With inflation sticking around, Biden targets 'junk fees'
With time running out before the election, President Joe Biden highlighted his administration’s push to crack down on so-called junk fees that banks and other companies charge their customers
By KEN SWEET
Published - Oct 26, 2022, 12:51 PM ET
Last Updated - Jun 24, 2023, 01:09 AM EDT
NEW YORK (AP) — With time running out before the election, President Joe Biden highlighted his administration's push to crack down on so-called junk fees that banks and other companies charge their customers. The announcement comes after months of high inflation has eaten away at Americans' savings and made the economy the top issue for voters.
Prior to the pandemic, banks collectively charged their customers roughly $15 billion in overdraft and bounced check fees, according to a bureau estimate. The bureau estimates that its new enforcement push on junk fees will save Americans roughly $3 billion in fees annually.
“These steps will immediately start saving Americans collectively billions of dollars in fees,” Biden said.
