A new survey from Bankrate shows that minorities pay more in banking fees than their white counterparts.
A new survey from Bankrate shows that African-Americans, millennials, and Northeasterners pay more in banking fees than other segments of the population. Banking fees are defined as “nominal” fees paid by the consumer for services, maintenance, and upkeep of their bank accounts. Examples could include a fee to print a check, to open or have an account at a bank, or for wire transfers.
Hispanics pay $16 a month in banking fees, while black customers paid $12 a month, Bankrate found. Those who identified as another race also paid more, at $8 a month for banking services. There was little difference between men and women. But why?There are several reasons. The first is that minorities are frequently more often part of the underbanked population, meaning that while they have banking accounts, the financial services offered don’t always meet all their needs. This means they have to pay more for financial services that the fully banked can get for free or at a lower cost.
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