JACKSON, Miss– The Federal Deposit Insurance Corporation conducted a study and it shows Mississippians are making less trips to the bank.
When the paycheck from work comes in, many either run to the bank to cash and deposit it, or they sit back and let mobile banking handle it. But in Mississippi, many are still going the route of payday advance companies, money orders, or simply keeping the cash at home.
The study shows the rest of the country is improving their trust in banks and utilizing more services.
“But in Mississippi we’re seeing that go the other way around,” says Mercedes Garcia, public education officer for Master Your Card. Garcia says bank use has decline nearly ten percent in just two years.
“Significant loss of income, job loss..there are many reasons why people don’t trust the bank,” says Garcia, “some people don’t trust the bank.”
Garcia says there can be improvement with increasing education about finance, banking, and other money issues across the state.
