“The bottomline is that about 7.7% of U.S. households have no account in an insured financial institution and an additional 17.9% are underbanked, meaning they have an account but they utilize high cost financial service providers.”– Martin Gruenberg, FDIC

According to the U.S. Census Bureau, 17 million people in the United States do not have bank accounts.  According to Tom Putnam with the Idaho non-profit group, Partners for Prosperity, that number could actually be as high as 28 million!

The reasons vary from just not understanding the concept of bank accounts to people who’re fed up with getting ripped off by the banks.  The FDIC (Federal Deposit Insurance Corporation) says at least half of the people who’ve stopped using banks have done so because of a bad experience.

Another factor is that with all the fees banks charge, and with declining incomes, many people say it just not worth it to put their hard earned money into a bank.

According to Tom Putnam, the percentage of people who don’t use banks here in Idaho is bout 7%.