Banks Targeting Low-Income Customers With High-Fee Products
Banks like Regions Financial and Wells Fargo are targeting low-income customers with high-fee products, in part because these products have mostly avoided being altered by new regulations, the New York Times says.
An “increasing number” of big banks are “aggressively courting low-income customers,” the Times writes.
“It is a disquieting development for poor customers,” Mark T. Williams, a former Federal Reserve Bank examiner, tells the authors. “They are getting pushed into high-fee options.”