What are junk fees? Biden admin cracks down on this amid inflation

On October 26, President Joe Biden announced a crackdown on so-called junk fees.

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This includes new steps to effectively ban banks from issuing surprise overdraft fees and deposit fees on bounced checks.

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His speech announcing this new move is his effort to provide more “breathing room” relief to American consumers.

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This move came despite the economy and inflation remaining top concerns to voters 13 days before the midterm elections.

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Biden said that the new moves on junk fees will save Americans billions of dollars in unfair fees.

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He has reportedly directed his administration to reduce or eliminate junk fees entirely.

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A slew of major banks is already seen ditching overdraft fees.

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The president also highlighted new rules for airlines and travel websites to disclose fees for picking a seat, checking a bag and other add-ons.

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Biden said his broader plan is to tackle hidden and surprise charges against companies sneaking bills just because they can.

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