5 Key Reasons Why Everyone Should Have a Bank Account
5 Reasons Everyone Needs a Bank Account
If you or someone you love is among America's millions of "unbanked" people, here are a few good reasons to open a bank account. Image source: Getty Images
America's Unbanked Population
According to the latest survey data from the FDIC, 5.9 million American households are "unbanked" -- meaning they do not have a checking account or savings account at a bank or credit union. Unbanked Americans make up about 4.5% of all U.S. households.
Importance of FDIC Insurance
If you don't have a bank account, you are vulnerable to a lot of extra risks and hidden costs of everyday life. Being unbanked can cause people to get charged higher fees for financial services, risk losing money to theft, and miss out on chances to improve their personal finances.
- FDIC insurance protects your money
- Bank accounts pay interest
- Bank accounts help you save money
- Bank accounts can help you get other financial services
- Bank accounts give you convenience
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.