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A survey from Bankrate.com finds that white banking customers are paying significantly less in fees than people of color and that older customers pay much less than their younger counterparts.

What's happening: The average person in the U.S. with a checking account pays about $8 per month on fees like routine service charges, ATM fees and overdrafts, but black and Hispanic customers reported spending twice that much.

By the numbers: White checking account holders said they paid an average of $5 per month in fees, while Hispanic account holders paid an average of $16 a month, and black account holders paid $12.

  • The typical millennial (ages 24–39) with a checking account pays $13 per month in fees compared to $9 for Gen X (ages 40–55) and $3 for baby boomers (ages 56–74).

Go deeper: Minority-owned banks are disappearing

Go deeper

Virginia lawmakers vote to legalize marijuana in 2024

Virginia Gov. Ralph Northam. Photo: Alex Edelman/Getty Images

Lawmakers in Virginia on Saturday approved compromise legislation that would legalize marijuana in 2024, putting the state a step closer to becoming the first in the South to end prohibition on the drug, the Richmond Times-Dispatch reports.

Why it matters: The legislation will make Virginia the 16th state to legalize marijuana, per Politico. It would add to a slate of laws that have seen Virginia move in a more progressive direction during the tenure of Gov. Ralph Northam.

Scammers seize on COVID confusion

Data: FTC; Chart: Sara Wise/Axios

Scamming has skyrocketed in the past year, and much of the increase is attributed to COVID-related scams, more recently around vaccines.

Why it matters: The pandemic has created a prime opportunity for scammers to target people who are already confused about the chaotic rollouts of things like stimulus payments, loans, contact tracing and vaccines. Data shows that older people who aren't digitally literate are the most vulnerable.

13 hours ago - Politics & Policy

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.