More Southerners Are Off the Banking Grid 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.

But with fees rising for accounts at the biggest banks -- and with the median income falling -- more Americans could find themselves on the margins of the banking system, and unable to afford an account. Amenities that are part of having a bank account, including checking, savings, and access to credit, could slip out of reach for more millions. Today, many people without bank account rely on borrowing money from friends and family, or from payday loan operators, short-term lenders that charge interest rates of up to 400% annually.

In eight states and the District of Columbia, at least 10% of households don't have any kind of bank account, according to the Pew Trust data. Overall, around 12% of all Americans do not have any financial institution to call their own, based on 2009 data from the Federal Deposit Insurance Corporation.

States with the fewest number of account-less households are clustered in northern New England, as well as Washington, Montana, Utah and Minnesota. Utah has the smallest percentage of unbanked households: Just 1.7% of households are unaffiliated with a financial institution.

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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Mike

Fed res dollar printing has increased to keep up with US treasury's need for them as debt buyer of last resort. Euro is doing same for their debt but doesn't hold the luxury as world's res currency. Fed exports it's inflation to the world euro can't & WILL hypor inflate to ZERO. Europ will run to the dollar as others trade for gld/slvr. Even with small demand increase gld/slvr price rise outside the fed's ability to keep suprpressed & dollar will start its final fall, world WILL panic & gld/slvr will BE only reserve currency. World fiat monotary system is collapsing & we face deep depression. Got Gold? China & India does, why's that you figure?

December 26 2011 at 2:11 PM Report abuse rate up rate down Reply
Mike

Let go of your ankles, stand up, and STOP doing business ( getting fked ) with banksters! Out standing! Got gold?

December 26 2011 at 2:11 PM Report abuse rate up rate down Reply
caryzap

12 credit unions in tuscaloosa alabama. who needs a for profit bank!

October 29 2011 at 6:03 AM Report abuse +2 rate up rate down Reply
bfgair

Maybe those country hicks aren't as dumb as we all thought after all.

October 29 2011 at 4:50 AM Report abuse +3 rate up rate down Reply
Miranda

I ousted my bank account when they decided to start charging $13 a month in fees. I'm a more-than-full-time college student (accounting major) and work part-time. I never used the account much so it made perfect sense to close it. I've always preferred to use cash anyway. My reasoning is: why pay someone else to manage my money when, I know, I can do a much better job myself, for free.

October 29 2011 at 2:59 AM Report abuse +2 rate up rate down Reply
HELLO MEANLADY

This biased article is trying to convince us all we are low life social misfits if we don't have a rip off bank account.

October 29 2011 at 12:50 AM Report abuse -1 rate up rate down Reply
HELLO MEANLADY

This biased article is trying to convince us all we are low life social misfits if we don't have a rip off bank account.

October 29 2011 at 12:50 AM Report abuse -1 rate up rate down Reply
HELLO MEANLADY

This biased article is trying to convince us all we are low life social misfits if we don't have a rip off bank account.

October 29 2011 at 12:50 AM Report abuse -1 rate up rate down Reply
HELLO MEANLADY

This social BS is for the birds. My ex husband was a college graduate and didn't have a checking account when i first met him. he also had a very good job he simply didn't have credit cards and consumer debt and did not feel the need to use a bank. Some people are old school and keep life quite simple.

October 29 2011 at 12:48 AM Report abuse rate up rate down Reply
renn724

I personally adore my credit union. No fees, and I am a member/owner. I don't blame the south for leaving banks behind. Most are too poor to use a bank anyway. Remember the "RED" states are almost always the poorest ones too. Hum, makes you wonder about that connection. Anyway, check out a credit union. You might be very pleased with what you find.

October 29 2011 at 12:39 AM Report abuse +1 rate up rate down Reply