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How Important Is Having A Bank Account To Financial Stability?

401kcalculator.org / Creative Commons

At a conference earlier this month in Baltimore promoting “Economic Inclusion,” several economists from the FDIC, the Federal Deposit Insurance Corporation, presented new data that showed that one out of every 13 U.S. households is “unbanked” – that is, they don’t have a checking or savings account with a traditional bank. And, 1 in 5 U.S. households is “under-banked”. After that conference, Sheilah spoke by phone about the economic significance of using a bank with Susan Burhouse, Senior Financial Economist with the FDIC.

Read the FDIC's latest survey of the number of unbanked and underbanked U.S. households here.

Sheilah Kast is the host of On The Record, Monday-Friday, 9:30-10:00 am.