A large number of Americans do not have or use traditional mainstream financial products like checking or savings accounts.

In many cities, such as Los Angeles, almost every family has a checking or savings account, but in places like East St. Louis, Illinois, more than half of the households or unbanked or underbanked.

Unfortunately, in cities like ours, in a state that protects predatory lending companies, too many residents are still being ripped off because of a lack of familiarity with banks or nervousness about protection of their money, leading them to rely on check cashing services or payday lending companies.

Memphis ranks #5 among large cities (more than 100,000 households) for percentage of unbanked and underbanked people, respectively 16.7% and 28.1%.  Shelby County is #7 among largest counties with the highest percentage of unbanked people – 14% unbanked and 25.8% underbanked.

Unbanked means no checking ore savings account.  Underbanked means no account but continues to rely on alternative finance services like check-cashing services, payday loans, rent-to-own agreements or pawn shops.

Top 10 Unbanked Large Cities:

1. Miami – 20.1% unbanked and 21.4% underbanked

2. Detroit – 20% unbanked and 29.3% underbanked

3. El Paso – 17.4% unbanked and 25.7% underbanked

4. Cleveland – 17% unbanked and 25.41% underbanked

5. Memphis – 16.7% unbanked and 28.1% underbanked

6. Dallas – 15.6% unbanked and 26% underbanked

7. Houston – 15.4% unbanked and 25.6% underbanked

8. Buffalo – 14.9% unbanked and 23.8% underbanked

9. Philadelphia – 14.3% unbanked and 23.5% underbanked

10. Baltimore – 13.9% unbanked and 25.4% underbanked

National Average: 7.7% unbanked and 17.9% underbanked

Top 10 Unbanked Counties:

1. Hildalgo County, TX – 21.6% unbanked and 27.1% underbanked

2. Bronx County, NY – 20.8% unbanked and 27.2% underbanked

3. Cameron County, TX – 20% unbanked and 26% underbanked

4. El Paso, TX – 18% unbanked and 26.1% underbanked

5. Miami-Dade County, FL – 14.4% unbanked and 20.8% underbanked

6. Philadelphia County, PA – 14.3% unbanked and 23.5% underbanked

7. Shelby County, TN – 14% unbanked and 25.8% underbanked

8. Kings County, NY – 13.9% unbanked and 22.5% underbanked

9. Dallas County, TX – 13.6% unbanked and 25.4% underbanked

10. Harris County, TX – 13.3% unbanked and 24.7% underbanked

Cities with Most Unbanked Census Tracts:

Of the top 100 most unbanked census tracts,

7 are in El Paso, TX

6 -are in Cleveland, OH

3 are in Cincinnati, Dallas, Memphis, and Montgomery, AL

Note: of the top 5 unbanked census tracts, Nashville has #3 – 41.4% unbanked and 35% underbanked.

Source: FDIC Survey of Unbanked and Underbanked Households