Survey: More Americans now have access to bank accounts

NEW YORK (AP) — More Americans have access to a checking or savings account, according to a survey released Thursday by federal regulators, a sign that the improving economy is helping lift the nation's poorest households.

Having a checking or savings account is considered a cornerstone of financial stability in the U.S. Without one, households must rely on check-cashing services, prepaid debit cards and other costly ways to pay bills and make routine transactions.

The portion of Americans who do not have a bank account, known in industry jargon as the "unbanked," declined to 7 percent in 2015 from 7.7 percent in 2013, according to the survey from the Federal Deposit Insurance Corp. The improvements came mostly from households making less than $15,000 a year and among minority populations, particularly black and Hispanic households.

The FDIC report also showed the growing proliferation of prepaid debit cards as an alternative to bank accounts, particularly among the poor, young and minorities.

Prepaid cards, which can be picked up at most drugstores or grocery stores, have become increasingly sophisticated in recent years and in many ways can be thought of as a bank account replacement.