Junk Fees Get Elevated to State of the Union

Biden calls on Congress to pass key consumer protection legislation

Photo by Joshua Sukoff on Unsplash

Those watching the State of the Union address this week — or, those seeing some clips on news sites or social media — might have noticed that President Biden specifically called out “junk fees” in the address.

Yes, the most powerful office in America took a moment in an annual address to single out junk fees — like credit card late fees or overdraft fees or hotel fees.

It’s Time to Eliminate “Junk Fees”

He did it in front of Congress and the nation.

Why?

It’s wildly popular.

Overdraft fees suck — and banks often order transactions to maximize fees.

Credit card late fees are not really an incentive to pay on time — but they are a key profit source ($12 billion/year) for credit card issuers.

Here’s more on Biden’s efforts by way of the Consumer Financial Protection Bureau (CFPB):

Consumer Group Applauds Biden Crackdown on Junk Fees | Advocate Andy | NewsBreak Original

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