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

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).