The FTC proposed a rule to ban any hidden and bogus 'junk' fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
FILE - The Federal Trade Commission building in Washington, on Jan. 28, 2015. The Federal Trade Commission on Oct. 11, 2023, proposed a rule to ban any hidden and bogus "junk" fees, which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration. In his February State of the Union address, President Biden promised to crack down on costly junk fees.
The agency issued new guidance that requires large banks and credit unions to provide customers with basic information, such as account balances, without a fee.The FTC has made it clear that it’s misleading and deceptive to advertise prices that do not include mandatory fees. When companies don’t display honest prices, comparison shopping is more complicated, or impossible. The commission calls it “bait-and-switch” pricing.
“It's a win for consumers and also a win for honest businesses,” Murray told Checkbook. “This is not about limiting what businesses can charge for legitimate purposes, but it just levels the playing field so that consumers can make informed choices if they're comparing prices.”Because of junk fees, the initial price offered by many types of services is rarely the price you’ll actually pay.
“If you get into the process, and you realize that they’re sticking on fees that you weren't expecting and don’t want to pay, don’t be afraid to walk away,” Murray said.about junk fees, warning large banks and credit unions they can no longer charge fees for basic services such as asking about account balances, obtaining payoff amounts for loans, or getting account information needed for applications.
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