Briefing
Has Access to Bank On-Certified Accounts Helped Ease Financial Barriers to Bank Account Ownership?
Abstract: The share of unbanked households has declined considerably in the United States over the last decade. By introducing a set of national standards for safe, low-cost bank accounts, the Bank On initiative appears to have helped address a key barrier to bank account ownership: the inability to meet the minimum balance required to waive monthly fees.
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https://www.kansascityfed.org/documents/10865/PaymentsSystemResearchBriefing25Toh0514.pdf
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Provider: Federal Reserve Bank of Kansas City
Part of Series: Payments System Research Briefing
Publication Date: 2025-05-14
Pages: 6