The TD Bank Checking Experience Index, which polled more than 3,000 consumers nationwide for its results, indicates that Hispanics are more likely than anyone else to incur bank fees. While the general population stands a 57 percent chance of paying fees on a primary checking account, that percentage climbs to 65 percent for Hispanic customers.
The most common upcharges for this demographic are nonbank ATM fees and overdraft fees, with the former considered by Hispanic consumers to be the most irritating. Additionally, most Hispanic banking customers were hit with a fee increase within the past year. The research "found that nearly half of Hispanic consumers surveyed would consider changing banks to avoid fees but only 13 percent have actually made a switch," remarked TD Bank retail market manager Felipe Basulto. "Consumers should look for a checking account that provides real value at a reasonable price."