What is KBON?

Federal Reserve Bank of St. Louis offers The Bank On National Data Hub: Findings from 2021

December 13, 2022

KEY TAKEAWAYS

• More than 14 million Bank On-certified accounts have been opened to date across this year’s 28 reporting institutions, a 67% increase from the previous reporting year.  Of those, over 5.8 million accounts were open and active in 2021; Bank On accounts have been opened in more than 35,000 ZIP codes, or 85% of all U.S. ZIP codes.

• Nearly 110 million debit transactions were processed per month for Bank On account holders. That’s an average of over 28 debit transactions per account holder per month creating a total monthly average of over $4.4 billion in debit transactions.  Debit transactions can help account holders avoid fees and service charges from credit cards and help them stay accountable with their spending.

• More than 12,000 new Bank On-certified accounts were opened at community financial institutions, a roughly 50% increase over the 8,000 new Bank On account openings in 2020.

• Account holders continue to engage services provided by Bank On-certified accounts. Over $82 billion was deposited into these accounts in 2021 for an average of 6.5 deposits per month, and 36% of account holders used direct deposit. The average monthly balance per account increased substantially to $1,072, and 83% of account holders were digitally active.

• Due to the nature of the data collection and limits on the data that some financial institutions could provide, a year-to-year comparison of all data points is not applicable.

Bank On National Data Hub: Findings from 2021 (stlouisfed.org)