Junk Fees

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Biden says the FTC’s proposed ban on junk fees will help families and ‘honest’ businesses

WASHINGTON (AP) — President Joe Biden on Wednesday announced a proposed rule by the Federal Trade Commission to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.

https://apnews.com/article/biden-junk-fees-ftc-hidden-bogus-80e5c17dc7607b99aa92c6c816b96e52?

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

NEW YORK (AP) — “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.

https://apnews.com/article/junk-fees-hidden-federal-trade-commission-2271f63bb842958a430f39cf1cffeca8?

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Overdraft fees could drop to as low as $3 under new Biden proposal The cost to overdraw a bank account could drop 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. Read more.

Why this matters: Overdraft fees have been a financial bonanza for the banking industry, with the Consumer Financial Protection Bureau estimating that banks collected $280 billion from the fees in the last 20 years. The banking industry is expected to fight the new regulation vigorously to protect the fee revenue.   CFPB research has shown that overdraft fees overwhelmingly impact the poor and households of color. Biden has made the elimination of “junk fees” one of the cornerstones of his administration’s economic agenda, while banks have argued that government regulations on overdrafts could cause them to eliminate the service altogether.

Related coverage ➤ What to know about overdraft fees as the White House cracks down on them Banks prepare to take on the Biden administration over billions of dollars in overdraft fees The new FAFSA is meant to make applying for college aid easier, but not everyone can access it yet

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Overdraft fees, late fees could be slashed as White House continues attack on junk fees

The cost of overdrawing your bank account could ease considerably under a rule proposed recently by the Consumer Financial Protection Bureau. The proposed regulation is in line with a larger effort that the Biden administration has championed the past few years to crack down on “junk fees,” which are tacked onto everything from ticket prices to hotel bills.

https://floridaphoenix.com/2024/01/28/overdraft-fees-late-fees-could-be-slashed-as-white-house-continues-attack-on-junk-fees/?

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Banks Want To Protect Their Junkiest Junk Fee

Banks are fighting a rule that would stop predatory fees they claim they don’t even charge.

https://www.levernews.com/banks-want-to-protect-their-junkiest-junk-fee/?

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Tim Scott Is “Proud” To Protect His Donors’ Junk Fees

Sen. Tim Scott took millions from banks and said exorbitant customer fees “should not be disturbing or illegal.” Now he’s overseeing financial agencies and trying to reinstate junk fees.

https://www.levernews.com/tim-scott-is-proud-to-protect-his-donors-junk-fees/

ps:Of course he will!!!!!

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Show me the actual price. With the Biden administration’s ban on predatory and deceptive junk fees now officially taking effect, one of the most infamous fee-adders is finally fessing up to their upcharges. Ticketmaster now displays the full ticket price — fees included — right when customers begin their online shopping, instead of tacking them on at checkout.

ps:But now we have this administration who doesn't care about junk fees!!

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? A junk fee on your new car. California drivers could now pay up to $500 more for their next car, thanks to a new automobile industry-backed law that allows dealers to charge 1 percent of the vehicle’s value, up to $500, on document processing fees. All but one state senator voted in support after vehicle industry lobbyists told lawmakers that higher fees are necessary to recoup profits lost to burdensome regulations, including a first-in-the-nation rule phasing out gas-powered vehicles (although after campaigning from automakers, this mandate was recently revoked by the U.S. Senate).

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Concert ticket prices are going down. It now costs 6 percent less to attend a top-100 concert tour than it did last year, according to market research. This news comes weeks after a Biden Administration rule banning deceptive junk fees forced e-ticketing giant Ticketmaster to start displaying its full prices up front.

ps:Shouldn't be long for trump to cancel that!!!!!