Jan 16, 2020

Survey: Minorities and young adults pay much higher bank fees

Dion Rabouin, author of Markets

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

Updated 23 mins ago - Politics & Policy

Biden: George Floyd's last words are "a wake-up call for our nation"

Former Vice President Joe Biden meets with clergy members and community activists during a visit to Bethel AME Church in Wilmington, Del. on June 1, 2020. Photo: JIM WATSON/AFP via Getty Images

Vice President Joe Biden is calling George Floyd’s dying words “a wake-up call for our nation,” and criticized President Trump’s decision to unleash tear gas on peaceful protesters outside the White House, in a civil rights speech from Philadelphia on Tuesday.

Why it matters: Biden in the address drew a sharp contrast between himself and Trump, whose first remarks addressing nationwide unrest Monday highlighted law and order, extreme demonstrations of militarized “strength” and other blustery threats.

Updated 31 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 6,302,318 — Total deaths: 376,322 — Total recoveries — 2,716,924Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 1,812,125 — Total deaths: 105,192 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Protests against police brutality threaten coronavirus response.
  4. Business: Coronavirus could lower GDP by $15.7 trillion — More than 1 in 6 black workers lost jobs between February and April.
  5. Climate: The alarm over climate financial risk gets louder because of coronavirus.
  6. Media: Interest in the George Floyd protests has soared past the coronavirus.

The business of tear gas

Illustration: Eniola Odetunde/Axios

U.S. forces yesterday used tear gas on peaceful protesters outside the White House gates, prior to a declared curfew, clearing a path for President Trump to visit a riot-damaged church for a photo opportunity.

The state of play: Two of the largest U.S. producers of tear gas are owned by private equity firms, but those firms have no interest in discussing their ownership.