FDIC Analysis: Unbanked/Underbanked


“Do you or does anyone in your household currently have a checking or savings account?” If a household answers “no” to that question, they are considered to be “unbanked.”



“Underbanked” households are defined as those that have a checking or savings account but rely on alternative financial services. Specifically, underbanked households might have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, or pawn shops at least once or twice a year, or refund anticipation loans at least once in the past five years.

The demographic characteristics of a household are taken to be those of the renter or owner of the home (ie. householder), unless the demographic characteristic is one defined the household level, such as income or household type.

Differences within groups may or may not be statistically significant. Figures do not always reconcile to totals because of the rounding of household weights to represent the population totals.

  • 7.1% of all households in Ohio (an estimated 328,000 households) are unbanked.
    • 17.0% of households with an annual income of $30,000 or less are unbanked.
    • 24.2% of all black and 7.2% of hispanic households are unbanked.
  • 21.0% of all households (an estimated 966,000 households) are underbanked. In addition, 4.9% of households (an estimated 226,000 households) may be underbanked, but their use of alternative financial services is unknown.
    • 24.6% of households in with an annual income of $30,000 or less are underbanked.
    • 34.7% of Hispanic and 34.4% of Black households are underbanked.


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