A new national survey conducted by Bankrate found that people of color pay more than twice the banking fees that white Americans pay, according to this NBC News report. When asked about fees such as ATM, overdraft and routine service charges, Latinos said they are paying $14 a month on average for checking accounts at banks or credit unions, while Black adults report paying about $12 a month.
White checking account holders said they are paying an average $5 per month, according to the survey, which was conducted by YouGov. Additionally, Americans whose income was negatively affected by the pandemic also paid more than three times the average fees as those who weren’t financially hit by the crisis. In many instances, higher bank fees may be geographically focused in areas with higher Black, brown and moderate-income communities, an official said, while routine service charges may be imposed because lower-income households can’t afford to maintain minimum balances needed to waive fees.