Alert February 10, 2009

FDIC Releases Results of Servicing the “Unbanked” Survey

The FDIC published the results of its survey on banks’ efforts to serve unbanked and underbanked individuals and families in their market areas. The survey concludes that the majority of banks reach out in various ways to the unbanked and underbanked, but more needs to be done to make them long-term customers. For example, the survey found that the majority of banks – 63% – offer basic financial education materials, but fewer participate in the types of outreach efforts that are viewed by the industry as most effective to attract and maintain the unbanked and underbanked as long-term customers, such as offering deposit, payment, credit and electronically based products that address the unique needs of this segment of the market. Click here for the survey.