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Journal Article
How US Consumers without Bank Accounts Make Payments
Using data from the 2021 Survey and Diary of Consumer Payment Choice, this article investigates two questions: What payment instruments do consumers without bank accounts adopt? How do these consumers make payments?
Working Paper
Which Types of Unbanked Households Are More (or Less) Likely to Open a Bank Account?
Using multi-year survey data, we conduct a regression model analysis to examine which types of unbanked households are more likely to open a bank account and which types are less likely. We proxy for households’ likelihood of opening a bank account using their prior banking status and interest in having a bank account. Unbanked households who previously had a bank account and are interested in having a bank account are more likely to open an account. These households tend to be more educated, to be native-born, to use alternative financial services, and to have access to digital technology. ...
Journal Article
Bank On and Its Impact in the Eighth Federal Reserve District
An analysis of Bank On data describes how the initiative works to bring affordable banking products to unbanked and underbanked Eighth District households.
Working Paper
Low-Income Consumers and Payment Choice
Low-income consumers are not only constrained with spending, but also with the type and variety of payment methods available to them. Using a representative sample of the U.S. adult population, this paper analyzes the low possession (adoption) of credit and debit cards among low-income consumers who are also unbanked. Using a random utility model, I estimate the potential welfare gains associated with policy options suggested in the literature to provide subsidized and unsubsidized debit cards to this consumer population.