President Biden ask Congress to pass bill to stop high and hidden fees on consumer transacations.
President Biden called on Congress to crack down on "junk fees" in his State of The Union address, but what are they? And what's being done about them? FOX 26's Consumer Reporter Heather Sullivan shares how to avoid them in the first place.President Biden called on Congress to crack down on "junk fees" in his State of the Union Address.
The fees just keep adding up. Like $30 for over-drafting your bank account to buy a $3 cup of coffee."We have a payment system that has become a reverse Robin Hood. Low-income people who are living paycheck to paycheck, get hit with fees, minimum account fees, overdraft fees," said Aaron Klein, a senior fellow at The Brookings Institute.
"Those hidden surcharges too many companies use to make you pay more," he said, referring to airline booking fees, service fees for buying tickets, resort fees, early termination fees from cell phone, TV, and internet providers, and high late payment fees. The Consumer Financial Protection Bureau is proposing limiting credit card late payment fees from as high as $41 to as low as $8.
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