Correction: A previous version of this story’s headline incorrectly stated the percentage of Coloradans who owe more in bank fees than they have in their account. We apologize for the error.
DENVER (KDVR) — Are you being ripped off by your own bank?
The Colorado Attorney General’s Office is leading a new push to empower residents to keep more money in the bank. A recent study shows Americans paid more than $15 billion in account fees in 2019.
“They are taking more money from me when I don’t have money in the first place,” Thornton resident Samantha told FOX31.
Attorney General Phil Weiser’s Office Of Financial Empowerment is joined by the Colorado Public Interest Research Group (CoPIRG) and other organizations to provide consumers with resources for financial health and an alternative to high fees.
The new Bank on Colorado program connects consumers with 23 low-cost and low-fee bank accounts.
“It is a really easy way for people to find those different accounts to make sure that on the front end we’re not losing any dollars that we shouldn’t,” CoPIRG Executive Director Danny Katz said.
In Colorado, 20% of residents either don’t have a bank account and use random check cashing services or owe more money in banking fees than they have in their accounts.
CoPIRG advises every account holder to closely monitor their account daily to avoid overdraft fees.