SACOBSERVER.COM WIRE SERVICES

ST. LOUIS (NNPA) - A recent report by the FDIC revealed that St. Louis has a higher percentage of African Americans without bank accounts than any other city.

More than 31 percent of African American households do not have a checking or savings account, compared to 1.1 percent of White households.

Those who do not use traditional banking systems often fall victim to high interest services found in pay day loans and pawn shops and fall into a debt trap.

The FDIC found nationally, nearly 8 percent of the population is unbanked. Of that figure, 21.7 percent of African American households are unbanked, in contrast to 3.3 percent of white households.

Nearly 19 percent of the national population is "underbanked," meaning the household makes little use of an existing bank account.

This story comes special to NNPA from the St. Louis American.