There's days when we wonder what planet the Republican leadership of South Carolina- and their consultant/bloggers- live on.Last year they set up a Knowledge Sector Council to brainstorm drawing idea people to SC. It has no website, publishes no reports, and has no budget. It's just a bunch of the usual insiders getting together for lunch to chinwag and feel like they have done something.
Then you have the triumphalist nativists who see the Boeing plant in North Charleston as affirmation- by a place we scorn as a bunch of arugula-eating recyclers- that Bubbaworld can make it in the big world economy. We don't gotta change nuthin,y'all. It's the sort of fuckwittery than flows from a one-party machine that places a premium on being stupid. And the GOP techie apparachiks say it's just a matter of beaming stupid to young people on their Blackberries so they can realize voting to be stupid is almost as cool as their phone, even if they can barely afford the contract slinging sandwiches at the local Christianist Chik-fil-A.
Over a third of SC residents don't use banks
By Katy Stech
The Post and Courier
More than one-third of South Carolina residents don’t keep use a traditional bank or still rely on high-cost services, such as check-cashing, payday loans and money orders, to conduct everyday financial transactions.
A new government study released Wednesday found that the Palmetto State has 614,000 “unbanked” or “underbanked” households, or the fourth highest in the nation on a percentage basis.
The report by the Federal Deposit Insurance Corp. was described as the most comprehensive study to date of households that are underserved by the financial services industry.
About 432,000 South Carolina households or 24.2 percent were underbanked, meaning they have bank accounts but also use more costly financial services, according to the report. The study also determined 182,000 or 10.2 percent of households around the state don’t have any relationship at all with a bank.
The state ranked eighth nationally in the percentage of households without bank accounts, and third for the percentage that are considered underbanked.
The FDIC study has been long-anticipated by the industry, said Penny Cothran, of the S.C. Bankers Association.
“Unfortunately, some of these statistics are not a surprise,” Cothran said.
She said the state’s high rate of unbanked and underbanked households — 34.4 percent — stems from the a lack of financial literacy and the deep-seated belief among some residents that they can get by without the services of a traditional bank.
Cothran explained the thinking this way: “Grandma never had a checking account, and she got by without one. I don’t need one either.”
Experts also traced the state’s higher-than-average rate to the decades-old disparity between minority groups and the financial services business. Though the industry has tried to open its doors to historically underserved populations, some minority groups are still intimidated by or suspicious of conventional banks, said George Bresnihan of Charleston Trident Urban League.
Nationally, minorities fared poorly in the study. For example, roughly 53 percent of African American households were classified as either unbanked or underbanked. Across all U.S. households, 25.6 percent were financially underserved.