With Americans feeling pinched, Biden targets ‘junk fees’
2 years, 1 month ago

With Americans feeling pinched, Biden targets ‘junk fees’

Associated Press  

NEW YORK — With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers. The bureau is targeting overdraft fees charged by banks as well as bad check fees, which are levied against a bank customer when a check isn’t valid. Prior to the pandemic, banks collectively charged their customers roughly $15 billion in overdraft and bounced check fees, according to a bureau estimate. The CFPB is also targeting bounced check fees, which occur less frequently nowadays because Americans have largely moved away from writing paper checks and largely use peer-to-peer payment platforms like Zelle, Venmo, PayPal and CashApp.

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History of this topic

A new FTC rule cracks down on 'junk' fees. Here's what to expect
3 days, 7 hours ago

A new FTC rule cracks down on 'junk' fees. Here's what to expect

NPR  

A new FTC rule cracks down on 'junk' fees. Here's what to expect AYESHA RASCOE, HOST: In February 2023, President Biden promised in his State of the Union address to take on what he called junk fees, credit card late fees, bank overdraft fees. RASCOE: One point, you know, we should make clear up front is that this rule doesn't …

The White House is cracking down on overdraft fees
1 week, 5 days ago

The White House is cracking down on overdraft fees

Associated Press  

NEW YORK — The Biden administration has finalized a rule limiting overdraft fees banks can charge, as part of the White House’s campaign to reduce junk fees that hit consumers on everyday purchases, including banking services. Under the finalized rule, banks will be able to choose from three options: they may charge a flat overdraft fee of $5, they may …

Overdraft fees to be limited under new federal rule
1 week, 6 days ago

Overdraft fees to be limited under new federal rule

Salon  

The Consumer Financial Protection Bureau has passed a rule limiting overdraft fees banks can charge, continuing the Biden administration's crackdown on junk fees that affect consumers on everyday purchases. “For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans' deposit accounts,” Rohit Chopra, director of the Consumer Financial Protection Bureau, …

US senators grill airline officials about fees for seats and checked bags
2 weeks, 6 days ago

US senators grill airline officials about fees for seats and checked bags

Associated Press  

Members of a U.S. Senate subcommittee took aim at airline executives Wednesday for using an expanding menu of fees to charge customers for early boarding, better seats and other comforts that used to be part of the ticket price. Blumenthal, the chairman of the Senate Permanent Subcommittee on Investigations, said seat fees were pure profit for the airlines because they …

Federal judge temporarily halts Biden plan to lower credit card late fees to $8
7 months, 2 weeks ago

Federal judge temporarily halts Biden plan to lower credit card late fees to $8

Associated Press  

LOS ANGELES — A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week. The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card …

Automatic Refunds To Protection From Junk Fees— What New Rules For Airlines In US Could Have For Flyers
8 months ago

Automatic Refunds To Protection From Junk Fees— What New Rules For Airlines In US Could Have For Flyers

ABP News  

The US Transportation Department on Wednesday finalised new rules requiring upfront disclosure of airline fees, mandates for quick automatic cash refunds for canceled flights or significantly delayed flights, along with delayed baggage or inoperative services like onboard Wi-Fi, news agency Reuters reported. These rules will require airlines and ticket agents to tell consumers clearly about baggage or change and cancellation …

Taking on junk fees is popular. But can it win Biden more voters?
9 months, 2 weeks ago

Taking on junk fees is popular. But can it win Biden more voters?

NPR  

Taking on junk fees is popular. The White House started drawing attention to these costs it calls "junk fees" in 2022, and on Thursday, President Biden is expected to shine a spotlight on junk fees for a second year in a row in his State of the Union address. Enlarge this image toggle caption Ed Zurga/AP Ed Zurga/AP A Taylor …

Overdraft fees could drop to as low as $3 under new Biden proposal
11 months, 1 week ago

Overdraft fees could drop to as low as $3 under new Biden proposal

Associated Press  

NEW YORK — The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck. “Banks call it a service — I call it exploitation.” …

Overdraft fees could drop to as low as $3 under Biden proposal
11 months, 1 week ago

Overdraft fees could drop to as low as $3 under Biden proposal

LA Times  

According to research conducted by Bankrate last August, the average overdraft fee was $26.61. The proposed change by the Consumer Financial Protection Bureau could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. The nation’s biggest banks still take in roughly $8 billion in overdraft …

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
11 months, 1 week ago

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees

Associated Press  

NEW YORK — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. While banks have drastically cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records. These are …

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
11 months, 1 week ago

Banks prepare to take on the Biden administration over billions of dollars in overdraft fees

The Independent  

Get Nadine White's Race Report newsletter for a fresh perspective on the week's news Get our free newsletter from The Independent's Race Correspondent Get our free newsletter from The Independent's Race Correspondent SIGN UP I would like to be emailed about offers, events and updates from The Independent. While banks have drastically cut back on overdraft fees in the past …

Column: The war on ‘junk fees’ is gaining ground, but the fight is not yet won
1 year ago

Column: The war on ‘junk fees’ is gaining ground, but the fight is not yet won

LA Times  

Rohit Chopra, left, director of the Consumer Financial Protection Bureau, has been a leader in the Biden administration’s campaign against “junk fees.” “I talk to a lot of banks,” Rep. Dan Meuser told Rohit Chopra, director of the Consumer Financial Protection Bureau, “and they’re really not happy with your agency.” He urged Chopra to “be responsive to the clientele you’re …

Corporate America is coordinating to fight Biden's war against Ticketmaster and junk fees
1 year, 1 month ago

Corporate America is coordinating to fight Biden's war against Ticketmaster and junk fees

Raw Story  

The Washington Post reported Sunday that corporations are scrambling to protect their profits while President Joe Biden is trying to kill what are called "junk fees." The war began when Taylor Swift fans were furious over concert ticket "transaction fees," and other costs listed by Ticketmaster, owned by parent company Live Nation. "Frustrated with airlines that charge passengers steep fees …

The White House has proposed cracking down on junk fees. Here’s how to avoid them
1 year, 1 month ago

The White House has proposed cracking down on junk fees. Here’s how to avoid them

Associated Press  

NEW YORK — “Junk fees” are just what they sound like: hidden or misleading charges that increase the total cost of concert tickets, hotel rooms, utility bills and other goods and services. Often junk fees don’t appear until the final pages of a checkout process, such as when buying concert tickets, airline tickets, hotel stays, or other products with “processing …

What you see is what you’ll pay: New law bans ‘junk’ fees on hotel bills, concert tickets, etc.
1 year, 2 months ago

What you see is what you’ll pay: New law bans ‘junk’ fees on hotel bills, concert tickets, etc.

LA Times  

Californians can soon say goodbye to so-called junk fees, those startling charges that appear in a transaction only when a customer is about to hit “purchase.” You know the ones: A hotel bill that ends with a vague “resort fee.” Or those concert tickets that double in price once it’s time to type in your credit card information. Gavin Newsom …

Biden and House Democrats hope to make curbing ‘junk fees’ a winning issue in 2024
1 year, 4 months ago

Biden and House Democrats hope to make curbing ‘junk fees’ a winning issue in 2024

Associated Press  

WASHINGTON — Congressional Democrats are teaming up with the Biden administration and a progressive advocacy group to turn policy efforts to curb “ junk fees ” into a political rallying cry, betting that a small but potentially potent kitchen table issue will resonate with voters. More than a dozen House Democrats around the country plan to hold events organized with …

Biden and House Democrats hope to make curbing 'junk fees' a winning issue in 2024
1 year, 4 months ago

Biden and House Democrats hope to make curbing 'junk fees' a winning issue in 2024

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Hidden and deceptive junk fees cost Americans billions of dollars every year," said Rep. …

Explained: What Joe Biden's campaign against ‘junk fees’ could mean for travellers
1 year, 8 months ago

Explained: What Joe Biden's campaign against ‘junk fees’ could mean for travellers

Firstpost  

President Joe Biden derided ‘junk fees’ during his State of the Union Address, calling out airline seat selection fees in particular. Politicians and travellers have been railing against these unexpected add-on fees — like upcharges for seat selection and resort fees — for years US presidents don’t usually wade into the minutiae of airline seat selection, yet that’s exactly what …

Exclusive: Another major financial institution ditches overdraft fees
3 years, 4 months ago

Exclusive: Another major financial institution ditches overdraft fees

CNN  

New York CNN Business — Pressure continues to build over dreaded bank overdraft fees. “But we have not relied upon fees like some other financial institutions have historically.” CEO: ‘It is time to end’ overdraft fees Some lenders are rethinking overdraft fees amid competition from challenger banks that don’t charge them — as well as scrutiny from customers, regulators and …

Banks make billions on overdraft fees. Biden could end that
4 years, 2 months ago

Banks make billions on overdraft fees. Biden could end that

CNN  

New York CNN Business — The banking industry’s $11 billion overdraft-fee gravy train could get derailed if Joe Biden wins the White House. “Overdraft fees are one of the biggest risks to the banking industry under a Biden presidency,” said Nathan Dean, senior analyst at Bloomberg Intelligence. In 2009, when Biden served as Barack Obama’s vice president, regulators announced rules …

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