Released: November 20, 2023

Hidden ‘junk fees’ nickel and dime us out of hard-earned dollars

Source: Ed Mierzwinski PIRG, Market Watch Opinion

These “resort fees,” “convenience fees” or “overdraft fees,” often are hidden from customers until the transaction is almost over — for example, when you’re checking out of a hotel or website. Sometimes, it’s difficult to differentiate between reasonable charges and exploitative ones. Some companies slip junk fees into your final invoice by giving them a fancy name that isn’t accurate or by portraying them as mandatory when they’re really optional. 

The Biden administration, the Consumer Financial Protection Bureau and the Federal Trade Commission say they’re going to adopt new rules to squash junk fees and demand that companies provide accurate prices up front. The CFPB is targeting bank fees, while the FTC plans to crack down on other unfair fee practices.

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