10 Creative Ways You Can Improve Your Payday Loans Near Me
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States and Metro Areas With the Most Unbanked Households
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States in the United States and Metro Areas With the Most Unbanked Households
The author is Laura McMullen Assistant Assigning Editor Personal finance, financial news Laura McMullen assigns and edits the financial news content. Laura was previously the senior writer at NerdWallet and covered budgeting, saving and making money. She has also written for the "Millennial Financial" column in The Associated Press. Prior to becoming a part of NerdWallet at the end of 2015 Laura had worked at U.S. News & World Report, where she wrote and edited articles on careers, wellness and education as well as contributed to the rankings of the company. Before joining U.S. News & World Report, Laura interned at Vice Media and studied journalism as well as the history of Arabic in the Ohio University. Ohio University. Laura currently lives in Washington, D.C.
Sep 28, 2016
A majority of the items featured on this page come from our partners who pay us. This affects the products we write about and the location and manner in which the product appears on the page. But, it doesn't influence our opinions. Our opinions are entirely our own. Here is a list of and .
The benefits at your bank aren't limited to complimentary coffee and chocolateThey offer things that you might take for granted, such as free check cashing and loans that offer reasonable rates of interest. But for the greater than 9.5 million households that are not banked within the U.S., these services are expensive which NerdWallet discovered can add up to hundreds of dollars per year.
Within the U.S., 7.7% of households didn't have any members with a bank account according to the 2013 FDIC Nationwide Survey of Unbanked and Underbanked Households, which is the most up-to-date set of information available. It was a decrease from the 2011 version of Federal Deposit Insurance Corp.'s biannual survey, and the figure dropped to 7% in 2015, as per an overview of the most recent edition, which will be released in October.
Missed benefits, added fees
Although less families are turning away from financial institutions, those who are not taking advantage of , in which they can build emergency funds, and secured credit cards which can assist in building credit. They don't benefit from the full array of fraud protections offered by federally insured banks and credit unions provide in addition to not having access to online or mobile banking tools which can save the time as well as money. (Read NerdWallet's coverage of the nation on the subject to learn more about alternatives for non-banked customers, such as .)
households that do not have accounts with banks also incur a lot of charges to expensive alternative financial-service providers. NerdWallet has compiled the cost of money order, check cashing, and debit cards that are prepaid. The households with no bank accounts that have an prepaid debit card that allows direct deposit can pay an annual average in the amount of $196.50 in fees. On the other hand, those who are not banked and make use of a prepaid debit cards without direct deposit pay an annual average of $488.89 in charges. (See our full methodology for more details.)
Unbanked households are reported by metro and state
We examined our $196.50 and $488.89 figures as percentages of each state's average 2013 income for households that don't have an account with a bank, according to FDIC data. Look at the map below to find the states where unbanked households are the most affected by the cost of fees using both the more expensive ($488.89) and the lower ($196.50) figures. You can also see what states are home to the largest percentage of households with no bank account.
The tables below show the percentage of unbanked households in 22 large metro areas and in all states plus Washington, D.C. We calculated costs of having an account with a bank as a percentage of the household's income that is unbanked in the area as determined by the FDIC. We excluded three major metro areas for which some data were unavailable: San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas.
In metro areas, households are not banked.
UNBANKED HOUSEHOLDS ARE FINANCED BY THE
Ranking (most to least)
State
A percentage of households aren't banked
Average unbanked household income
Total unbanked expenses of all household households (lower estimate)
Total unbanked costs for all homes (higher estimate)
Average unbanked costs as percent of income (using higher estimate)
1
Mississippi
14.5%
$15,394.41
$31.08 million
$79.82 million
3.18%
2
Louisiana
13.9%
$20,104.15
$47.26 million
$121.37 million
2.43%
3
Arizona
12.8%
$20,300.92
$61.95 million
$159.07 million
2.41%
4
Arkansas
12.3%
$15,653.75
$29.08 million
$74.68 million
3.12%
5
District of Columbia
11.8%
$14,588.29
$7.46 million
$19.15 million
3.35%
6
West Virginia
11.0%
$18,592.82
$16.56 million
$42.54 million
2.63%
7
New Mexico
10.9%
$18,934.67
$17.78 million
$45.67 million
2.58%
7
Georgia
10.9%
$18,957.70
$81.64 million
$209.64 million
2.58%
7
Oklahoma
10.9%
$19,373.49
$32.56 million
$83.61 million
2.52%
10
South Carolina
10.5%
$19,724.50
$38.88 million
$99.84 million
2.48%
11
Texas
10.4%
$20,621.80
$191.63 million
$492.07 million
2.37%
12
Kentucky
9.7%
$15,417.32
$34.05 million
$87.45 million
3.17%
12
Tennessee
9.7%
$17,204.81
$48.51 million
$124.58 million
2.84%
14
Alabama
9.2%
$18,787.70
$36.03 million
$92.52 million
2.60%
15
Missouri
8.9%
$20,058.95
$42.11 million
$108.12 million
2.44%
16
New York
8.5%
$16,833.40
$125.19 million
$321.47 million
2.90%
17
North Carolina
8.4%
$17,177.65
$61.46 million
$157.82 million
2.85%
18
New Jersey
8.2%
$21,298.78
$51.25 million
$131.61 million
2.30%
19
California
8.0%
$22,211.31
$206.18 million
$529.45 million
2.20%
20
Nevada
7.9%
$19,047.68
$17.06 million
$43.80 million
2.57%
21
Illinois
7.4%
$21,036.78
$71.47 million
$183.53 million
2.32%
22
Ohio
7.2%
$18,777.16
$65.61 million
$168.47 million
2.60%
22
Indiana
7.2%
$22,675.18
$36.28 million
$93.17 million
2.16%
24
Montana
6.6%
$11,963.24
$5.35 million
$13.74 million
4.09%
25
Virginia
6.5%
$19,340.75
$39.67 million
$101.88 million
2.53%
26
Colorado
6.4%
$22,159.12
$25.84 million
$66.36 million
2.21%
27
Rhode Island
6.2%
$18,543.22
$5.12 million
$13.15 million
2.64%
27
Florida
6.2%
$19,376.05
$95.70 million
$245.73 million
2.52%
29
Delaware
6.1%
$22,921.16
$4.33 million
$11.12 million
2.13%
30
Kansas
6.0%
$21,820.97
$13.49 million
$34.64 million
2.24%
31
Massachusetts
5.8%
$22,086.69
$29.38 million
$75.45 million
2.21%
32
Nebraska
5.7%
$15,622.98
$8.47 million
$21.76 million
3.13%
32
Michigan
5.7%
$19,127.41
$42.44 million
$108.99 million
2.56%
34
Connecticut
5.6%
$21,036.57
$15.37 million
$39.48 million
2.32%
34
Wyoming
5.6%
$24,067.11
$2.65 million
$6.82 million
2.03%
36
Idaho
5.4%
$17,444.44
$6.39 million
$16.42 million
2.80%
37
Pennsylvania
5.2%
$17,820.47
$52.14 million
$133.90 million
2.74%
38
Wisconsin
4.8%
$16,495.70
$21.75 million
$55.85 million
2.96%
38
Maryland
4.8%
$24,470.06
$20.81 million
$53.43 million
2.00%
40
Oregon
4.5%
$16,345.12
$13.62 million
$34.98 million
2.99%
40
Iowa
4.5%
$18,571.62
$10.83 million
$27.81 million
2.63%
42
South Dakota
4.2%
$16,040.68
$2.67 million
$6.86 million
3.05%
43
Washington
4.1%
$17,048.35
$21.07 million
$54.10 million
2.87%
44
Hawaii
3.8%
$21,096.90
$3.41 million
$8.77 million
2.32%
45
Minnesota
3.6%
$16,228.27
$14.92 million
$38.31 million
3.01%
46
Utah
3.3%
$21,617.24
$6.11 million
$15.68 million
2.26%
47
Vermont
3.1%
$22,553.77
$1.59 million
$4.08 million
2.17%
48
New Hampshire
2.9%
$26,653.71
$3.00 million
$7.71 million
1.83%
49
North Dakota
2.8%
$22,645.30
$1.58 million
$4.06 million
2.16%
50
Maine
2.4%
$14,906.68
$2.57 million
$6.59 million
3.28%
51
Alaska
1.9%
$21,299.66
$1,002,022.57
$2,573,028.07
2.30%
Important key
1. The percentage of households without a bank account is significantly higher in low-income households. Nationwide, 7.7% of households did not have a bank account in 2013, however the rate was much higher among low-income households. Around twenty percent of the households with incomes less than $30k were not banked, while 24% of them were unbanked that is, they have more than one saving account account or but utilized at least one other financial service in the past year. These services include cashing checks as well as money orders and payday loans. More than three-quarters (35.6 percent) of unbanked households surveyed for the FDIC report indicated that the primary reason they didn't have an account was that they didn't have enough funds to keep in an account or meet the minimum balance. (Note that a lot of households don't need the minimum amount of balance.) Other reasons that are common include dislike or distrust of banks and high or unpredictable fees for accounts.
The nationwide correlation between unbanked and low-income households translates to the state-level. Seven of the 10 states that have the highest proportions of unbanked people are among the states that have one of the highest median family incomes as per the data from 2013's U.S. Census American Community Survey. With the exception of Washington, D.C., the nine states with the highest concentration of unbanked households were home to households with incomes that were below the 2013 U.S. median of $52,250.
2. The financial burden of not having a bank hit low-income households the hardest as income among households who don't have accounts with banks is especially poor. The 2013 average post-tax income of non-banked households in the U.S. was $17,359, and the lowest was in Montana at $11,963.
Remember that unbanked households that utilize a prepaid debit card with no direct deposit have to pay the equivalent of $488.89 in fees annually. In Montana this would be upward of 4 percent of an average income of a household that is not banked. For context, the typical U.S. household spent about 3.5 percent of its post-tax income on gas and motor oil in the year 2015 in accordance with the U.S. Bureau of Labor Statistics.
The situation in Washington, D.C., the difference in earnings between unbanked and banked households is vast. The median income of 2013 for households with a bank account fully in D.C. was $55,032, but it was just $14,588 for those without having a bank account. That latter number can't get much further in a country where housing options for those with low incomes are shrinking. According to a D.C. Fiscal Policy report, in 2013, there were roughly half as many Washington apartment rentals at less than $880 per month as the 2002. The report suggests "subsidized housing is currently the only source for affordable apartments."
3. Local unbanked demographics reflect the national trend: According to the FDIC, one-fifth of households with black names (20.5%) across the U.S. in 2013 were unbanked, followed closely by Hispanic (17.9%) along with American Indian/Alaskan families (16.9%). Just 2.2% of Asian households were not banked This was a smaller concentration than for white (3.6%) and Hawaiian/Pacific Islander (6.1 percent) households.
Many of the places with the highest proportion of households without bank accounts reflect the national demographics. In No. 12 Tennessee and No. 2 Louisiana, each state's biggest city is home to a large percentage of black households in both cities, with Memphis at 63% while New Orleans at 59.8%. Phoenix, which tops our list of cities that aren't banked is home to a substantial Hispanic community as does Albuquerque which is the largest town in New Mexico, which tied with the seventh largest state. Two states that have the highest proportions of unbanked populations, New Mexico and Oklahoma are home to American Indian populations nearly 10 times that of the U.S. as a whole.
4. In-person access is limited and online banking can be a hindrance it to get a bank account opened if there aren't branches in the area you reside. More than half of ZIP codes in the mid-South are "bank deserts" which means they've got only one or no bank branches, according to the Mississippi-based Hope Policy Institute, which analyzes financial inclusion. According to the study of the Hope Policy Institute, the mid-South includes Mississippi, Louisiana and Arkansas where there are one of the highest percentages of households without a bank account. It also encompasses the western part of Tennessee which is home to Memphis, where more than one-fifth (19.5%) of households don't have accounts with banks.
Brick-and-mortar locations are more important for consumers who can't connect to financial institutions online. A few Memphis residents face hurdles to both options. Based on the U.S. Census Bureau's 2013 American Community Survey, 27.7% of Memphis households did not have access to the internet, compared with 21.4 percent across the country. Lack of internet access is high in New Orleans, too, at 27.4 percent.
Sreekar Jasthi is a data analyst at NerdWallet, a personal finance site. Email: . Laura McMullen is a staff writer at NerdWallet. Email: . Twitter: .
Methodology
Concentrations of income and unbanked households
To determine the median income of unbanked households across the nation and across each state we used information from the . To determine which metro regions to study we first selected the 25 areas in the FDIC report that contained the highest number of households. We omitted San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas, because of insufficient income data.
The figures for the percentage of households that are not banked in each state and metropolitan area are also from FDIC's report. FDIC report.
Costs associated with not having a bank account
We came up with a interval from $196.50 between $196.50 and $488.89 in fees for the typical household that is not banked, by adding in the fees that are associated with cash checks, money orders and pre-paid debit cards. The cost of these fees depends in part on whether the households' prepaid debit cards permit direct deposit.
To calculate the cost of check cashing for households that are not banked and use debit cards prepaid without direct deposit or for those that only use cash We assumed two checks cashable per month and a fee that is 1% of a check's value. For households that use prepaid debit cards with direct deposit option, we factored in no cash for checks. For both household types we assumed that there would be one money order sent per month with an average fee of $1.40.
To determine the average of check cashing and money-order fees, we analyzed the FDIC's data regarding the frequency of alternative financial services use by households of different types (banked or unbanked), then used the lower frequency of use by households that are banked to the cost average.
To calculate the average annual cost of debit cards that are prepaid We looked at 69 cards, based on major issuers, high-traffic search volume including Pew Charitable Trust's as well as the offerings of the cards on the websites of's and. For cards with different plans we considered every plan as a distinct card.
The report covers the annual cost of a prepaid debit card with direct deposit and without direct deposit for payroll. The median monthly cost used was $4.98 and the median out-of-network ATM fee was $2.50. We used the maximum fee for cash loading of $4.95.
In the absence of the direct deposit option, we had 12 monthly fees and four ATM charges per month and 2 cash load fees per month. Signature- and PIN-based transaction fees usually don't apply to cards that have monthly fees, which is why we excluded them.
Upcoming FDIC survey
A recent preview of 2015 FDIC National Survey of Unbanked as well as Underbanked Households, set to go public in its entirety on October. 20th, revealed that the number of households without a bank account dropped to 7%, or about 8.6 millions of households. NerdWallet's analysis is based on the most current set of data available.
The author's bio: Laura McMullen writes about managing money for NerdWallet. Her work has appeared in The Associated Press, The New York Times, The Washington Post and many other outlets.
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Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. And while our site doesn't feature every company or financial product that is available on the market, we're proud that the advice we provide, the information we provide and the tools we create are objective, independent simple, and completely free. So how do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on our website), but it in no way affects our recommendations or advice, which are grounded in hundreds of hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .
States in the United States and Metro Areas With the Most Unbanked Households
The author is Laura McMullen Assistant Assigning Editor Personal finance, financial news Laura McMullen assigns and edits the financial news content. Laura was previously the senior writer at NerdWallet and covered budgeting, saving and making money. She has also written for the "Millennial Financial" column in The Associated Press. Prior to becoming a part of NerdWallet at the end of 2015 Laura had worked at U.S. News & World Report, where she wrote and edited articles on careers, wellness and education as well as contributed to the rankings of the company. Before joining U.S. News & World Report, Laura interned at Vice Media and studied journalism as well as the history of Arabic in the Ohio University. Ohio University. Laura currently lives in Washington, D.C.
Sep 28, 2016
A majority of the items featured on this page come from our partners who pay us. This affects the products we write about and the location and manner in which the product appears on the page. But, it doesn't influence our opinions. Our opinions are entirely our own. Here is a list of and .
The benefits at your bank aren't limited to complimentary coffee and chocolateThey offer things that you might take for granted, such as free check cashing and loans that offer reasonable rates of interest. But for the greater than 9.5 million households that are not banked within the U.S., these services are expensive which NerdWallet discovered can add up to hundreds of dollars per year.
Within the U.S., 7.7% of households didn't have any members with a bank account according to the 2013 FDIC Nationwide Survey of Unbanked and Underbanked Households, which is the most up-to-date set of information available. It was a decrease from the 2011 version of Federal Deposit Insurance Corp.'s biannual survey, and the figure dropped to 7% in 2015, as per an overview of the most recent edition, which will be released in October.
Missed benefits, added fees
Although less families are turning away from financial institutions, those who are not taking advantage of , in which they can build emergency funds, and secured credit cards which can assist in building credit. They don't benefit from the full array of fraud protections offered by federally insured banks and credit unions provide in addition to not having access to online or mobile banking tools which can save the time as well as money. (Read NerdWallet's coverage of the nation on the subject to learn more about alternatives for non-banked customers, such as .)
households that do not have accounts with banks also incur a lot of charges to expensive alternative financial-service providers. NerdWallet has compiled the cost of money order, check cashing, and debit cards that are prepaid. The households with no bank accounts that have an prepaid debit card that allows direct deposit can pay an annual average in the amount of $196.50 in fees. On the other hand, those who are not banked and make use of a prepaid debit cards without direct deposit pay an annual average of $488.89 in charges. (See our full methodology for more details.)
Unbanked households are reported by metro and state
We examined our $196.50 and $488.89 figures as percentages of each state's average 2013 income for households that don't have an account with a bank, according to FDIC data. Look at the map below to find the states where unbanked households are the most affected by the cost of fees using both the more expensive ($488.89) and the lower ($196.50) figures. You can also see what states are home to the largest percentage of households with no bank account.
The tables below show the percentage of unbanked households in 22 large metro areas and in all states plus Washington, D.C. We calculated costs of having an account with a bank as a percentage of the household's income that is unbanked in the area as determined by the FDIC. We excluded three major metro areas for which some data were unavailable: San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas.
In metro areas, households are not banked.
UNBANKED HOUSEHOLDS ARE FINANCED BY THE
Ranking (most to least)
State
A percentage of households aren't banked
Average unbanked household income
Total unbanked expenses of all household households (lower estimate)
Total unbanked costs for all homes (higher estimate)
Average unbanked costs as percent of income (using higher estimate)
1
Mississippi
14.5%
$15,394.41
$31.08 million
$79.82 million
3.18%
2
Louisiana
13.9%
$20,104.15
$47.26 million
$121.37 million
2.43%
3
Arizona
12.8%
$20,300.92
$61.95 million
$159.07 million
2.41%
4
Arkansas
12.3%
$15,653.75
$29.08 million
$74.68 million
3.12%
5
District of Columbia
11.8%
$14,588.29
$7.46 million
$19.15 million
3.35%
6
West Virginia
11.0%
$18,592.82
$16.56 million
$42.54 million
2.63%
7
New Mexico
10.9%
$18,934.67
$17.78 million
$45.67 million
2.58%
7
Georgia
10.9%
$18,957.70
$81.64 million
$209.64 million
2.58%
7
Oklahoma
10.9%
$19,373.49
$32.56 million
$83.61 million
2.52%
10
South Carolina
10.5%
$19,724.50
$38.88 million
$99.84 million
2.48%
11
Texas
10.4%
$20,621.80
$191.63 million
$492.07 million
2.37%
12
Kentucky
9.7%
$15,417.32
$34.05 million
$87.45 million
3.17%
12
Tennessee
9.7%
$17,204.81
$48.51 million
$124.58 million
2.84%
14
Alabama
9.2%
$18,787.70
$36.03 million
$92.52 million
2.60%
15
Missouri
8.9%
$20,058.95
$42.11 million
$108.12 million
2.44%
16
New York
8.5%
$16,833.40
$125.19 million
$321.47 million
2.90%
17
North Carolina
8.4%
$17,177.65
$61.46 million
$157.82 million
2.85%
18
New Jersey
8.2%
$21,298.78
$51.25 million
$131.61 million
2.30%
19
California
8.0%
$22,211.31
$206.18 million
$529.45 million
2.20%
20
Nevada
7.9%
$19,047.68
$17.06 million
$43.80 million
2.57%
21
Illinois
7.4%
$21,036.78
$71.47 million
$183.53 million
2.32%
22
Ohio
7.2%
$18,777.16
$65.61 million
$168.47 million
2.60%
22
Indiana
7.2%
$22,675.18
$36.28 million
$93.17 million
2.16%
24
Montana
6.6%
$11,963.24
$5.35 million
$13.74 million
4.09%
25
Virginia
6.5%
$19,340.75
$39.67 million
$101.88 million
2.53%
26
Colorado
6.4%
$22,159.12
$25.84 million
$66.36 million
2.21%
27
Rhode Island
6.2%
$18,543.22
$5.12 million
$13.15 million
2.64%
27
Florida
6.2%
$19,376.05
$95.70 million
$245.73 million
2.52%
29
Delaware
6.1%
$22,921.16
$4.33 million
$11.12 million
2.13%
30
Kansas
6.0%
$21,820.97
$13.49 million
$34.64 million
2.24%
31
Massachusetts
5.8%
$22,086.69
$29.38 million
$75.45 million
2.21%
32
Nebraska
5.7%
$15,622.98
$8.47 million
$21.76 million
3.13%
32
Michigan
5.7%
$19,127.41
$42.44 million
$108.99 million
2.56%
34
Connecticut
5.6%
$21,036.57
$15.37 million
$39.48 million
2.32%
34
Wyoming
5.6%
$24,067.11
$2.65 million
$6.82 million
2.03%
36
Idaho
5.4%
$17,444.44
$6.39 million
$16.42 million
2.80%
37
Pennsylvania
5.2%
$17,820.47
$52.14 million
$133.90 million
2.74%
38
Wisconsin
4.8%
$16,495.70
$21.75 million
$55.85 million
2.96%
38
Maryland
4.8%
$24,470.06
$20.81 million
$53.43 million
2.00%
40
Oregon
4.5%
$16,345.12
$13.62 million
$34.98 million
2.99%
40
Iowa
4.5%
$18,571.62
$10.83 million
$27.81 million
2.63%
42
South Dakota
4.2%
$16,040.68
$2.67 million
$6.86 million
3.05%
43
Washington
4.1%
$17,048.35
$21.07 million
$54.10 million
2.87%
44
Hawaii
3.8%
$21,096.90
$3.41 million
$8.77 million
2.32%
45
Minnesota
3.6%
$16,228.27
$14.92 million
$38.31 million
3.01%
46
Utah
3.3%
$21,617.24
$6.11 million
$15.68 million
2.26%
47
Vermont
3.1%
$22,553.77
$1.59 million
$4.08 million
2.17%
48
New Hampshire
2.9%
$26,653.71
$3.00 million
$7.71 million
1.83%
49
North Dakota
2.8%
$22,645.30
$1.58 million
$4.06 million
2.16%
50
Maine
2.4%
$14,906.68
$2.57 million
$6.59 million
3.28%
51
Alaska
1.9%
$21,299.66
$1,002,022.57
$2,573,028.07
2.30%
Important key
1. The percentage of households without a bank account is significantly higher in low-income households. Nationwide, 7.7% of households did not have a bank account in 2013, however the rate was much higher among low-income households. Around twenty percent of the households with incomes less than $30k were not banked, while 24% of them were unbanked that is, they have more than one saving account account or but utilized at least one other financial service in the past year. These services include cashing checks as well as money orders and payday loans. More than three-quarters (35.6 percent) of unbanked households surveyed for the FDIC report indicated that the primary reason they didn't have an account was that they didn't have enough funds to keep in an account or meet the minimum balance. (Note that a lot of households don't need the minimum amount of balance.) Other reasons that are common include dislike or distrust of banks and high or unpredictable fees for accounts.
The nationwide correlation between unbanked and low-income households translates to the state-level. Seven of the 10 states that have the highest proportions of unbanked people are among the states that have one of the highest median family incomes as per the data from 2013's U.S. Census American Community Survey. With the exception of Washington, D.C., the nine states with the highest concentration of unbanked households were home to households with incomes that were below the 2013 U.S. median of $52,250.
2. The financial burden of not having a bank hit low-income households the hardest as income among households who don't have accounts with banks is especially poor. The 2013 average post-tax income of non-banked households in the U.S. was $17,359, and the lowest was in Montana at $11,963.
Remember that unbanked households that utilize a prepaid debit card with no direct deposit have to pay the equivalent of $488.89 in fees annually. In Montana this would be upward of 4 percent of an average income of a household that is not banked. For context, the typical U.S. household spent about 3.5 percent of its post-tax income on gas and motor oil in the year 2015 in accordance with the U.S. Bureau of Labor Statistics.
The situation in Washington, D.C., the difference in earnings between unbanked and banked households is vast. The median income of 2013 for households with a bank account fully in D.C. was $55,032, but it was just $14,588 for those without having a bank account. That latter number can't get much further in a country where housing options for those with low incomes are shrinking. According to a D.C. Fiscal Policy report, in 2013, there were roughly half as many Washington apartment rentals at less than $880 per month as the 2002. The report suggests "subsidized housing is currently the only source for affordable apartments."
3. Local unbanked demographics reflect the national trend: According to the FDIC, one-fifth of households with black names (20.5%) across the U.S. in 2013 were unbanked, followed closely by Hispanic (17.9%) along with American Indian/Alaskan families (16.9%). Just 2.2% of Asian households were not banked This was a smaller concentration than for white (3.6%) and Hawaiian/Pacific Islander (6.1 percent) households.
Many of the places with the highest proportion of households without bank accounts reflect the national demographics. In No. 12 Tennessee and No. 2 Louisiana, each state's biggest city is home to a large percentage of black households in both cities, with Memphis at 63% while New Orleans at 59.8%. Phoenix, which tops our list of cities that aren't banked is home to a substantial Hispanic community as does Albuquerque which is the largest town in New Mexico, which tied with the seventh largest state. Two states that have the highest proportions of unbanked populations, New Mexico and Oklahoma are home to American Indian populations nearly 10 times that of the U.S. as a whole.
4. In-person access is limited and online banking can be a hindrance it to get a bank account opened if there aren't branches in the area you reside. More than half of ZIP codes in the mid-South are "bank deserts" which means they've got only one or no bank branches, according to the Mississippi-based Hope Policy Institute, which analyzes financial inclusion. According to the study of the Hope Policy Institute, the mid-South includes Mississippi, Louisiana and Arkansas where there are one of the highest percentages of households without a bank account. It also encompasses the western part of Tennessee which is home to Memphis, where more than one-fifth (19.5%) of households don't have accounts with banks.
Brick-and-mortar locations are more important for consumers who can't connect to financial institutions online. A few Memphis residents face hurdles to both options. Based on the U.S. Census Bureau's 2013 American Community Survey, 27.7% of Memphis households did not have access to the internet, compared with 21.4 percent across the country. Lack of internet access is high in New Orleans, too, at 27.4 percent.
Sreekar Jasthi is a data analyst at NerdWallet, a personal finance site. Email: . Laura McMullen is a staff writer at NerdWallet. Email: . Twitter: .
Methodology
Concentrations of income and unbanked households
To determine the median income of unbanked households across the nation and across each state we used information from the . To determine which metro regions to study we first selected the 25 areas in the FDIC report that contained the highest number of households. We omitted San Diego-Carlsbad-San Marcos, California; Sacramento-Arden-Arcade-Roseville, California; and San Antonio, Texas, because of insufficient income data.
The figures for the percentage of households that are not banked in each state and metropolitan area are also from FDIC's report. FDIC report.
Costs associated with not having a bank account
We came up with a interval from $196.50 between $196.50 and $488.89 in fees for the typical household that is not banked, by adding in the fees that are associated with cash checks, money orders and pre-paid debit cards. The cost of these fees depends in part on whether the households' prepaid debit cards permit direct deposit.
To calculate the cost of check cashing for households that are not banked and use debit cards prepaid without direct deposit or for those that only use cash We assumed two checks cashable per month and a fee that is 1% of a check's value. For households that use prepaid debit cards with direct deposit option, we factored in no cash for checks. For both household types we assumed that there would be one money order sent per month with an average fee of $1.40.
To determine the average of check cashing and money-order fees, we analyzed the FDIC's data regarding the frequency of alternative financial services use by households of different types (banked or unbanked), then used the lower frequency of use by households that are banked to the cost average.
To calculate the average annual cost of debit cards that are prepaid We looked at 69 cards, based on major issuers, high-traffic search volume including Pew Charitable Trust's as well as the offerings of the cards on the websites of's and. For cards with different plans we considered every plan as a distinct card.
The report covers the annual cost of a prepaid debit card with direct deposit and without direct deposit for payroll. The median monthly cost used was $4.98 and the median out-of-network ATM fee was $2.50. We used the maximum fee for cash loading of $4.95.
In the absence of the direct deposit option, we had 12 monthly fees and four ATM charges per month and 2 cash load fees per month. Signature- and PIN-based transaction fees usually don't apply to cards that have monthly fees, which is why we excluded them.
Upcoming FDIC survey
A recent preview of 2015 FDIC National Survey of Unbanked as well as Underbanked Households, set to go public in its entirety on October. 20th, revealed that the number of households without a bank account dropped to 7%, or about 8.6 millions of households. NerdWallet's analysis is based on the most current set of data available.
The author's bio: Laura McMullen writes about managing money for NerdWallet. Her work has appeared in The Associated Press, The New York Times, The Washington Post and many other outlets.
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