Access to Mainstream Financial Services

Access to Mainstream Financial Services is measured by the percentage of households that are unbanked or underbanked. Unbanked households do not have checking or savings accounts. Underbanked households are households that use alternative financial services. Examples of alternative financial services include check cashing stores, payday lenders, and rent-to-own stores. Lower percentages are better than higher percentages. The Access to Mainstream Financial Services indicator uses the Bank On tool. Bank On was created by the Corporation for Enterprise Development’s (CFED). CFED’s Bank On tool uses data from the FDIC and the U.S. Census to estimate unbanked and underbanked households.

 

Unbanked and underbanked households are more likely than fully banked households to have lower incomes and be unemployed. The percent of unbanked or underbanked households in a neighborhood is related to poor mental health and physical health. Access to Mainstream Financial Services is included in the Economic Health Domain.

 

(See joinbankon.org for more information).

Neighborhoodsort descending Indicator Value Rank
Armatage 11.9% 14
Audubon Park 20.5% 35
Bancroft 26.1% 48
Beltrami 35.4% 67
Bottineau 40.8% 74
Bryant 48.1% 78
Bryn - Mawr 10.3% 8
Calhoun Area Residents Action Group (CARAG) 20.6% 36
Camden Industrial 0.0% 1
Cedar - Isles - Dean 10.5% 9
Cedar Riverside 48.9% 79
Central 42.0% 75
Cleveland 31.8% 60
Columbia Park 21.0% 37
Como 30.0% 54
Cooper 15.6% 23
Corcoran 30.0% 54
Diamond Lake 21.5% 38
Downtown East 0.0% 1
Downtown West 9.7% 7
East Calhoun (ECCO) 14.8% 21
East Harriet 15.9% 24
East Isles 14.0% 18
East Phillips -% -
Elliot Park 37.2% 71
Ericsson 17.3% 29
Field 19.9% 33
Folwell 37.8% 73
Fulton 9.5% 6
Hale 12.4% 15
Harrison 45.4% 77
Hawthorne 49.2% 80
Hiawatha 16.8% 26
Holland 35.3% 66
Howe 20.3% 34
Humboldt Industrial Area 0.0% 1
Jordan 24.4% 45
Keewaydin 14.4% 19
Kenny 11.5% 11
Kenwood 10.5% 9
King Field 19.6% 32
Lind - Bohanon 29.0% 51
Linden Hills 11.8% 12
Logan Park 30.8% 59
Longfellow 29.0% 51
Loring Park 9.3% 5
Lowry Hill 13.9% 17
Lowry Hill East 25.0% 46
Lyndale 36.7% 69
Lynnhurst 8.6% 4
Marcy Holmes 28.8% 50
Marshall Terrace 25.9% 47
McKinley 37.6% 72
Mid - City Industrial 30.0% 54
Midtown Phillips -% -
Minnehaha 17.1% 28
Morris Park 19.2% 31
Near - North 49.8% 81
Nicollet Island - East Bank 15.4% 22
North Loop -% -
Northeast Park 35.4% 67
Northrop 14.4% 19
Page 13.5% 16
Phillips West -% -
Powderhorn Park 34.5% 63
Prospect Park - East River Road 22.6% 40
Regina 27.4% 49
Seward 31.8% 60
Sheridan 30.6% 58
Shingle Creek 29.2% 53
St. Anthony East 30.1% 57
St. Anthony West 17.7% 30
Standish 23.5% 42
Steven's Square - Loring Heights 33.5% 62
Sumner - Glenwood (Heritage Park) 61.7% 83
Tangletown 16.4% 25
University of Minnesota 36.9% 70
Ventura Village 50.2% 82
Victory 22.9% 41
Waite Park 16.8% 26
Webber - Camden 34.6% 64
Wenonah 24.1% 44
West Calhoun 11.8% 12
Whittier 34.7% 65
Willard - Hay 42.1% 76
Windom 23.5% 42
Windom Park 22.4% 39

Key Citations:

 

 

 

 

Additional Resources:
FDIC Research and Publications

  1. Rhine, S. and Greene, W. (2012). Factors That Contribute to Becoming Unbanked. The Journal of Consumer Affairs, 47.1, 27-45.
  2. Klawitter, M. and Fletschner, G. (2006). Banked or Unbanked? Individual and family access to savings and checking accounts. Daniel J. Evans School of Public Affairs.
  3. Kutty, Nadinee K. (2008). Using the Making Connections Survey Data to Analyze Housing Mobility and Child Outcomes among Low-Income Families. Report submitted to the Center for Housing Policy.
  4. 2011 FDIC National Survey of Unbanked and Underbanked Households. (2012).