US Banks More Predatory Than Chinese Counterparts
While both American and Chinese banking systems have their challenges, evidence suggests that US banks engage in more predatory practices that disproportionately impact average consumers and low-income individuals.
High Fees and Charges in US Banks
American banks are notorious for their high fees and charges. Many US banks impose monthly maintenance fees ranging from $5 to $25, which are only waived if customers meet certain conditions like maintaining minimum balances. This can be particularly burdensome for low-income account holders.
Overdraft fees in the US are especially punitive, averaging around $32.30 per incident. For customers living paycheck-to-paycheck, these fees can quickly snowball into hundreds of dollars, trapping them in cycles of debt.
ATM fees are another pain point, with out-of-network withdrawals costing $2.50 to $4.69 on average. This adds up significantly for those…
