According to Bankrate’s survey, younger Americans pay more for banking fees than their older counterparts.

Gen Z adults with adult checking accounts, aged 18-25, pay on average $19 per monthly in routine service fees, ATM fees, overdraft fees, while millennials (ages 26-41) pay $16 per mois. the survey found. This is compared with $4 for Gen Xers (ages 42-57) and $2 for Baby Boomers (ages 58-76).

Younger customers are more likely to pay monthly fee, with 47% saying that they spend money each month while 35% saying the exact same for millennials. Only 19% and 15% respectively of Gen X account holders, as well as baby boomer account holders, pay monthly fees.

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According to research, younger customers value ease more than products and services from banks. Millennials and Gen Z are more likely to stick with their credit union or bank for ease than baby boomers and Gen X.

Bankrate senior economist Mark Hamrick said that part of the problem is that managing personal finances takes time. Once you have an account, it is a challenge to switch banks.

Hamrick stated that they are still in their early years of careers. Younger people are more likely to have many responsibilities, which can be difficult for them.

YouGov Plc polled 2,725 adults between Dec. 1, 2021 and December 3, 2021. 2,195 of these were checking account holders.

Although convenience is important it can also be costly. An unprecedented $33.58 average overdraft fee is charged for checking accounts. earlier Bankrate study found.

An average interest-checking account fee per month is $16.35, and a minimum balance to avoid paying a fee of $9,896.81. Nearly half of all non-interest checking account are completely free, with an average fee of $5.08.