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.

Access Documents

File(s): File format is application/pdf https://www.kansascityfed.org/documents/10865/PaymentsSystemResearchBriefing25Toh0514.pdf
Description: Full text

Authors

Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Payments System Research Briefing

Publication Date: 2025-05-14

Pages: 6