While the popularity of online banking has skyrocketed, physical banking still plays an important role for many consumers. For some, including lower-income, rural, older, and disabled individuals, having few or no bank branches nearby could disrupt their access to banking services. This lack of access can, in turn, restrict opportunities to improve financial health and build wealth.
Created by Alaina Barca and colleagues at Federal Reserve Banks of Philadelphia and Cleveland, the Banking Deserts Dashboard published on the Fed Communities site paints a picture of banking deserts and potential banking deserts across the United States.