![]() Use of P2P payment services was higherĪmong households with income of $75,000 or more, households with a college degree, younger and middle-aged households, and working-age nondisabled households. The characteristics of households that made P2P payments were substantially different from the characteristics of households that used the other nonbank transaction services.Households were more likely to use these three transaction services, as were lower-income households and households with volatile income. Younger households, less-educated households, and Black, Hispanic, and American Indian or Alaska Native Patterns of use for bill payment services were similar to the patterns for money orders and check cashing.In 2019, 11.9 percent of households used money orders, 5.5 percent used check cashing, 4.9 percent used bill payment services, 5.5 percent used international remittances, and 31.1 percent used P2P payment services.The latter service is known as a peer-to-peer or person-to-person (P2P) payment service. Types of nonbank financial transaction services: bill payment services (such as are offered by Western Union and MoneyGram) and use of a website or app to send or receive money inside the United States (examples are In addition, the 2019 survey included new questions about two other Prepaid card use continued to be more prevalent among unbanked households thanĪs in previous years, the 2019 survey asked all households about use of the following nonbank financial transaction services: money orders, check cashing, and remittances sent abroad. households used general purpose reloadable prepaid cards, down from 9.7 percent in 2017 and 10.2 percent in 2015. Almost all banked households were satisfied with their primary bank and thought that fees were clearly communicated: 97.3 percent were very or somewhat satisfied with their primary bank, and 92.1 percent thought their bankĬommunicated account fees very or somewhat clearly.For example, in 2019, 79.9 percent of banked households that used mobile bankingĪs their primary method visited a branch and 18.8 percent visited ten or more times. Branch visits were prevalent even among banked households that used online or mobile banking as their primary method of account access.Between 20, the share of banked households visiting a branch ten or more times declined from 35.4 percent to 28.4 percent, whereas the share of banked households visiting a branch one to four times increased.In 2019, 83.0 percent of banked households spoke with a teller or other employee in person at a bank branch (i.e., visited a bank branch), down slightly from 86.0 percent in 2017. Use of bank tellers as a primary method of account access continued to decline modestly but remained prevalent (dropping from 28.2 percent in 2015 and 24.3 percent in 2017 to 21.0 percent in 2019).Use of online banking as a primary method of account access decreased substantially but remained prevalent (dropping from 36.9 percent in 2015 and 36.0 percent in 2017 to 22.8 percent in 2019).Use of mobile banking as a primary method of account access continued to increase sharply (from 9.5 percent in 2015 and 15.6 percent in 2017 to 34.0 percent in 2019), overtaking online banking as the most prevalent.“Don’t trust banks” was cited by 16.1 percent of unbanked households as the main reason for not having an account-the second-most cited main reason.“Don’t have enough money to meet minimum balance requirements” was cited by 29.0 percent of unbanked households as the main reason for not having an account-the most cited main reason. About two-thirds of the decline in the unbanked rate between 20 was associated with improvements in the socioeconomic circumstances of U.S.households over this period.īetween 2011, when the unbanked rate peaked at 8.2 percent, and 2019, the unbanked rate fell by 2.8 percentage points, corresponding to an increase of approximately 3.7 million banked households. About half of the decline in the unbanked rate between 20 was associated with improvements in the socioeconomic circumstances of U.S.Between 20, the unbanked rate fell by 1.1 percentage points, corresponding to an increase of approximately households that were unbanked (i.e., the unbanked rate) in 2019-5.4 percent-was the lowest since the survey began in 2009. households (approximately 124.2 million) were “banked” in 2019, meaning that at least one member of the household had a checking or savings account. households (approximately 7.1 million) were “unbanked” in 2019, meaning that no one in the household had a checking or savings account at a bank or credit union (i.e., bank). Key Findings from How America Banks: Household Use of Banking and Financial Services ![]()
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