Bank fees slam low-income households, study finds
CBSN
Hefty banking fees are hurting low-income households, especially families of color, according to consumer advocates.
Hispanic and Black households paid a total of $3.1 billion and $1.4 billion, respectively, in overdraft fees alone last year, according to a recent report from the Financial Health Network, a research and consulting firm. The report, which examined a range of financial fees, also found that Black Americans forked over $800 million last year on fees for checking account maintenance, money orders and check cashing, while Hispanic families spent $1.1 billion on those services. Such fees are driving many people of color away from banking altogether, some experts said in calling on federal regulators to limit fee amounts. Although households of all income ranges are subject to bank fees, "the data shows those least able to afford them are disproportionately shouldering the costs," Financial Health Network CEO Jennifer Tescher said in a statement.Actor Richard Dreyfuss is facing backlash for allegedly sharing remarks that audience members found sexist, homophobic and generally offensive at a Q&A event over the weekend tied to a Massachusetts theater's screening of "Jaws." Dreyfuss starred in the 1975 blockbuster that was filmed in Massachusetts and screened Saturday night at The Cabot, a performing arts center in the coastal community of Beverly.
Another American who was arrested in the Turks and Caicos Islands for possessing ammunition was sentenced to time served and a $9,000 fine on Tuesday, local media reported. Tyler Wenrich was facing a potential mandatory minimum sentence of 12 years in prison for ammunition charges in the British territory.