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The Unbanked vs. the Superbanked

We want Odin to help the banked and unbanked alike. It's one thing we come back to over and over. But who are the unbanked, and what does it mean to be superbanked?

The Scarborough study, “A Look Into Atypical American Banking,” set out to explore this question, and found that in the US, there are about the same amount of the unbanked as there are the superbanked.

This study is a few years old, however, and newer studies put the percentage of unbanked closer to 15%, or nearly 37 million U.S. Adults.

So what does it mean to be unbanked? Superbanked?

Scarborough defines unbanked consumers as those who do not use a bank or credit union. People had a variety of reasons for not having a bank account, but the top reasons are an unpredictable fee structure, not needing an account, and not being able to meet minimums.

The superbanked on the other hand have multiple accounts at financial institutions. More specifically, Scarborough defines superbankers as having a checking, savings, money market account and CD, and at least one of the following: stocks, options, bonds, mutual funds, money market funds, second home, investment property or other similar investments.

Who are the unbanked? The superbanked?

It can be hard to imagine who fits into these categories, so we've gathered a few charts to help break it down.

By state:

By demographic:

By other metrics:

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