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Chime's Inaugural Bank Fee Finder Summary Report Exposes Impact of Hidden FeesSAN FRANCISCO, April 27, 2017 /PRNewswire/ -- Today Chime, a new type of bank account that helps members avoid fees and save money automatically, releases its first Bank Fee Finder Summary Report to expose the impact of hidden bank fees on Americans. The report compiles data from Bank Fee Finder users who've uncovered overdraft, monthly, ATM, and other fees by connecting to their bank account. The full report can be found here. Among the findings from the report, nearly 9 in 10 users found fees, with annual fees averaging $329. Overdraft is by far the largest fee category, with banks charging Americans an average of $250 each year. While a small percentage of people paid no overdraft fees, among those who did, they were charged $412, which sheds light on how banks made $33 billion in overdraft fees alone last year. Millennials Besting Boomers <>Big Banks Rack Up Big Fees We're Doing Worse Than We Think "Our mission at Chime is to help people to live healthy financial lives, and that starts with having a bank account that helps you avoid fees and save money," said Chime co-founder and CEO Chris Britt. "We created Bank Fee Finder to shed light on how much people are actually paying in fees so they can take steps to avoid them in the future." The Bank Fee Finder Summary Report represents data from over 5,000 individual users with U.S. bank accounts. Five major banks (Bank of America, CitiBank, JPMorgan Chase, Wells Fargo, and US Bank) made up 83% of all Bank Fee Finder users' accounts. Read the full report here. To learn more about Bank Fee Finder please visit http://www.bankfeefinder.com. About Chime
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chimes-inaugural-bank-fee-finder-summary-report-exposes-impact-of-hidden-fees-300447209.html SOURCE Chime |