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Has Access to Bank On-Certified Accounts Helped Ease Financial Barriers to Bank Account Ownership?

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  • Ying Lei Toh

Abstract

The share of unbanked households has declined considerably in the United States over the last decade. By introducing a set of national standards for safe, low-cost bank accounts, the Bank On initiative appears to have helped address a key barrier to bank account ownership: the inability to meet the minimum balance required to waive monthly fees.

Suggested Citation

  • Ying Lei Toh, 2025. "Has Access to Bank On-Certified Accounts Helped Ease Financial Barriers to Bank Account Ownership?," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, May.
    • Handle: RePEc:fip:fedkpb:100048
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