Bank Access Report

America’s 5,000 banks offer communities across the nation important products and services through, collectively, more than 83,000 branches and increasingly robust digital service channels. The nation’s banks play an important role in their communities, offering services that spur economic growth and opportunity. One important service is providing safe places for consumers, businesses, and government entities to store money. Money in the bank enables customers to safeguard savings and earn interest. Bank accounts also help customers track spending and manage their finances, and thus are a foundation for prosperity.

Banks have played this role for centuries, adapting to how their customers want to interact with them—whether through physical branches or, increasingly, through digital channels. Technological innovation is rapidly transforming the way Americans want to access financial services. An important strength of the banking industry is its ability to adapt to the changing needs of customers, responding to their customers’ increasing demand for digital access.

The vast majority of Americans, 94.6%, had a bank account in 2019, according to the FDIC’s biennial How America Banks report. However, more than 7 million households are completely unbanked—a figure that disproportionately includes low-income and minority individuals. America’s banks believe everyone should have access to the safety, convenience and benefits that come with a bank account. Sustainable economic opportunity requires a long-term banking relationship, and the banking industry aims to reach all Americans.

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