Home / Business / Americans hit by the plague are paying more bank fees.

Americans hit by the plague are paying more bank fees.

72% of the people do not pay any bank fees at all, but the ones who do are often the least. Overall, the average US checking account holder reportedly paid less than $ 8 in fees, including service charges, ATM fees, and monthly overdraft fines.

However, households that experienced income failures during the epidemic – whether they lost their jobs or cut hours – paid an average of more than $ 11 per month for checking accounts at the same time. That their household income was unaffected by the pandemic report paying an average of less than $ 3 per month.

“People whose personal finances are negatively impacted by the epidemic are affected by double the bank fees,” said Mark Hamrick, senior economic analyst at Bankrate.com. Is serious But we should try to avoid insulting the financially in order to get hurt by paying too much bank fees when there are so many inexpensive options available.

People disproportionately affected by the epidemic, especially blacks, also pay higher bank fees.

While white checking account holders reportedly pay a fee of $ 5 per month, blacks and Spaniards pay more than double that of $ 1

2 and $ 14 per month respectively. White checking account holders are likely to say they don’t pay monthly fees, with 79% paying zero monthly for checks, while only 56% of blacks and 50% of Hispanic people. I didn’t pay anything per month.

Younger people pay more for checking accounts than older people. Millennial checking account holders, those aged 24 to 39, reportedly pay a fee of $ 15 per month, Gen Xers – ages 40 to 55, pay $ 6 per month, while Baby Boomers ages 56 and 74 pay just $ 2 each. month

The average monthly fee for an interest checking account is $ 15.50 and the balance requirement to avoid paying the fee is $ 7,550, according to a separate report from Bankrate.com.Both hit record highs despite historically low rates of return.

The report found that the average overdraft fee hit $ 33.47, while the average total cost of using an out-of-network ATM dropped slightly to $ 4.64.

More people are turning to mobile banking in 2020, with 64% reporting that they have adjusted their payment practices to use online more often as a direct result of the outbreak.

“Many consumers are playing smart games, contributing to social alienation with their banking and payment technologies,” added Hamrick. It is wise to take advantage of the new mobile banking technology not only to save time but also to save time. But it also helps maintain account balances and fees, as well as potentially costly overdrafts. And fraud “

The report found that the average account holder has been with their institution for more than 14 years.There are now more options to explore when banking, with regional banks, online banks and credit unions, as well as large banks offering auditing services. With low or no fees

Source link