To help reduce the number of unbanked Americans, ABA is urging all banks to offer a Bank On-certified account. In his opening remarks at ABA's Unconventional Convention, ABA President and CEO Rob Nichols also commended the nation's core processors for committing to make it easier for banks to offer these accounts. "We believe that expanding the number of banks that offer these safe, affordable accounts can help lower the number of unbanked and underbanked in the country and promote financial inclusion," Nichols said. Created by the Cities for Financial Empowerment Fund, Bank On accounts' key features include low costs, no overdraft fees, robust transaction capabilities via a debit or prepaid card and free online bill pay. The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4 percent, the lowest rate yet recorded in the FDIC's biennial How America Banks report. The report cautioned that the coronavirus pandemic-which took place after the survey was fielded-"is likely to contribute to a rise in the rate of unbanked households." The percentage point declines of unbanked households were largest for Black, Hispanic and multiracial households.
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