The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system. The benefit programs largely needed a bank account to send the funds quickly to those impacted. The benefit programs largely needed a bank account to send the funds quickly to those impacted. While Americans kept their bank accounts through the coronavirus recession, there is a chance the number of unbanked Americans could rise in the future if inflation continues to damage the economy and unemployment increases. Cash checking services, utility payment services, rent payments without a bank account often come with fees, money that a person with a bank account would not be subject to.

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