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Now is the time to build more equitable—and empathetic—financial services

26 Aug 2020

The CEO and cofounder of personal finance app Stash says his industry needs to do better by people of color and women.

The financial services industry is broken. We’ve known this for a very long time now. Take, for example, the $11B in overdraft-related fees charged by the nation’s biggest banks in 2019. Or, the way these fees disproportionately impact low-income and nonwhite customers. And let this sink in: Just 9% of customers paid 84% of that $11B in fees. These are customers who are already vulnerable to predatory banking practices, as they tend to carry “low” account balances. For some Americans, banking fees can cost them nearly $1,300 every year.

Read the full article here.
This content was originally published by Fast Company. Original publishers retain all rights. It appears here for a limited time before automated archiving. By Fast Company

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