34
Endnotes
1 Susan Burhouse and Yazmin Osaki, Federal Deposit Insurance Corporation, 2011 FDIC National Survey of Unbanked and Underbanked
Households (2012),http://www.fdic.gov/householdsurvey.
2 Ibid.
3 These are simple descriptive statistics and thus do not hold other factors constant.
4 Pew Research Center, Pew internet and American life project, “Who’s Not Online and Why?” (Sept. 25, 2013), http://pewinternet.org/
Reports/2013/Non-internet-users.aspx.
5 U.S. Census Bureau, 2011 American Community Survey; 2.5 percent of U.S. households overall are active duty, in the National Guard, or in
training; 17.4 percent of households in the general population include a veteran. While these figures are slightly lower than among prepaid
card users, the dierences are not statistically significant (outside the survey’s margin of error).
6 Burhouse and Osaki, 2011 FDIC National Survey.
7 The Pew Charitable Trusts, Still Risky: An Update on the Safety and Transparency of Checking Accounts (2012), 38, http://www.pewstates.
org/uploadedFiles/PCS_Assets/2012/Pew_Safe_Checking_Still_Risky.pdf.
8 The Pew Charitable Trusts, Key Focus Group Findings on Prepaid Debit Cards (2012), 1, http://www.pewstates.org/uploadedFiles/PCS_
Assets/2012/FSP_12014%20Pew%20DebitCards_R10A-4-5-12.pdf.
9 The Pew Charitable trusts, Overdraft America (2012), 7, http://www.pewstates.org/uploadedFiles/PCS_Assets/2012/SC-IB-
Overdraft%20America(1).pdf.
10 Jon Wilk, presentation, “69 percent of Chase Liquid Portfolio Are New Customers to Chase,” May 16, 2013, http://www.fdic.gov/about/
comein/2013/2013-05-16_presentation_wilk.pdf.
11 Burhouse and Osaki, 2011 FDIC National Survey.
12 The Pew Charitable Trusts, Who Borrows, Where They Borrow, and Why (2012), 8, http://www.pewstates.org/uploadedFiles/PCS_
Assets/2012/Pew_Payday_Lending_Report.pdf.
13 Burhouse and Osaki, 2011 FDIC National Survey. This survey found that 34 percent of unbanked people thought they were likely to open a
bank account in the future. This figure is not comparable because of the dierences in the questions asked.
14 Burhouse and Osaki, 2011 FDIC National Survey. “The main reasons unbanked households are interested in opening an account are ‘to
write checks and pay bills’ (29.7 percent), ‘to put money in a safe place’ (27.4 percent), and ‘to save money for the future’ (23.8 percent).”
15 Burhouse and Osaki, 2011 FDIC National Survey.
16 Mercator Advisory Group, Program Manager Market Share Estimates (2013). Proprietary report is on file at The Pew Charitable Trusts.
17 The Pew Charitable Trusts, Slipping Behind: Low-income Los Angeles Households Drift Further From the Financial Mainstream (2011), 15, http://
www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Safe_Banking_Opportunities_Project/Slipping%20Behind.pdf.
18 General purpose reloadable prepaid cards were exempted from the Durbin Amendment that capped interchange fees if they met certain
criteria. This exclusion influenced the development of prepaid cards and the features or services they oer. http://www.federalreserve.
gov/aboutthefed/boardmeetings/20110629_REG_II_FR_NOTICE.FINAL_DRAFT.06_22_2011.pdf.
19 American Express Bluebird, “With Bluebird Checks You’re Protected From Overdraft,” accessed Sept. 25, 2013, https://bluebird.com/.
American Express’ Bluebird prepaid card oers the ability to write paper checks.
20 Netspend, “What It Costs,” accessed Sept. 24, 2013, https://www.netspend.com/how_it_works/what_it_costs.shtml. Netspend charges
50 cents per telephone balance inquiry.
21 The Pew survey found that 80 percent of prepaid card users only use one card at least once a month. Fifteen percent use two cards at
least once a month, and 6 percent use three or more cards. The numbers do not add to 100 percent because of rounding.
22 Princeton Survey Research Associates International, on behalf of Bankrate.com, “Financial Security Index” (June 25, 2012), accessed Sept.
25, 2013, http://www.bankrate.com/finance/consumer-index/financial-security-charts-0612.aspx. This survey asks an almost identical
question and has the same response grid as the Pew survey: “How much do you have in emergency savings—that is, money that is readily
available in a checking account, savings account, or money market?”
23 The Pew Charitable Trusts, A Penny Saved Is Mobility Earned (2009), http://www.pewstates.org/uploadedFiles/PCS_Assets/2009/
EMP_Savings_Report.pdf.
24 Carmen DeNavas-Walt, Bernadette D. Proctor, and Jessica C. Smith, U.S. Census Bureau, Income, Poverty, and Health Insurance Coverage in
the United States: 2012 (2013), http://www.census.gov/prod/2013pubs/p60-245.pdf.