Can Consumers Finally Claim Victory Over Junk Fees?

A series of announcements offers hope

Photo by Etienne Martin on Unsplash

Your bank wants your money.

Not just the money you have on deposit. Not just the money you pay them for a loan or credit card.

Your bank wants ALL of your money.

It turns out, some banks will go to any length to get your cash — even charging illegal fees.

Consumers Get $140M in Refunds for Illegal Fees | Advocate Andy | NewsBreak Original

“The CFPB continues to uncover junk fee scams that violate the law and undermine consumer trust,” said CFPB Director Rohit Chopra. “We will continue to combat the illegal fees cropping up in consumer finance markets.”

That’s why a pair of announcements from key regulators should have customers cheering.

First, the CFPB is taking steps to limit the fees big banks can charge.