Biden Moves to Combat ‘Junk Fees,’ Declares Surprise Overdraft Fees ‘Illegal’
The Biden administration is taking steps to fight what the president calls “junk fees,” as American citizens struggle to make ends meet due to inflation.
The move against “junk fees” will lower the cost of everyday living for American families and put more money into the hands of working-class and middle-income citizens as well as hold big corporations accountable, President Joe Biden said in a remark on Oct. 26, according to the White House.
Biden’s reference to “junk fees” concerns payments like excess credit card late fees, surprise banking overdraft fees, huge termination charges for switching cable and Internet plans, and hidden hotel booking fees. Such costs are snuck into the bill by companies “because they can,” Biden said….