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

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).