Arizona Leads Nation In Unbanked Households

America is home to more than 9.5 million unbanked households – households in which no members have a bank account. Families who forgo traditional financial institutions often pay a sizeable chunk in fees to alternative financial-service providers.

NerdWallet, tallied the cost of being unbanked and found that the average unbanked household pays $488.89 in annual fees. Low-income homes are often hit the hardest, with nearly 20% of households with less than $30,000 in annual income being unbanked. Here are some key findings:

  • Arizona has the highest percentage (12.8%) of unbanked households in the nation. By comparison, only 1.9% of Alaskan residents are unbanked.
  • The average unbanked household income in Arizona is $20,301, with unbanked spending approximately 2.4% percent of their income on fees.
  • At a state level, these unbanked costs rack up to between $61,948,337 and $159,105,610 annually for Arizona.

For this report, NerdWallet used FDIC data to calculate the cost of being unbanked on American consumers.

4 Comments

  1. This is why they should allow the Post Office’s to do banking and other checking account, bill paying related business. The big banks do not really want poor people in their banks anyway.

    • Cecilia, there are only 6.9 million human residents in Arizona. How can there be 9.5 million HOUSEHOLDS without banking? This report is pure bunk.

      • “America is home to more than 9.5 million unbanked households.” Try re-reading the first sentence of the article.

  2. Duh! Arizona also happens to be overrun by illegal aliens, most of which never use banking services. That might account for the numbers reflected. Perhaps the Sanctuary City Liberals will reach out to these poor unfortunate job-grabbers and find a way to enroll them into specialized banks belonging to their donor cronies?

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