The main reason unbanked households do not have a bank account is their inability to meet minimum balance requirements and issues related to banking fees. This includes minimum account balances, overdraft fees, and various costs that make banking inaccessible or unaffordable for poor households. According to surveys, about 33.4% of unbanked households cite issues related to fees and minimum balances as the primary barrier, and around 23.3% say they don't have enough money to meet these minimum balance requirements. Distrust of banks is also a significant factor, particularly among certain racial groups, but the predominant reason is financial barriers related to minimum balances and fees.
