From the Document: "Most U.S. consumers choose to open a bank account, such as a checking or savings account, because it is considered a safe and secure way to store money, particularly as the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor against an institution's failure. In addition, consumers gain access to payment services through checking accounts, such as the ability to make electronic payments online, direct deposit, and paper checks. Frequently, a checking account includes access to a debit card, which increases a consumer's ability to make payment transactions through the account. For most consumers, a bank account is less expensive than alternative ways to access these types of services. Opening a bank account is relatively easy for most people. Consumers undergo an account verification process, and they sometimes provide a small initial opening deposit of money into the account. Many consumers open their first bank accounts when they get their first jobs or start post-secondary education. Checking and savings accounts are often the first relationships that a consumer has with a financial institution, which can later progress into other types of financial products and services, such as loan products or financial investments. However, many U.S. households--often those with low incomes, lack of credit histories, or credit histories marked with missed debt payments--do not use banking services."
CRS In Focus, IF11631
Congressional Research Service: https://crsreports.congress.gov/