Wisconsin is Well Banked

By
November 2, 2016

On October 20, 2016, the FDIC released a report on the use of the traditional banking system in the United States.  According to the report, in 2015, less than 4 percent of Wisconsin households were “unbanked” while nationally the average fell to 7 percent, the lowest percentage on record.

An “unbanked” household is one that includes no members with a checking or savings account.

The FDIC cited several reasons why some households remain unbanked, the most common of which was the cost of maintaining an account, with an estimated 37.8% of individuals citing cost as the main reason underlying their decision not to maintain an account.  As one might expect and consistent with past FDIC survey results, the report notes that unbanked and underbanked rates are higher among lower-income households, less-educated households, younger households, minority households, and working-age disabled households.

However, the report also notes that increases in technology have made a marketable difference and will continue to lower the barrier and expand the opportunity for “economic inclusion” and financial literacy to those currently going unbanked.

author avatar
Ruder Ware Alumni

Back to all News & Insights

Disclaimer

The content in the following blog posts is based upon the state of the law at the time of its original publication. As legal developments change quickly, the content in these blog posts may not remain accurate as laws change over time. None of the information contained in these publications is intended as legal advice or opinion relative to specific matters, facts, situations, or issues. You should not act upon the information in these blog posts without discussing your specific situation with legal counsel.

© 2024 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.