Big Bank Take Little Bank

These days banking for a Black person means getting called the police on you or paying through the nose in fees. Along with Blacks, Hispanic as well as Asian American customers reported facing higher monthly bank fees than white customers. While whites reported paying a mere $5 a month in bank fees, which includes overdraft penalties and ATM surcharges, Blacks reported paying $12 a month and Hispanics $16 a month.

Maintaining a checking account was $262.09 higher for Latinos, $190.09 higher for Blacks and $25.53 higher for Asian-Americans when compared to white customers.

The opening requirements for a checking account in a predominantly white neighborhood is minimal versus all other races, in order to avoid fees.

The most frequent bank account overdrafter has less than $300 in the account, has a 560 credit score and is in his or her late 30s. This is the person who lives in the poorer neighborhood where the most expensive banks reside and bleed their account dry.

Sources:
https://www.consumerreports.org/video/view/money/banking/1674383787001/bank-overdraft-fees/
https://www.usatoday.com/story/money/2020/01/15/bank-fees-minorities-millennials-pay-more-than-anyone-else/4465861002/
https://bettermoneyhabits.bankofamerica.com/en/personal-banking/avoid-bank-fees