The fiscal stimulus unleashed on America in the wake of the pandemic had one interesting side effect: It significantly decreased the number of U.S. households without bank accounts.
measures the proportion of U.S. households that are unbanked every two years — but defines unbanked as not having a checking or savings account at a bank or credit union.checking accounts. Anything you can do with a basic checking account you can normally do with one of these cards — and most of the time your funds are FDIC insured.
If you consider households with such cards to be banked, then only 3% of U.S. households are now unbanked — down 23% from 2019, and down 55% from 2011. That number falls even further if you subtract the people who have accounts at Venmo, Cash App, or other non-card-based digital depository institutions.The biggest reason given for opening an account was the desire to easily receive stimulus checks and other government payments during the pandemic.The pandemic accelerated the mobile banking revolution. In 2017, the most popular method that households used for accessing their bank accounts was going to a physical bank teller.
In 2021, just four years later, tellers were the preferred choice of only 15% — while mobile banking was the go-to channel for 44%.Klaros senior advisor and former Green Dot Bank CEO Mary Dent has a good question. If almost everybody is banked, why do check cashers still exist?Not everybody is comfortable banking with an app.
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