A number of ‘banking deserts’ have emerged in the rural South, experts have warned – after companies slashed a record number of branches last year.
A report by the Consumer Financial Protection Bureau (CFPB) found that there are only 3.5 bank branches per 10,000 people in the South – compared to 5 per 10,000 across the US.
The lack of competition means Southern households suffer lower interest rates on mortgages, credit cards and small business loans and have limited access to ATMs.
And it has led to a surge in ‘unbanked households’ – those who have not registered with any





