Public awareness push to promote financial inclusion among the unbanked
As part of its ongoing efforts to expand financial inclusion, the Federal Deposit Insurance Corporation (FDIC) today launched a public awareness campaign about the benefits of opening a bank account.
The FDIC’s #GetBanked campaign will focus on the Houston and Atlanta areas, where research finds Black and Hispanic households are disproportionately unbanked. The goal of this targeted, pilot campaign is to support financial empowerment by encouraging consumers to consider opening a checking account that can result in access to safer and lower-cost financial products.
“Having a basic checking account can be an important first step to becoming part of the financial fabric of this country,” said FDIC Chairman Jelena McWilliams. “I know from my personal experience that starting a banking relationship can offer a greater sense of belonging and expand economic opportunities.”
According to the FDIC’s How America Banks report, the average percentage of unbanked minority households is significantly higher than non-minority unbanked households.
| National % of Unbanked U.S. Households for 2019, according to How America Banks | |
|---|---|
| White | 2.5% |
| Black | 13.8% |
| Hispanic | 12.2% |
The #GetBanked initiative began at the onset of the COVID-19 pandemic to inform consumers about how to open a bank account online and to facilitate the safe and timely distribution of economic impact payments through direct deposit.
The FDIC is offering a wealth of resources, including Top Reasons to Get Banked, a checklist to help consumers choose the best account to meet their needs, and a list of local partners who can help consumers find no- or low-cost bank accounts. A comprehensive #GetBanked toolkit, including print, audio/visual, and other resources, can be found on FDIC.gov/GetBanked.