New FinHealth Standards Industry Assessment Series by Financial Health Network Finds Severe Gaps in America’s Checking Accounts

The Financial Health Network today released its first in an ongoing series of Industry Assessment Reports, this evaluation applying the FinHealth Standards for Spending Management Products to 20 widely used checking account products. The inaugural assessment, spanning large banks, mid-sized banks, credit unions, and digital-only providers, found systemic shortfalls in how checking accounts support financial health but also some encouraging innovations.

This follow-on to the recently launched FinHealth Standards highlights a critical opportunity for financial institutions to align everyday products with consumers’ real financial needs. It also underscores the market imperative and the strategic upside of embedding financial health into account design from the outset, enabling institutions to attract, retain, and grow customer relationships.

Future Industry Assessment Reports will explore the application of standards in other, related financial health products and services. 

“The goal of our Industry Assessment Reports is more than just to point out what’s missing, it’s to spotlight where the industry can lead,” said Marisa Walster, Vice President of Financial Services Solutions at Financial Health Network. “With millions of Americans spending as much or more than they earn, this report is timely and important: it clearly shows that everyday products like checking accounts too often lack the tools people need to manage their day-to-day financial challenges. These gaps are not inevitable; they reflect conscious design choices, which also means they can be reversed and improved.”

Key findings from the Industry Assessment reveal significant gaps in account design across three core areas:

Account Features: 85% of accounts offered basic spending controls but none met the standard for a high-quality budgeting tool. 

Account Policies: 80% of accounts met the FinHealth Standard for inclusive monthly fee waivers, but just 10% provided same-day access to deposited funds, which is a critical feature for households managing tight cash flows.

Onboarding and Access: While 85% of accounts offered free phone support, inclusive design features were far less common, and only 30% accepted alternative forms of ID or ITINs. Surprisingly, just 20% allowed users to name a trusted contact, and only 1 in 20 accounts met the full criteria for Spanish-language support.

Additionally, performance varied by institution type:

• Large banks typically led on account features but often lacked inclusive fee waiver policies.
• Mid-sized banks performed similarly on features but lagged on onboarding and access.
• Credit unions excelled in fee policies and offered faster funds availability but trailed in account features.
• Digital-only providers offered fee-free accounts but failed to deliver comprehensive features or inclusive access.

The Industry Assessment Reports come at a time when most U.S. households continue to struggle financially. Recent data from the Financial Health Pulse® Trends Report show that just 31% of U.S. households are financially healthy, with many still spending more than they earn and struggling with debt. While vulnerability decreased slightly in the past year, two-thirds of households remain financially unhealthy, underscoring the need for everyday financial products that truly support stability and resilience.

The Industry Assessment report follows a rigorous methodology that simulates the consumer experience, assessing whether features are not only present but also discoverable and usable. This assessment is part of the FinHealth Standards, a Financial Health Network initiative built on our two decades of expertise in shaping industry practices to support consumers’ financial lives. Grounded in rigorous research and deep collaboration, the FinHealth Standards offer evidence-based guidance on building financial health solutions that improve consumer outcomes across the key aspects of financial health: spending, saving, borrowing, and planning.