Question of the Day: What is most cited reason people give for not having a bank account?
Answer: Do not have enough money to keep in account
Cited = named as a reason for not having an account
Main = percent of respondents that listed the reason as the main reason for not having an account.
- What's the minimum amount you think you need to have a bank account?
- Do you think it’s important to have a bank account? Explain.
- The number 2 item cited for not having a bank is "don't trust banks." What do you think leads to this distrust?
- Respondents also indicated account fees were "too high" and "unpredictable." What are some examples of bank fees?
Behind the numbers (FDIC National Survey of Unbanked and Underbanked 2017):
- More than half (52.7 percent) of unbanked households cited “Do not have enough money to keep in an account” as a reason for not having an account, the most commonly cited reason. This reason was also the most commonly cited main reason for not having an account (34.0 percent).
- Almost one-third (30.2 percent) of unbanked households cited “Don’t trust banks” as a reason for not having an account, the second-most commonly cited reason. This reason was also the second-most commonly cited main reason (12.6 percent).
- As in previous years, higher proportions of unbanked households that previously had an account cited “Bank account fees are too high” (29.9 percent) or “Bank account fees are unpredictable” (24.9 percent) in 2017, compared with unbanked households that never had an account (21.1 and 17.0 percent, respectively).
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