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Bloomberg
Each year, banks reap billions of dollars from overdraft and other fees. A new analysis of more than 500,000 US users on investing app Stash 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 percent 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 percent more in overdraft fees compared with men, the survey found. “The main reason we think this is happening is the pay gap,†said Stash CEO and co-founder Brandon Krieg. Women earn about 20 percent less than men on average, he said.