More than 5 percent of Connecticut households do not have a bank savings or checking account, with nearly a third of Hispanic residents stashing their money in the proverbial mattress, according to new federal estimates.
The Federal Deposit Insurance Corp. published the statistics this month based on analysis of U.S. Census Bureau data. Nationally, just under 10 percent of U.S. households do not use bank accounts.
Nearly 14 percent of Connecticut households are “under banked” in FDIC parlance, meaning they have a bank account but frequently use alternative financial services such as nonbank check-cashing services, payday loans and pawn shops, among others.
Utah leads the nation with less than 2 percent of its households lacking bank accounts, while New Hampshire was second nationally and tops in the Northeast at just over 2 percent. At the other end of the line is Mississippi, where more than 16 percent of households keep away from banks.
