Why one in 10 Southerners has no bank account
(CNN) – If you’re frustrated with your bank and considering dropping it altogether, you’re not alone. There are nearly 10 million American households living without a checking or savings account. That’s according to a new F-D-I-C report just released this week.
The report also says the South has the largest percentage of “unbanked” residents — 10 percent. The national average is eight-point-two.
Census data shows nearly 40-percent of the country’s poor live in the Southern states.
Industry experts say high poverty and low incomes are breeding grounds for a higher population of unbanked residents.
The FDIC report says some of the reasons people don’t use financial institutions are a lack of money, high bank fees, or a mistrust of banks.