The 2017 FDIC National Survey of Unbanked and Underbanked Households, estimates that roughly 8 million households in the U.S. don’t have a bank account (unbanked) and another 24 million households are underbanked, meaning they have an account but also use financial products outside the banking system.
According to the study, the top reasons that employees are unbanked include not having enough money to keep in an account, distrust of banks, and bank account fees being too high.
This guide is focused on helping employers better understand how pay cards provide trusted alternative payment methods that help employees avoid expensive check cashing and other bank-related fees so they can keep more of their hard-earned money.