Nearly 10 Million American Households Don’t Have Bank Accounts
COLUMBIA, S.C. (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 FDIC report just released this week. The report also says the South has the largest percentage of “unbanked” residents at 10%. The national average is 8.2%. Census data shows nearly 40% 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.