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Why one in 10 Southerners has no bank account

banks

(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.