## Proximity to Financial Services Percentage of housing units within ½-mile of a bank or credit union
Financial services, such as basic checking and savings accounts, are foundations for financial security. In addition, access to affordable, healthy credit and freedom from high-interest loans are essential for community health. Banks and credit unions provide financial services to businesses and individuals, and, while there are fees and other costs associated with these services, they are regulated and insured by government agencies. When physical, financial or other barriers exist to accessing services through banks and credit unions, people often rely on alternative financial services such as check cashing outlets, payday lenders, and pawn shops. While these providers offer convenient services and easy access to cash, their services often carry high costs, limiting families' abilities to accumulate assets and establish a credit history.
In 2020, 34% of housing units were within ½-mile of a bank or credit union. There are 313 banks and credit unions inside Mecklenburg County, up from 300 in 2014. However, large areas of the county do not have a bank or credit union nearby - 120,000 housing units - are not within ½-mile of a bank or credit union.
In the Charlotte Area, 7% of households are unbanked (do not have a bank account at an insured institution) in 2015, and another 25% were underbanked (had a bank account but also used an alternative financial service). According to an FDIC survey, reasons for unbanked households include not having enough money, not trusting banks, and account fees that are too high.
Housing units within ½-mile of a federally insured bank or credit union divided by total number of housing units.
Note: This variable is calculated using only branches located inside Mecklenburg County.
Source: Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); Mecklenburg County Tax Parcels
| Resource | Learn More and Take Action |
|---|---|
| Insured Institutions | Search the FDIC's search tool to find the status and standing of banking institutions. |
| Find a Credit Union | Use the NCUA's search tool to find a credit union. |
| Financial Access Data | Local data on wealth, poverty and financial opportunity in Charlotte (PDF Download). |
| Alternative Financial Services Providers | Report looking at the number and location patterns of alternative financial services providers in metropolitan areas (PDF Download). |
| Survey of Unbanked Households | 2013 national survey sponsored by the FDIC to collect data on unbanked and underbanked households in the United States. |
| Community Development Financial Institutions | The CDFI Fund promotes access to capital and local economic growth in low-income communities across the nation. |
| Micro Loans | Learn about the micro loans that the Small Business Administration lends to very small businesses. |
| Free tax filing | The Internal Revenue Service offers free tax filing for certain incomes. |