The Accounts of the Unbanked and Underbanked

Paola Boel, Geena Panzitta, Daniela Puzzello and Peter Zimmerman
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Geena Panzitta: https://www.clevelandfed.org/people/profiles/p/panzitta-geena

Economic Commentary, 2026, vol. 2026, issue 02, 14

Abstract: We conducted focus groups with financially underserved Americans to learn more about how they manage their money. We spoke with 36 unbanked and underbanked individuals in Houston, Texas, and Cleveland, Ohio, about how they make and receive payments, the challenges they encounter in managing their finances, and how these experiences shape their views of financial service providers. While several participants described negative experiences with bank fees and concerns about security vulnerabilities, they acknowledged that alternative financial service providers were not always adequate substitutes.

Date: 2026
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DOI: 10.26509/frbc-ec-202602

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