Bank fees slam low-income households, study finds
“Hefty banking fees are hurting low-income households, especially families of color, according to consumer advocates. Hispanic and Black households paid a total of $3.1 billion and $1.4 billion, respectively, in overdraft fees alone last year, according to a recent report from the Financial Health Network, a research and consulting firm. The report, which examined a range of financial fees, also found that Black Americans forked over $800 million last year on fees for checking account maintenance, money orders and check cashing, while Hispanic families spent $1.1 billion on those services.”