President Biden this week jumped on the so-called “junk fee” bandwagon and called on federal regulators to eliminate them.
And he singled out overdraft fees as particularly odious.
“[W]hat we’re talking about today is something that’s weighing down family budgets: unnecessary hidden fees—unnecessary hidden fees, known in the parlance as ‘junk fees,’ are hitting families at a time when they can’t afford it,” he said, as he opened a meeting of the White House Competition Council Monday. “They shouldn’t be paying it anyway, in my view—but [especially not] at a time when they can’t afford it.”
The President gave several examples, including citing overdraft charges on checking accounts and credit card late fees.
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