In 2012, the FDIC completed a one-year pilot initiative—the Model Safe Accounts Pilot—to provide insight into addressing the needs of unbanked and underbanked consumers. In Texas, about 1 in 3 of our households is either unbanked or underbanked, a much higher proportion than the U.S. as a whole. In the report, the FDIC defines “Safe Accounts” as “checkless, card-based electronic accounts” that only enable automated transactions. In addition, Safe Accounts must have low opening balance requirements ($10 for checking; $5 for savings), low monthly balance requirements ($1 for checking; $5 for savings), and a prohibition on overdraft/NSF fees. Overall, nine banks participated in the Safe Account pilot with promising results for account openings (3,500) and retention (80% for transaction and 95% or savings) over the one-year period. In fact, these Safe Accounts “performed on par with or better than other transaction and savings accounts,” according to the FDIC. For pilot banks, these retention rates exceeded expectations across the board.