Thursday, May 29, 2014

Report: S.C. among worst states for affordable banking

South Carolina is among the worst states when it comes to affordable banking, according to a report released Wednesday.

GOBankingRates ranked South Carolina No. 8 on its list of the 10 worst states for affordable banking. North Carolina ranks 39th and is considered "average" for affordability, the report said.

The website said the rankings are based on, among other things, deposit account interest rates, average checking and savings fees and the number of banks and credit unions in a state.

No. 1 Arizona, followed by Washington, D.C., Connecticut, Nevada, South Dakota, California and Indiana, ranked lower than South Carolina. Delaware was in ninth place and Wisconsin 10th.

Here's what the report said about South Carolina:

Average annual checking account rate: 0.109 percent
Average annual savings account rate: 0.103 percent
Average minimum checking account balance requirement: $3,672
Average minimum savings account balance requirement: $2,095
Number of financial institutions: 209
Average non-sufficient-funds returned check fee: $31
Average automated teller machine/debit fee: $3
Average monthly savings account maintenance fee: $4
Average monthly checking account maintenance fee: $14

The report also ranked the top 10 best states for affordable banking. Here's the list, ordered from first place to 10th:

1. Arkansas
2. Iowa
3. Oklahoma
4. Massachusetts
5. Missouri
6. Nebraska
7. Louisiana
8. Kansas
9. Rhode Island
10. Tennessee


Anonymous said...

South Carolinians have access to payday loans and car title loans. They don't need banks.

Anonymous said...

One of the most backwards state in the entire country.