Women pay nearly 20 percent MORE bank fees and fines than men, because the gender pay gap means they have less money in their account
- Women pay 18 percent more bank fees and fines than men
- Bankapp Stash analyzed more than 500,000 of its US users and published its findings showing that women are hit harder by bank charges
- Last year, women paid an average of $ 214 in bank fees and fines
- On the other hand, men paid an average of $ 182 in fines last year
- & # 39; The main reason why we think this is happening is the pay gap, & # 39; said Stash CEO and co-founder Brandon Krieg
- Because women earn less than men, they have less money on their bills and are more likely to overdo their bills and incur fines
Women pay nearly 20 percent more in bank fees and costs than men because of the gender pay gap, which means they earn less and get overflow more often, a new study shows.
A new analysis of the banking and investment app Stash showed that female users pay 18 percent more for ATMs, minimum balances, commissions and current account than their male counterparts.
The app surveyed more than 500,000 US users and discovered that female users paid an average of $ 214 in bank fees and fines last year. Male Stash users, on the other hand, paid an average of $ 182 in fines last year.
When it comes to overdrafts – women pay nearly 30 percent more than men, according to the research based on 205 million transactions in the past year.
Women pay 18 percent more in bank fees and fines than men, according to the findings of the banking app Stash, which has followed the bank transactions of more than 500,000 users. File image of a woman at the ATM presented above
& # 39; The main reason why we think this is happening is the pay gap, & # 39; said Stash CEO and co-founder Brandon Krieg Bloomberg.
& # 39; Financial differences such as these among men and women affect almost every part of a woman's financial life – it does not begin and end with the pay gap, but her retirement savings and even, as we see now, her chance of being hit with robbery costs, & # 39; he added CBS.
He noted that women earn on average about 20 percent less than men and therefore have less money in their bank accounts, which means they are more likely to overdo their accounts and incur fines.
& # 39; Although the gender pay gap has narrowed in recent years, women still earn 85% of what men earn & # 39 ;, Krieg emphasized.
The survey found that last year female users paid an average of $ 214 in bank fees and fines. Male Stash users, on the other hand, paid an average of $ 182 in costs last year. File image of the Stash app for banking and investing shown above
Women earn on average $ 25 per hour compared to men $ 32 per hour, according to a 2019 survey of 13 million employees ADP Payroll data research institute.
Women who earn less than $ 25,000 a year are hit with 23 percent more in fees, while those who earn between $ 50,000 and $ 100,000 pay 16 percent more in bank fees than men, Stash says.
In 2017, Americans paid no less than $ 34.3 billion in red. Last year, the four largest banks alone made $ 5.1 billion in overdraft.
This year, the Consumer Protection Agency opened a revision of the credit limit rule that allows banks to hit customers with a fee for spending more than the balance of their checking account.
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