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Forum Welcomes Record Low in Unbanked and Underbanked Households
“This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future,” Forum CEO says
Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement after the FDIC reported that the number of U.S. households that were either unbanked or underbanked reached a record low in 2023:
“The decline in the number of U.S. households that are either unbanked or underbanked to a record low marks an important milestone in the impactful work by the nation’s largest banks and others to bring more Americans into the banking system. This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future.
“Financial Services Forum members were founding bank partners in a pilot program to provide low-cost, low-fee checking accounts, known as BankOn accounts, nearly a decade ago. There are now 12 million BankOn accounts at Forum member banks across the country. Our members will continue to be leaders in this effort to bring even more households into the banking system so they can help secure their financial future.”
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Click here for more information on Forum members’ work to bring more people into the banking system.
The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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