Latinos pay more money in bank commissions than other ethnic groups, according to a study published Tuesday by the Bankrate.com website from a survey of 2,634 adults.
Its average is 16 dollars a month, compared to 12 of the African Americans and 5 of the whites; Those who identify with another race pay an average of $ 8 per month.
"It could be because of living in a more marginalized neighborhood , with lower income and fewer financial services companies," explains analyst Mark Hamrick.
Almost eight out of every 10 whites claims in fact not to spend anything on bank commissions a month, compared to six out of every 10 Hispanics or blacks, according to the survey.
Beyond race, young clients pay more than those of older age: $ 13 per month for those between 24 and 39, compared to $ 9 per month for those between 40 and 55, or $ 3 for seniors of 56.
Similarly, geographically, commissions are higher in the Northeast of the country ($ 10 per month), stop to the West Coast (8) or the Midwest (7).
How to reduce commission costs?
The Office for Consumer Financial Protection (FDIC), on its page in Spanish, recommends using banks, credit unions and low-risk accounts and second chance to those with financial or credit problems.
Other tips are:
- To avoid overdraft fees ( overdraft, in English, that is, when you do not have enough money in your account to cover a transaction and the bank pays you anyway), be sure to decline this service. Check your balance before withdrawing cash at an ATM (ATM); ask your financial institution if they can alert you by email or cell phone when your balance is low; monitor your account by cell phone; and link your checking account to the savings account so you can transfer funds if necessary.
- Use only ATMs that offer a free service, ask your bank for a list or look for them on the maps of your institution's website.
- Many financial institutions eliminate monthly service charges if you maintain a minimum balance or enroll in the direct deposit service.
- The bank may also charge you for exceeding a number of withdrawals allowed in your savings account; open a checking account and use it to make payments and withdraw cash, and use the savings account only to raise emergency funds or pay for purchases that are made infrequently.
- You may also be charged for closing your account ; ask the bank what is the minimum period after which it can do so without penalties.
Edited by Ivette Leyva
