The Consumer Financial Protection Bureau (CFPB) has proposed new rules that would finally limit bank overdraft fees.1
This is part of a wide push by the Biden administration to get rid of “junk” fees charged to Americans from companies like Ticketmaster tacking on a 50%+ fee at checkout to banks like Wells Fargo, Chase, and Bank of America charging customers wildly unnecessary fees.
Now, the Federal Trade Commission (FTC) has the chance to crack down on Ticketmaster, hotel sites, and predatory landlords. Last year, the agency proposed a rule to prohibit junk fees on ticket sales, rent and utility payments, and hotel bookings.2 Let’s help get this rule finalized!
Sign the petition: Tell the FTC to finalize the rules on banning junk fees!
According to data from the CFPB, people have paid an estimated $280 billion in bank overdraft fees alone.3 The FTC chair, Lina Khan, shared that junk fees on tickets, hotels, rent, and utilities cost Americans tens of billions of dollars a year.
Companies get away with tacking on these junk fees by hiding the total price, making it harder for consumers to spot. It’s a manipulative practice that is hurting working families!
Consumers are fed up with these hidden fees while they buy hotel rooms, plane tickets, pay bills, rent homes and more.
Plus, the proposed rule will not only save consumers’ money. It’s estimated that it will also save 50 million hours per year of wasted time spent searching for the concealed total price, equivalent to more than $10 billion over the next 10 years.4
Sign the petition: Tell the FTC to finalize the rules on banning junk fees!
Sources:
- CNBC, “Biden administration plans to slash overdraft fees at big banks: 'I call it exploitation,' president says,” January 19, 2024.
- Federal Trade Commission, “FTC Proposes Rule to Ban Junk Fees,” October 11, 2023.
- CNBC, “Biden administration unveils proposed changes to big banks' overdraft fees,” January 17, 2024.
- Federal Trade Commission, “FTC Proposes Rule to Ban Junk Fees,” October 11, 2023.