic and demographic groups. Consistent with results from the 2013 survey, prepaid card use in 2015 was higher among lower-income households, less-educated households, younger households, black households, and working-age disabled households.
• The majority of unbanked households said they think that banks have no interest in serving households like theirs, and a significant share of unbanked households said they do not trust banks.>/li>