Overcoming Poverty: 8 Alabama counties have 3 or fewer banks, creating challenges in underserved communities

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Overcoming Poverty: 8 Alabama counties have 3 or fewer banks, creating challenges in underserved communities
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Overcoming Poverty: 8 Alabama counties have 3 or fewer banks, creating challenges in underserved communities Check out monaestevens_tv report

MONTGOMERY, Ala. - Rural Alabama faces many unique problems; among them is the challenge of banking. A 2021 report from the Federal Deposit Insurance Corporation, or FDIC, shows that over 230,000 Alabamians are considered “unbanked,” meaning they do not have a bank account.

Trust, not enough money, or bank branches being too far away are some of the reasons why there are still many people without an account. Cadence Bank closed its Uniontown branch in July, saying in a statement that the decision was a “difficult one” but that it would “allow us to optimize and strengthen our branch network and ultimately best serve our customers.”

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