New Data: Bank On National Data Hub 2023 Data
Created in partnership with the Federal Reserve Bank of St. Louis, the Bank On National Data Hub aggregates data from financial institutions with Bank On certified accounts from across the country, including account openings, usage, and online access. The 2023 report features data from 44 reporting institutions. The report shows that over 11 million Bank On certified accounts are currently open, with more than 4 million accounts opened in 2023 alone; 84% of them were opened by customers new to the financial institution. Overall, the national unbanked rate has been cut in half since its peak, and is now just 4.2% of US households.
The CFE Fund also recently updated our tool for exploring BOND Hub account data at the national; state; county; city; or zip code level.
New Data: Bank On National Data Hub 2022 Data
The CFE Fund and the Federal Reserve Bank of St. Louis partnered to create the Bank On National Data (BOND) Hub, which aggregates national Bank On account activity related to account openings, usage and consistency, and online access. 35 reporting financial institutions shared their 2022 data, which is highlighted in a recent report, The Bank On National Data Hub: Findings from 2022. To date, more than 17.4 million Bank On certified accounts have been opened by consumers across the county; customers have opened these accounts in 87% of US zip codes. Further, 85% of Bank On accounts opened in 2022 were opened by customers who were new to the financial institution, demonstrating that Bank On accounts are bringing new customers into financial institutions and the financial mainstream.
The CFE Fund also recently released a new tool for exploring BOND Hub account data at the national; state; county; city; or zip code level.
Bank On National Conference Celebrates Movement Progress
Today at the 2023 Bank On National Conference, keynote addresses by Federal Deposit Insurance (FDIC) Corporation Chairman Martin J. Gruenberg and Office of the Comptroller of the Currency’s (OCC’s) Acting Comptroller Michael J. Hsu – two of the nation’s top federal banking regulatory agencies – highlighted Bank On movement progress. There are now over 375 Bank On nationally certified accounts, offered by banks and credit unions representing over 60% of the domestic deposit market; more than half (53%) of all US bank branches offer a Bank On certified account. Federal and state agencies from the FDIC to the Internal Revenue Service to state Departments of Labor are pointing consumers to Bank On accounts to receive payments, as are local programs across the country. There are 100 local Bank On coalitions working to advance this national movement, including an increasing number of statewide coalitions. Check out the Conference agenda here.
