Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees
This paper examines how bank account and credit card fees are distributed across different demographic groups, looking at whether lower-income consumers are more likely than higher-income consumers to pay these fees and whether there are significant differences across consumers by age, race, and education. The paper uses data on a variety of fees paid by consumers on their bank accounts and credit cards from the 2021 Diary of Consumer Payment Choice (DCPC), which surveys a representative sample of US adults (18 and older). The 2021 edition of the DCPC was the first to include a set of questions about bank account and credit card fees paid by respondents.