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America's poorest people are paying the most in bank and credit union fees

Posted at 12:30 PM, Oct 23, 2017
and last updated 2017-10-23 12:30:38-04

(NBC News) Federal studies continue to show, America's poorest people are paying the most in bank and credit union fees.

The Consumer Financial Protection Bureau says, for example, just 9% of all account holders are responsible for nearly 80% of overdraft fees.

"It's very difficult, especially for low-income individuals, to maintain bank accounts, especially if those accounts are charging them fees," said Amanda Dixon with bankrate.com 

Dixon's just-released survey with money.com also found that nearly 40% of those who make under $30,000 a year do not even have a checking account, and when they do, they pay extra.

On average, about $22 extra a month because of ATM and overdraft fees.

She says that's why Bankrate and Money set out to identify banks and credit unions that may be more affordable, for low-income Americans.

"38% of banks have free checking accounts. So, one of those accounts will certainly be a better fit for you than what you're currently working with," said Dixon.

Read more: http://nbcnews.to/2itvEJ0

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