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States in the United States and Metro Areas With the Most Unbanked Households

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States in the United States and Metro Areas With the Most Unbanked Households

The author is Laura McMullen Assistant Assigning Editor Personal finance, financial news Laura McMullen assigns and edits financial news articles and content. Laura was previously the senior writer at NerdWallet and wrote about saving, making and budgeting money. She has also written for the «Millennial Money» column for The Associated Press. Before making the move to NerdWallet at the end of 2015 Laura worked for U.S. News & World Report in which she wrote and edited information on health, careers and education and also contributed to the company’s rankings projects. Before joining U.S. News & World Report, Laura interned at Vice Media and studied journalism as well as history and Arabic at Ohio University. Laura is a resident of Washington, D.C.

Sep 28 Sep 28, 2016

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The benefits of your local bank go beyond complimentary coffee and chocolatethey offer services you might consider to be a given for example, free check cashing and loans that offer reasonable rates of interest. However, for the over 9.5 million people who aren’t banked across the U.S., these services have a steep cost, one that NerdWallet discovered adds up to hundreds of dollars a year.

Within the U.S., 7.7% of households did not have a member with a bank account, as per the 2013 FDIC National Survey of Bankrupt and Underbanked Households, the most up-to-date set of information available. That was down from the 2011 version of FDIC’s Federal Deposit Insurance Corp.’s biannual survey, and the figure decreased to 7% by 2015, according to an early preview of the new version, due to be released in October.

Missed benefits, added fees

Although fewer families are forgoing banks, the ones who are miss out on , in which they can build emergency funds, and secured credit cards that can help build credit. They don’t benefit from the entire array of fraud protections offered by federally insured banks and credit unions have as well as access to online and mobile banking tools which can save time and money. (Read NerdWallet’s national coverage on the topic to find out more about alternatives for non-banked consumers, including .)

Households that don’t have accounts with banks also have to pay a lot of fees to financial-service providers that are expensive alternatives. NerdWallet has compiled the cost of money order, check cashing, and prepaid debit cards. Unbanked households that use an prepaid debit card that permits direct deposit pay an annual average of $196.50 in fees, while those who are not banked and make use of a prepaid debit cards with no direct deposit have an annual average of $488.89 in fees. (See our full methodology for more details.)

Unbanked households in the state and metro area

We looked at our $196.50 and $488.89 figures in percentages of the state’s average 2013 income for households who don’t have an account with a bank, based on FDIC data. Explore the map below to find the states where households that aren’t banked are the most affected by the cost of fees using both the higher ($488.89) as well as the less ($196.50) estimates. You can also see which states have the highest number of households with no bank account.

The table below shows the percentage of households without a bank account in 22 large metro areas , and across all states plus Washington, D.C. We calculated the cost of not having a bank account by dividing it into the average unbanked household income in the area according to the FDIC. We excluded three major metro areas for which some data were unavailable: San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas.

In metro areas, households are not banked.

UNBANKED HOUSEHOLDS BY state

Ranking (most to least)

State

A percentage of households aren’t banked

The average household income is unbanked and non-banked.

Total unbanked cost for all households (lower estimate)

Total unbanked costs for all households (higher estimate)

Costs unbanked average as a percentage of income (using higher estimate)

Mississippi

14.5%

$15,394.41

$31.08 million

$79.82 million

3.18%

Louisiana

13.9%

$20,104.15

$47.26 million

$121.37 million

2.43%

Arizona

12.8%

$20,300.92

$61.95 million

$159.07 million

2.41%

Arkansas

12.3%

$15,653.75

$29.08 million

$74.68 million

3.12%

District of Columbia

11.8%

$14,588.29

$7.46 million

$19.15 million

3.35%

West Virginia

11.0%

$18,592.82

$16.56 million

$42.54 million

2.63%

New Mexico

10.9%

$18,934.67

$17.78 million

$45.67 million

2.58%

Georgia

10.9%

$18,957.70

$81.64 million

$209.64 million

2.58%

Oklahoma

10.9%

$19,373.49

$32.56 million

$83.61 million

2.52%

South Carolina

10.5%

$19,724.50

$38.88 million

$99.84 million

2.48%

Texas

10.4%

$20,621.80

$191.63 million

$492.07 million

2.37%

Kentucky

9.7%

$15,417.32

$34.05 million

$87.45 million

3.17%

Tennessee

9.7%

$17,204.81

$48.51 million

$124.58 million

2.84%

Alabama

9.2%

$18,787.70

$36.03 million

$92.52 million

2.60%

Missouri

8.9%

$20,058.95

$42.11 million

$108.12 million

2.44%

New York

8.5%

$16,833.40

$125.19 million

$321.47 million

2.90%

North Carolina

8.4%

$17,177.65

$61.46 million

$157.82 million

2.85%

New Jersey

8.2%

$21,298.78

$51.25 million

$131.61 million

2.30%

California

8.0%

$22,211.31

$206.18 million

$529.45 million

2.20%

Nevada

7.9%

$19,047.68

$17.06 million

$43.80 million

2.57%

Illinois

7.4%

$21,036.78

$71.47 million

$183.53 million

2.32%

Ohio

7.2%

$18,777.16

$65.61 million

$168.47 million

2.60%

Indiana

7.2%

$22,675.18

$36.28 million

$93.17 million

2.16%

Montana

6.6%

$11,963.24

$5.35 million

$13.74 million

4.09%

Virginia

6.5%

$19,340.75

$39.67 million

$101.88 million

2.53%

Colorado

6.4%

$22,159.12

$25.84 million

$66.36 million

2.21%

Rhode Island

6.2%

$18,543.22

$5.12 million

$13.15 million

2.64%

Florida

6.2%

$19,376.05

$95.70 million

$245.73 million

2.52%

Delaware

6.1%

$22,921.16

$4.33 million

$11.12 million

2.13%

Kansas

6.0%

$21,820.97

$13.49 million

$34.64 million

2.24%

Massachusetts

5.8%

$22,086.69

$29.38 million

$75.45 million

2.21%

Nebraska

5.7%

$15,622.98

$8.47 million

$21.76 million

3.13%

Michigan

5.7%

$19,127.41

$42.44 million

$108.99 million

2.56%

Connecticut

5.6%

$21,036.57

$15.37 million

$39.48 million

2.32%

Wyoming

5.6%

$24,067.11

$2.65 million

$6.82 million

2.03%

Idaho

5.4%

$17,444.44

$6.39 million

$16.42 million

2.80%

Pennsylvania

5.2%

$17,820.47

$52.14 million

$133.90 million

2.74%

Wisconsin

4.8%

$16,495.70

$21.75 million

$55.85 million

2.96%

Maryland

4.8%

$24,470.06

$20.81 million

$53.43 million

2.00%

Oregon

4.5%

$16,345.12

$13.62 million

$34.98 million

2.99%

Iowa

4.5%

$18,571.62

$10.83 million

$27.81 million

2.63%

South Dakota

4.2%

$16,040.68

$2.67 million

$6.86 million

3.05%

Washington

4.1%

$17,048.35

$21.07 million

$54.10 million

2.87%

Hawaii

3.8%

$21,096.90

$3.41 million

$8.77 million

2.32%

Minnesota

3.6%

$16,228.27

$14.92 million

$38.31 million

3.01%

Utah

3.3%

$21,617.24

$6.11 million

$15.68 million

2.26%

Vermont

3.1%

$22,553.77

$1.59 million

$4.08 million

2.17%

New Hampshire

2.9%

$26,653.71

$3.00 million

$7.71 million

1.83%

North Dakota

2.8%

$22,645.30

$1.58 million

$4.06 million

2.16%

Maine

2.4%

$14,906.68

$2.57 million

$6.59 million

3.28%

Alaska

1.9%

$21,299.66

$1,002,022.57

$2,573,028.07

2.30%

Important takeaways

1. The rate of unbanked households is particularly high for low-income households. Nationally, 7.7% of households had no bank accounts in 2013, but that rate was noticeably more so for low-income households. Around 20% of households with incomes less than $30,000 were unbanked and 24% were not banked, meaning they had minimum one or more savings accounts or but had utilized at least one other financial service during the previous year. These services include cashing checks, money orders and payday loans. More than three-quarters (35.6%) of unbanked households surveyed for the FDIC report said the main reason they didn’t have an account is that they don’t have enough money to keep in an account or to meet a minimum balance. (Note that many don’t require minimum balances.) Some of the most common reasons are dislike or distrust of banks, and the high or unpredictability of fees for accounts.

The correlation of the national population between bank-independent and low-income households translates to the state-level. Seven of the 10 states with the highest proportions of unbanked residents are among the 10 states with the lowest median household incomes, in the latest U.S. Census American Community Survey. Except for Washington, D.C., the nine states with the highest concentration of unbanked households had household incomes lower than the median of the 2013 U.S. median of $52,250.

2. The financial burden of not having a bank hit low-income households the hardest households: The income of households who don’t have an account with a bank is especially poor. The 2013 average post-tax income of non-banked households across the U.S. was $17,359, and the lowest was in Montana at $11,963.

Keep in mind that households with no bank accounts who utilize a prepaid debit card that does not direct deposit, are charged an average of $488.89 in fees per year. In Montana this would be up to 4% of the typical household’s income that is unbanked. For context, the average U.S. household spent about 3.5% of its income after tax on fuel and motor oil in the year 2015, as per the U.S. Bureau of Labor Statistics.

For Washington, D.C., the disparity in earnings between banked and unbanked households is huge. The median income of 2013 for households with a bank account fully in D.C. was $55,032, however, it was only $14,588 for those without having a bank account. That latter number can’t go far in a place where housing options for those with low incomes are shrinking. According to the D.C. Fiscal Policy report in 2013, there were about half the number of Washington homes that were rented at less than $880 per month as there were in 2002. The report states that «subsidized housing is now virtually the only source for affordable apartment units.»

3. Local unbanked demographics reflect national trends: According the FDIC, one-fifth of black households (20.5 percent) in the U.S. in 2013 were not banked, followed by Hispanic (17.9%) as well as American Indian/Alaskan household (16.9 percent). The figure was just 2.2% of Asian households had no bank accounts, which was a lower concentration than for white (3.6 percent) and Hawaiian/Pacific Islander (6.1%) households.

Many of the places with the highest percentage of households that are not banked reflect the national demographics. In No. twelve Tennessee in addition to No. 2 Louisiana, each state’s biggest city, has a high percentage of black households in both cities, with Memphis at 63% as well as New Orleans at 59.8%. Phoenix, which tops our list of unbanked metros, has a large Hispanic population, as does Albuquerque, the largest metropolis in New Mexico, which tied with the seventh largest state. Two states that have the highest proportions of populations that aren’t banked, New Mexico and Oklahoma are home to American Indian populations nearly 10 times that of those in the U.S. as a whole.

4. Access to only in-person and online banking is a problem: It’s hard to get a bank account opened if there are no branches where you live. More than half the ZIP code in the middle of South region are «bank deserts,» that is, they’ve the same or fewer branch banks, according to the Mississippi-based Hope Policy Institute, which studies financial inclusion. According to the study of the Hope Policy Institute, the mid-South includes Mississippi, Louisiana and Arkansas and has one of the highest percentages of households that are not banked. It also encompasses the western part of Tennessee, home to Memphis which is where more than one-fifth (19.5 percent) of households don’t have a bank account.

Brick-and-mortar stores are especially crucial for those who are unable to connect to financial institutions online. Some Memphis residents face hurdles to both of these methods. According to the U.S. Census Bureau’s 2013 American Community Survey, 27.7% of Memphis households were without an internet connection, as compared with 21.4% nationwide. Lack of internet access is a major issue in New Orleans, too, at 27.4 percent.

Sreekar Jasthi is a data analyst at NerdWallet, a personal finance website. Email: . Laura McMullen is a staff writer at NerdWallet. Email: . Twitter: .

Methodology

Concentrations of income and households that are not banked

To calculate the median income of households that are not banked nationwide and across each state we utilized data from the . To determine which metro areas to examine we first selected those 25 from the FDIC report that contained the largest number of households. We omitted San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas, because of insufficient income data.

The percentages of unbanked households within each state as well as metropolitan region are also taken from the FDIC report.

Charges that are incurred when you’re not a banker

We came up with a interval between $196.50 to $488.89 in fees for the typical household that is not banked, when we added the costs that are associated with cash checks as well as money orders and pre-paid debit cards. The cost of these fees will depend on the extent to which the debit cards are prepaid and allow direct deposit.

To determine the check-cashing costs for households that are not banked and use debit cards prepaid without direct deposit or for those that only use cash We assumed two checks cashed per month and a cost of 1% of a check’s total value. For households using debit cards prepaid with direct deposit, we accounted for no cash for checks. For both types of households, we assumed one money order sent per month with an average fee of $1.40.

To determine the average of cashing of checks and money order fees, we used the FDIC’s data on how often alternative financing services utilized by the type of household (banked or unbanked), then added the less frequent use by households that are banked to the average costs.

To determine the average annual cost of debit cards that are prepaid We examined 69 cards that were based on the major issuers, their high-traffic searches volume including Pew Charitable Trust’s as well as the offerings of the cards on ‘s and ‘s websites. For cards that offer multiple plan options, we counted every plan as a distinct card.

The report includes the annual cost of a prepaid debit card with and without direct deposit for payroll. The median monthly cost used was $4.98 The median out-of-network ATM fee was $2.50. We utilized the maximum fee for cash loading of $4.95.

With no directly depositing, we assumed 12 monthly fees, four ATM charges per month and two cash loading fees each month. PIN- and signature-based purchase transaction fees typically don’t apply to cards with monthly charges, so we excluded them.

Upcoming FDIC survey

A recent preview of survey for the year 2015 FDIC National Survey of the Unbanked as well as Underbanked Households, set for release in full on October. 20th, 2016 It revealed that the unbanked rate has fallen to 7percent, which is about 8.6 millions of households. The analysis of NerdWallet is based on the most up-to-date set of data available.

About the author: Laura McMullen writes about managing money for NerdWallet. Her writing has been featured on The Associated Press, The New York Times, The Washington Post, and other outlets.

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