Americans with annual household income under $30,000 and a checking account pay an average of $31 per month in bank or credit union fees, according to a Bankrate.com and MONEY survey.
That's more than three times as much as the $9 typically paid by other income brackets (these figures include routine service charges, ATM fees and overdraft fees).
Another shocker, just 59% of U.S. adults with household income under $30,000 per year even have a checking account (compared with 83% of all others).
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
