More Southerners Are Off the Banking Grid

Publication: Daily Finance

Author: Catherine New


10/27/2011 - More people in the Southeast don't have bank accounts than in any other part of the country. Mississippi leads the country with more than 16% of households using cash-and-carry for all their transactions.

A new interactive map released by Wednesday by the Pew Charitable Trusts shows state-by-state comparisons for median bank fees and policies, as well as percentage of households that don't have a bank account, across the United States.

The national median monthly fee for a checking account is $8.95 -- or more than $107 per year. The national median minimum combined balance to avoid a monthly fee is $2,500.

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People without a bank account also have trouble moving up the social ladder, as their lack of one puts things like mortgage loans out of reach.

"We know that those who are banked are much better able to save for long-term goals," says Susan Weinstock, director of the Safe Checking in the Electronic Age project for the Pew Trusts.

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Read the full article, More Southerners Are Off the Banking Grid, on Daily Finance's Web site.

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