7.7 percent of households have no bank account.
Of those households with no bank account, 21.7 percent are black, 19.3 percent Hispanic, 15.6 percent Native American and 3.3 percent white. A further 17.9 percent of households are "underbanked', that is, they have limited access to banking facilities. That's almost 54 percent of black households, 44.5 percent of Native American households and 43.3 percent of Hispanic households.
Not having enough money is the most common reason these households don't have a bank account. About 66 percent of these households use non-bank money orders and cheque-cashing, pawn shops, payday loans and rent to own agreements. About one-quarter of unbanked households rely solely on cash transactions.