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Learn why banking deserts can be problematic for consumers. 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Learn why banking deserts can be problematic for consumers. 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The Evidence Indicates No.</a>&#34;", "NCRC. &#34;<a href="https://ncrc.org/wp-content/uploads/2017/05/NCRC_Branch_Deserts_Research_Memo_050517_2.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Bank Branch Closures From 2008 to 2016: Unequal Impact in America&#39;s Heartland.</a>&#34; Pg. 3.", "Board of Governors of the Federal Reserve System. &#34;<a href="https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-banking-and-credit.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Report on the Economic Well-Being of U.S. Households in 2020 - May 2021.</a>&#34;" ] ,"mainEntityOfPage": { "@type": ["WebPage"] ,"@id": "https://www.investopedia.com/what-is-banking-desert-5218028" ,"breadcrumb": { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@id": "https://www.investopedia.com/personal-finance-4427760", "name": "Personal Finance" } } , { "@type": "ListItem", "position": 2, "item": { "@id": "https://www.investopedia.com/banking-4427754", "name": "Banking" } } ] },"reviewedBy": [ {"@type": "Person" ,"name": "Timothy Li" ,"url": "https://www.investopedia.com/timothy-li-5198835" } , {"@type": "Person" ,"name": "Khadija Khartit" ,"url": "https://www.investopedia.com/khadija-khartit-4799776" } ] ,"lastReviewed": "2022-06-04T14:07:27.988-04:00"} , "about": [ { "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "What Is a Banking Desert?", "acceptedAnswer": { "@type": "Answer", "text": "<p>A banking desert is a census tract area or neighborhood that has no banking branches located in it or within 10 miles of its center. Banking deserts are more commonly found in rural areas than urban areas.<\/p>" } } , { "@type": "Question", "name": "What Causes a Banking Desert?", "acceptedAnswer": { "@type": "Answer", "text": "<p>There are a number of factors that can result in the creation of a banking desert, including the closure of underperforming branches, an increased move toward digital banking rather than branch banking, and population loss. The 2008 financial crisis also resulted in the creation of 86 banking deserts in rural areas as thousands of bank branches across the U.S. were closed.<\/p>" } } , { "@type": "Question", "name": "Where Are Banking Deserts Located?", "acceptedAnswer": { "@type": "Answer", "text": "<p>The majority of banking deserts are located in rural, desert areas including large parts of the Southwest. For instance, there is a concentration of banking deserts in southeastern California, Arizona, and Nevada.<\/p>" } } , { "@type": "Question", "name": "What Is Unbanked?", "acceptedAnswer": { "@type": "Answer", "text": "<p>Being unbanked means that you don't have a bank account. Approximately 5% of the U.S. population is unbanked. People who are underbanked have at least one bank account but also use alternative banking services, such as check-cashing services or payday lenders. 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She also assists with content strategy for several brands. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated June 04, 2022</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/khadija-khartit-4799776" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Khadija Khartit</a> <div id="mntl-author-tooltip_2-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:87.8%;"> <img data-srcset="https://www.investopedia.com/thmb/OSY8twTLn-G1Jf5tQC6fqPSRrQQ=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/Pic1-KhadijaKhartit-cc5b57fba2bd46ed87bdb3ddbcd2ef69.jpg 90w" data-sizes="90px" data-src="https://www.investopedia.com/thmb/959od8Bp2qcE0Y3H1GTBkNq-w70=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/Pic1-KhadijaKhartit-cc5b57fba2bd46ed87bdb3ddbcd2ef69.jpg" alt="Khadija Khartit" class="lazyload mntl-author-tooltip__image" width="90" height="200" /> <noscript> <img src="https://www.investopedia.com/thmb/959od8Bp2qcE0Y3H1GTBkNq-w70=/90x200/filters:no_upscale():max_bytes(150000):strip_icc()/Pic1-KhadijaKhartit-cc5b57fba2bd46ed87bdb3ddbcd2ef69.jpg" srcset="https://www.investopedia.com/thmb/OSY8twTLn-G1Jf5tQC6fqPSRrQQ=/90x0/filters:no_upscale():max_bytes(150000):strip_icc()/Pic1-KhadijaKhartit-cc5b57fba2bd46ed87bdb3ddbcd2ef69.jpg 90w" alt="Khadija Khartit" width="90" height="200" class="img--noscript mntl-author-tooltip__image" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <span id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Khadija Khartit</span> </div> <a href="https://www.investopedia.com/khadija-khartit-4799776" rel="nocaes" id="finance-author-tooltip__link_2-0" class="finance-author-tooltip__link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_2-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/khadija-khartit-5799212/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Rebecca Lake's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--x"> <a href="https://twitter.com/khadijakhartit" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--x" aria-label="Visit Rebecca Lake's X" > <svg class="icon icon-x social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-x" href="#icon-x"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. 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Timothy has helped provide CEOs and CFOs with deep-dive analytics, providing beautiful stories behind the numbers, graphs, and financial models. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> <figure id="article-primary-image_1-0" class="comp article-primary-image mntl-universal-primary-image primary-image"> <div class="primary-image__media"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img src="https://www.investopedia.com/thmb/9tkmpeaJYwORPHP7G1DrGAZbr-E=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/BankingDesert-FINAL-c34a939640f74462a2a196ea173d6bcd.png" width="2000" height="1333" srcset="https://www.investopedia.com/thmb/jQb6XjlVbHsDsowTwAnOSjxwtT4=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/BankingDesert-FINAL-c34a939640f74462a2a196ea173d6bcd.png 750w" sizes="750px" alt="Banking Desert" class=" primary-image__image mntl-primary-image--blurry" onload="(function(e){e.classList.add('loaded')})(this)" style="--blurry: url('data:image/gif;charset=utf-8;base64,R0lGODlhCgAHAPMAAAAAAAoOFSJAbTBSo0Z844u5/73X/8Tb/8Xc/////wAAAAAAAAAAAAAAAAAAAAAAACwAAAAACgAHAEMIIAALCBxI0EABAQQQFAAAgOAAghAjSpSYIMDChgQPSAwIADs=')" /> <noscript> <img src="https://www.investopedia.com/thmb/9tkmpeaJYwORPHP7G1DrGAZbr-E=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/BankingDesert-FINAL-c34a939640f74462a2a196ea173d6bcd.png" width="2000" height="1333" class="loaded primary-img--noscript primary-image__image mntl-primary-image--blurry" srcset="https://www.investopedia.com/thmb/jQb6XjlVbHsDsowTwAnOSjxwtT4=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/BankingDesert-FINAL-c34a939640f74462a2a196ea173d6bcd.png 750w" sizes="750px" alt="Banking Desert" /> </noscript> </div> </div> <figcaption id="primary-image__figcap_1-0" class="comp primary-image__figcap mntl-figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Jiaqi Zhou</p></span> </figcaption></figure> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block type--mouse"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block type--shrew-bold" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-a-banking-desert"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is a Banking Desert? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A banking desert is a census tract or neighborhood which has no bank branches in it or within 10 miles of its center. Economists at the Federal Reserve Bank of New York identified 1,214 banking deserts in the U.S., the majority of which are located in sparsely populated areas. Twenty-three percent of all banking deserts are located in <a href="https://www.investopedia.com/terms/m/msa.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">metropolitan statistical areas</a> (MSAs) while the remainder are found in rural areas. Some MSAs, such as New York and Boston, have no banking deserts at all.<span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>A banking desert is defined by the U.S. census as a tract of land with no bank branches in the tract or within 10 miles of its center.</li><li>The majority of banking deserts in the U.S. are located in rural areas, with less than 25% located in Metropolitan Statistical Areas (MSAs).</li><li>Banking deserts are not necessarily linked to the proportion of unbanked and underbanked people in that area, </li><li>The people who live in banking deserts either do not have a bank account or do have a bank account but must rely on alternative financial services, like check-cashing operations. </li><li>A number of factors can cause banking deserts, including the closure of branches that are determined to be underperforming and increased access to digital banking services.</li></ul><p><br/></p></div></div></div> <span class="heading-toc" id="toc-understanding-banking-desert"></span><h2 id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding Banking Desert </span> </h2> <p id="mntl-sc-block_7-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Banking deserts are areas where access to branch banking is nonexistent. There are different reasons why a banking desert may exist. For example, the creation of a banking desert can be the result of: </p> <div id="mntl-sc-block_8-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Closure of branches that have been identified as underperformers</li> <li><a href="https://www.investopedia.com/terms/b/bank-failure.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Bank failures</a></li> <li>Population losses</li> <li>Increased demand for digital banking services paired with decreased demand for branch banking<span class="ql-inline-citation" data-cite="2"></span></li> </ul> <div id="mntl-sc-block_10-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The <a href="https://www.investopedia.com/terms/f/financial-crisis.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">2008 financial crisis</a> and its aftermath saw many banks close. In total, 6,008 of 95,018 branches were lost between 2008 and 2016, resulting in the creation of 86 new banking deserts in rural areas during that time. These banking deserts disproportionately affected minorities, with 25% of all closures occurring in majority-minority census tracts.<span class="ql-inline-citation" data-cite="3"></span> </p> <div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block with-title">Note</h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Proportionately speaking, urban areas saw a higher percentage of branch closures as a result of the financial crisis but were less likely to develop banking deserts.</p></div></div></div> <span class="heading-toc" id="toc-disadvantages-of-banking-deserts"></span><h2 id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Disadvantages of Banking Deserts </span> </h2> <p id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Banking deserts can be problematic for the people who live in them for several reasons. The first issue is proximity. If someone needs to deposit or withdraw or wants to apply for a loan, for example, they may need to drive an hour or more to reach their nearest bank branch or they have to use financial products available online such as online-based lending or E-wallets. This last option might need some digital literacy. </p> <div id="mntl-sc-block_17-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Aside from the logistical aspect of seeking a physical branch, a lack of banking access can make it more difficult to develop good financial habits. Lack of exposure to the banking system can result in lower rates of financial literacy. That, in turn, can make it more difficult to understand basic financial concepts, such as budgeting, saving, and building credit.<br/> </p> <div id="mntl-sc-block_19-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Important</h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Opening an online bank account can help with building a solid foundation of financial knowledge, including learning how to track expenses and manage spending for budgeting as well as the value and importance of saving regularly.</p></div></div></div> <span class="heading-toc" id="toc-banking-deserts-and-the-unbanked"></span><h2 id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Banking Deserts and the Unbanked </span> </h2> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An estimated 5% of the U.S. population, or 7.1 million households, is <a href="https://www.investopedia.com/terms/u/unbanked.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">unbanked</a>, meaning they don't have a bank account. Another 13% of people in the U.S. are <a href="https://www.investopedia.com/terms/u/underbanked.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">underbanked</a>, which means they have a bank account but also use alternative financial services, such as payday loans and check-cashing services.<span class="ql-inline-citation" data-cite="4"></span> </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In terms of whether banking deserts result in a higher percentage of unbanked and underbanked people in that area, the answer appears to be no. Research suggests that physical proximity to bank branches is not what drives some people to remain unbanked.<span class="ql-inline-citation" data-cite="1"></span><br/> </p> <div id="mntl-sc-block_26-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Instead, people may opt to go without bank accounts because they: </p> <div id="mntl-sc-block_28-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Perceive banking as being too expensive</li> <li>Believe they're unable to open a traditional bank account because of a past banking mistake that resulted in a negative <a href="https://www.investopedia.com/what-to-know-and-do-if-you-re-listed-in-chexsystems-5179535" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">ChexSystems</a> report</li> <li>Are distrustful of the banking system or government oversight of the system</li> <li>Speak a primary language other than English and find it difficult to overcome language barriers when accessing banking</li> <li>Are undocumented and do not believe they can open a bank account in the U.S.</li> </ul> <div id="mntl-sc-block_30-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_31-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Those are just some of the reasons why people may choose to avoid bank accounts, regardless of whether they live in a banking desert or not. </p> <div id="mntl-sc-block_32-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_33-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_34-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-tip" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_4-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Tip</h3> <div id="mntl-sc-block-callout-body_4-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Many banks and credit unions offer <a href="https://www.investopedia.com/personal-finance/6-different-types-checking-accounts/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">second-chance checking accounts</a> to people who may have been denied a traditional bank account elsewhere.</p></div></div></div> <div id="mntl-sc-block_35-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-a-banking-desert"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is a Banking Desert?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>A banking desert is a census tract area or neighborhood that has no banking branches located in it or within 10 miles of its center. Banking deserts are more commonly found in rural areas than urban areas.</p></div> </div> <div id="mntl-sc-block_36-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_37-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-causes-a-banking-desert"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Causes a Banking Desert?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>There are a number of factors that can result in the creation of a banking desert, including the closure of underperforming branches, an increased move toward digital banking rather than branch banking, and population loss. The 2008 financial crisis also resulted in the creation of 86 banking deserts in rural areas as thousands of bank branches across the U.S. were closed.</p></div> </div> <div id="mntl-sc-block_38-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-where-are-banking-deserts-located"></span> <h2 class="mntl-sc-block-questionandanswer__question">Where Are Banking Deserts Located?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>The majority of banking deserts are located in rural, desert areas including large parts of the Southwest. For instance, there is a concentration of banking deserts in southeastern California, Arizona, and Nevada.</p></div> </div> <div id="mntl-sc-block_40-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_41-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-unbanked"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is Unbanked?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Being unbanked means that you don't have a bank account. Approximately 5% of the U.S. population is unbanked. People who are underbanked have at least one bank account but also use alternative banking services, such as check-cashing services or payday lenders. An estimated 13% of the population is underbanked.</p></div> </div> <div id="mntl-sc-block_42-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_43-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_44-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Banking deserts can make it more difficult to carry out basic financial tasks, such as paying bills or depositing checks, but digital banks may be a solution. Digital banking aims to help fill that gap for people who may live in areas where there are no bank branches nearby. Another advantage of digital banking is that online banks may be more fee-friendly while offering higher interest rates on deposit accounts. Online bank accounts are also relatively easy to open, which can help to ease some of the impacts of living in a banking desert. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" id="article-sources__disclaimer-text-link_1-0" class="article-sources__disclaimer-text-link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-1"><p>Federal Reserve Bank of New York. "<a href="https://libertystreeteconomics.newyorkfed.org/2018/01/the-banking-desert-mirage/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">The 'Banking Desert' Mirage.</a>"</p></li> <li class="mntl-sources__source" id="citation-2"><p>BPI.com. "<a href="https://bpi.com/do-bank-mergers-create-banking-deserts-the-evidence-indicates-no/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Do Bank Mergers Create "Banking Deserts"? The Evidence Indicates No.</a>"</p></li> <li class="mntl-sources__source" id="citation-3"><p>NCRC. "<a href="https://ncrc.org/wp-content/uploads/2017/05/NCRC_Branch_Deserts_Research_Memo_050517_2.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Bank Branch Closures From 2008 to 2016: Unequal Impact in America's Heartland.</a>" Pg. 3.</p></li> <li class="mntl-sources__source" id="citation-4"><p>Board of Governors of the Federal Reserve System. "<a href="https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-banking-and-credit.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Report on the Economic Well-Being of U.S. Households in 2020 - May 2021.</a>"</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"></div></div> </div><div class="loc article-right-rail"><div id="mm-ads-right-rail_1-0" class="comp mm-ads-right-rail mntl-block"><div id="sc-billboard-group_1-0" class="comp sc-billboard-group mntl-block js-scads-inline-content"><div id="mntl-block_1-0" class="comp mntl-block"><div id="fin-billboard1-sticky-dynamic_1-0" class="comp fin-billboard1-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="1050" style="height: 1050px;"><div id="mm-ads-sc-sticky-square-ad_1-0" class="comp mm-ads-sc-sticky-square-ad billboard1-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-flex-1" class="wrapper" data-type="square" data-pos="atf" data-priority="2" data-sizes="[[300, 250],[300, 600],[300, 1050],[160, 600]]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_2-0" class="comp mntl-block"><div id="fin-billboard2-sticky-dynamic_1-0" class="comp fin-billboard2-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_2-0" class="comp mm-ads-sc-sticky-square-ad billboard2-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-flex-2" class="wrapper" data-type="square" data-pos="btf1" data-priority="3" data-sizes="[[300, 250],[300, 600],[300, 601],[160, 600], "fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_3-0" class="comp mntl-block"><div id="fin-billboard3-sticky-dynamic_1-0" class="comp fin-billboard3-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_3-0" class="comp mm-ads-sc-sticky-square-ad billboard3-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf2" data-priority="5" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_4-0" class="comp mntl-block"><div id="native_1-0" class="comp native mm-ads-native " style="--native-ad-height: auto"><div id="mm-ads-native__adunit_1-0" class="comp mm-ads-native__adunit mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit scads-to-load gpt native dynamic"> <div id="native" class="wrapper" data-type="native" data-pos="native" data-priority="4" data-sizes="[[1, 3],"fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div> <div id="mid-bankingtable_1-0" class="comp mid-bankingtable finance-ad-table mm-ads-ad-table mntl-block dynamic-inline" data-ad-table="mid-bankingtable"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Open a New Bank Account</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.</div></div></div> <div id="mm-ads-ad-table__content_1-0" class="comp mm-ads-ad-table__content mntl-block"><div id="mm-ads-ad-table-column_1-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-bankingtable1" class="wrapper" data-type="adtable" data-pos="mid-bankingtable1" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_2-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-bankingtable2" class="wrapper" data-type="adtable" data-pos="mid-bankingtable2" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_3-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="mid-bankingtable3" class="wrapper" data-type="adtable" data-pos="mid-bankingtable3" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div></div> <div id="mntl-block_5-0" class="comp mntl-block"><div id="fin-billboard4-sticky-dynamic_1-0" class="comp fin-billboard4-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_4-0" class="comp mm-ads-sc-sticky-square-ad billboard4-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf3" data-priority="6" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_6-0" class="comp mntl-block"><div id="fin-billboard5-sticky-dynamic_1-0" class="comp fin-billboard5-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_5-0" class="comp mm-ads-sc-sticky-square-ad billboard5-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf4" data-priority="7" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_7-0" class="comp mntl-block"><div id="fin-billboard6-sticky-dynamic_1-0" class="comp fin-billboard6-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_6-0" class="comp mm-ads-sc-sticky-square-ad billboard6-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf5" data-priority="8" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_8-0" class="comp mntl-block"><div id="fin-billboard7-sticky-dynamic_1-0" class="comp fin-billboard7-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_7-0" class="comp mm-ads-sc-sticky-square-ad billboard7-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div id="mntl-block_10-0" class="comp mntl-block"></div> <div id="mntl-block_11-0" class="comp mntl-block"></div></div></div> </div></article> <div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" data-tracking-container="true"><div id="slot-1_1-0" class="comp slot-1 related-recirc-section--terms mntl-block" data-tracking-container="true"><div id="related-terms_1-0" class="comp related-terms mntl-block"><div id="related-terms__heading_1-0" class="comp related-terms__heading mntl-text-block">Related Terms</div> <div id="related-terms__list_1-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_1-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/c/certificateofdeposit.asp" rel="nocaes" id="related-terms__title_1-0" class="related-terms__title mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">What Is a Certificate of Deposit (CD)? 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