The share of US households with no bank account fell to 4.2 percent in 2023, about 5.9 million households, down from 4.5 percent in 2021, per the FDIC's 2023 National Survey of Unbanked and Underbanked Households, published November 2023. For everyday money management, the practical takeaway is that the barrier most cited for staying unbanked — fees — is the one most avoidable with a side-by-side comparison. This article publishes information, not financial advice.
What did the survey actually find?
Besides the 4.2 percent headline, the FDIC reported that roughly two-thirds of unbanked households said fees or minimum balance requirements were a reason they lacked an account, and about a quarter said they didn't trust banks. The figures are subject to change; the next survey wave will report on 2025.
The trend matters beyond the statistic. A household without an account pays for services that insured accounts provide free or nearly free — check cashing, money orders, and prepaid card loads — and misses the FDIC's insurance protection of up to $250,000 per depositor, per insured bank, per ownership category.
What should a household do with this?
If fees are the concern, compare accounts on published fee schedules before opening:
- Check that the bank is FDIC-insured, using the FDIC's BankFind tool; credit unions carry equivalent NCUA coverage.
- Compare monthly maintenance fees and the ways to avoid them — many accounts waive the fee with one direct deposit.
- Check the overdraft policy and out-of-network ATM terms in the account's published disclosure, not the marketing page.
What remains unknown from the survey is how quickly the decline continues; what's established is that the stated barrier is cost, and cost is the term most directly comparable on paper.
For more context, read How overdraft opt-in works, and what happens if you say no.
