Near-universal banking masks a large underbanked shadow system

Fintech could help democratize access to banking

More than 1.3 billion adults worldwide do not have access to basic banking services as of this writing—but some experts believe that the fintech industry can help with that by targeting groups of people who have historically been underserved by traditional banks.

Some banks derive half of their income from overdraft fees on checking accounts

The fees are incurred when a customer withdraws more money than is left in the account, typically around $35 per overdraft. One in 11 Americans pays more than $350 a year in such fees, generating tens of billions of dollars each year for banks..

Customers wrote just one check a year in 2024, on average

Major retailers like Target have stopped accepting checks in recent years as real-time payment systems are increasingly being implemented across the US. This shift is considered an improvement in safety—as checks are vulnerable to fraud—but can lead to some exclusion for those without access to digital devices.

The shadow banking system is a group of intermediaries that operate outside of normal banking regulations

The nonbank financial intermediaries that make up the shadow banking system legally provide services that are similar to those of traditional commercial banks. Although the term isn't used as often as it once was, private credit firms are technically part of the shadow banking system, as are hedge funds, payday lenders, buy now, pay later companies, and more.

How the checking account has evolved into a platform of features rather than a product

The accounts act as an anchor for customer relationships that banks need to retain said customers. As fintech companies unbundle the checking account without technically being chartered banks, traditional banks face pressure to innovate the checking account experience.

Experts recommend keeping one to two months' worth of expenses in checking

That amount allows you to pay your bills and avoid overdraft fees while ensuring you don't lose interest. Most checking accounts have a near-zero interest rate (0.07% APY on average) while high-yield savings could earn up to 4% as of 2026. Cash sitting in your checking account can mean a loss of hundreds of dollars.

Only 14% of transactions are in cash, as of 2025

Credit (35%) and debit (30%) cards have long eclipsed cash as the primary method of payment in the US. It is a primary backup, however, with 90% of customers intending to use cash to pay or store value and 80% carrying cash.

BankFind is a tool that helps you find current and former FDIC-insured banking institutions

The tool from the Federal Deposit Insurance Corporation (also known as the FDIC) allows users to search for these institutions by name, location, and more.

Calculate: Do you need to file for bankruptcy?

About 77% of American households had some debt at the end of 2023. However, when debt becomes crushing, it's time to consider a management plan or a bankruptcy filing. This calculator helps explore whether debt is manageable based on inputs like medical debt, payday loans, and gross annual income.

Banks have increased small loan programs since 2018, upping competition for payday lenders

One of the reasons payday lending flourished for nearly two decades is that most banks charged high overdraft fees and didn't offer small loans. However, since 2018, banks have increased their small loan options. Supporters say this provides safer alternatives for consumers, as banks are subject to more regulatory measures and are less likely to allow consumers to keep rolling over loans.

Visualize the balance sheets of US banks

The US banking industry is the most profitable in the world, with loans and leases driving the lion’s share of those profits. In fact, at the end of 2022, 53% of all bank assets fell into the loan and lease category. This rich visualization makes sense of that and highlights how traditional banks operate in stark contrast from their not-for-profit credit union peers. See it here.

Master the banking basics

Before deciding on a credit union, it’s important that you understand the basics. That way you can know exactly what’s happening with your hard-earned money behind the scenes. Flip through these flashcards to make sure you understand key terms like “deposit” and “checking account.” Then, you can read up on top banking products and start to find a credit union that works for you. Click here, then scroll down the page to find the cards.

16 credit unions with almost no membership requirements

One of the hallmarks of credit unions is that they tend to be exclusive. For instance, one of the largest credit unions only does business with Boeing employees. However, this roundup introduces 16 credit unions that have practically no membership requirements. Interested customers may need to guarantee $5 minimum deposits and in some cases, make a donation to an affiliated charitable organization.

A third of Americans don't have the cash they need to cover a $500 emergency

That's according to a 2023 Federal Reserve survey. So what does the average American in this camp do when, say, their car breaks down? This video compares six of the most common ways Americans get money when they don't have it. As it turns out, some of them opt for payday loans, which this video argues are predatory.

25% of US households had no regular income as of 2024

Some states had higher shares of no-income households than others: West Virginia, for instance, had a national high of 34% of households with no income. These states tend to have older populations, higher rates of disability, and lower median incomes overall. In such contexts, a larger portion of households rely on non-earned income sources or report no income during the survey period.

Congress mandated that the Fed streamline check payments

When it was first created in the 1910s, the Federal Reserve System became a crucial link between the nation's regional banks. The increasing number of checks used by the thousands of banks across the nation required a central operator, and the Fed was uniquely positioned to help. Learn more about the role the Fed played in the history of checks.

In Hawaii, the median household bank account balance is $43.6K

The media household bank account balance varies widely between states. In Mississippi, for instance, the median balance is much lower than Hawaii's at just $1.9K per household.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Financial institutions use 'Know Your Client' standards to prevent money laundering

KYC standards include verifying customers' identities and conducting regular account checks for high-risk clients to avoid money laundering schemes. These standards obligate banks to report suspicious customers and activity.

The United States currently ranks number one for countries that enable the most financial secrecy

Financial secrecy refers to complex systems that make it easy for people and companies to hide assets. High levels of financial secrecy are associated with illegal activity, like drug trafficking and money laundering. Lax regulations around reporting who owns trusts, real estate, and businesses impact the United States' global financial secrecy ranking.

Some argue that credit reporting promotes economic inequality in the US

Although today's credit scoring system is much more objective than, say, the credit assessment system of the 1700s, some argue there's still room for improvement, with critics saying the current system is still discriminatory. For example, while mortgage payments have long been automatically reported to credit bureaus, rent payments (the primary housing expense for most lower-income Americans) historically haven't been reported unless a payment was missed.

BNPL may be adding a layer of debt that doesn't show up in economic data

Given somewhat limited regulation in the BNPL space, data about its usage is limited—many BNPL firms have resisted sharing information about user purchases, finances, and more thus far. As more people begin using buy now, pay later services, experts are concerned about whether BNPL is adding a new layer of "hidden leverage" to the economy.

As of 2025, about 16% of US adults are 'smartphone-only' internet users

Demographically, smartphone dependency is greatest among those below 30, Hispanics, Blacks, economically disadvantaged individuals, and those with less formal education. Home broadband adoption is at 78%, with rates highest among suburban residents.

33% of Americans say they don’t know very much about what the Fed does

While most Americans grasp the central bank’s impact on curbing inflation, they don’t know that the Fed is tasked with what is called a “dual mandate” to provide price stability and maximum employment. Furthermore, few understand the Fed is independent—it does not answer to Congress or the US president.

Bank of America helped establish Visa as a global credit card network business after it rolled out its first credit cards.

At the time, those credit cards were called "BankAmericards." Today, Bank of America owns less than a 2% share of Visa—many other banks (as well as institutional investors) help govern and profit from the network.

The enduring history of universal basic income

Distributing money to everyone is a radical idea provoking heated debates. The historical record shows pockets of civilizations exploring the notion around the world. The practice resembles what many prehistoric societies did as well. Trace the history of this income distribution approach with this fascinating overview.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Some researchers have labeled nomophobia, the fear of being without your phone, as 'the phobia of the 21st century.'

The 2026 Ebola outbreak is hampered by a lack of vaccine against the species of the virus, heightening the need for rapid tests to aid in disease control.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

See how each of the more than two million known species relates to each other—and to common ancestors—in this zoomable tree of life.

Bone marrow (soft tissue found inside certain bones) generates roughly 500 billion new blood cells each day

As of 2025, the most cited papers in science include a review of graphene, methods to improve image recognition, streamlining electron density calculations, and optimizing protein studies.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.