St. Louis Fed Releases the Bank On National Data Hub Findings from 2019

An updated report from the Federal Reserve Bank of St. Louis examines the affordable banking movement known as Bank On.

Bank On National Data Hub: Findings from 2019 (PDF) analyzes data from 10 financial institutions related to account openings, usage and consistency, and online access.

Findings include:

• The demand and use of Bank On accounts continues to grow. More than 5.8 million Bank On-certified accounts have been opened. Over 2.6 million accounts were open and active in 2019, representing about 75% of U.S. ZIP codes.
• Bank On account take-up and opening activity look different for banks of varying sizes. Certified accounts at large financial institutions appeal more to new customers, whereas those at community financial institutions are more likely to be opened by existing customers.
• About 75% of Bank On account holders are considered digitally active.

More than 5% of U.S. households are unbanked, meaning they do not have checking or savings accounts, according to the Federal Deposit Insurance Corp.

“The purpose of the Bank On movement is to improve the financial stability of unbanked and underbanked individuals and families by making safe, low-cost transaction accounts available and accessible to all,” according to Daniel Paul Davis, vice president of Community Development and Community Affairs officer at the St. Louis Fed.

The report is a companion to the St. Louis Fed’s Bank On National Data Hub, which launched in 2020 and allows financial institutions offering certified accounts to submit their data annually to a federal regulator—ensuring a consistent, accurate reporting process. The Bank On National Data Hub also features an interactive tool to help anyone learn about the affordable banking landscape.