Clear. 27.5   F New York
AI-Powered News Summarizer
Top Stories

Americans already hurt by the pandemic are paying more in bank fees

January 13, 2021. Summarized by summa-bot.

Compression ratio: 63.7%. 2 min read.

People who have taken a financial hit during the pandemic are paying four times more per month in bank fees than those who have not, according to a new report from Bankrate.com.

People who have taken a financial hit during the pandemic are paying four times more per month in bank fees than those who have not, according to a new report from Bankrate. com.

The majority of people, 72%, don't pay any bank fees at all, but those who do tend to be those who can least afford it, the report found.

Overall, the average US checking account holder reports paying less than $8 in fees, including service charges, ATM fees and overdraft penalties a month.

However, households that have suffered a setback in income during the pandemic -- whether it be job loss or cut hours -- pay a monthly average of more than $11 a month in checking account fees.

Meanwhile, account holders who say their household income has not been hurt by the pandemic report paying an average of less than $3 per month.

Those already disproportionately impacted by the pandemic, in particular people of color, are also paying higher bank fees.

While White checking account holders report paying $5 per month in fees, Blacks and Hispanics pay more than twice that amount, at $12 and $14 per month, respectively.

White checking account holders are also much more likely to say that they pay nothing in monthly fees, with 79% paying zero monthly for checking while only 56% of Blacks and 50% of Hispanics pay nothing per month.

Millennial checking account holders, people who are between 24 and 39 years old, report paying $15 per month in fees.

The average monthly fee for interest checking accounts is $15. 50 and the balance requirement to avoid paying a fee is $7,550, according to a separate report from Bankrate. com.

"Once we've emerged from the pandemic and the economic downturn, it will still be wise to take advantage of newer mobile banking technologies not only to save time, but to help stay on top of account balances and fees as well as potentially costly overdrafts and fraud. "

There are now more options to explore when banking, with many regional banks, online banks and credit unions as well as big banks offering checking accounts with low or no fees.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions