Women Pay 18% More in Banking Fees Than Men, Research Finds
- Survey of over 500,000 finds women pay $214 per year in fees
- Overdraft accounts for most of penalties and biggest gap
This article is for subscribers only.
Each year, banks reap billions of dollars from overdraft and other fees. A new analysis of more than 500,000 U.S. users on Stash, a banking and investing app, found women pay a disproportionate amount of those penalties.
Male Stash users, the survey found, pay $182 per year in fees, while women pay $214, or 18% more. That includes late fees as well as charges for ATMs, minimum balances, commissions and more, but overdraft charges make up the lion’s share. Women pay almost 30% more in overdraft fees compared with men, the survey found.