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).

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

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).