According to the FDIC, more than one-quarter of American households (28.3%) are either unbanked or underbanked. Furthermore, with high levels of student debt and few job prospects, many members of generation Y, also known as the millennials, are unable to afford the high fees of traditional demand deposit accounts (DDA) and are likely to fall into the unbanked or underbanked market segment. This means that financial institutions have potentially millions of new clients who are currently underserved. However, financial institutions have been slow to deliver programs targeting these demographic segments, which could lead to financial institutions being left behind as a number of alternative financial services firms have launched profitable prepaid financial services products that make the low and moderate income households and millennial markets a priority.