Solving the “junk fees” issue with ChatGPT
What’s a “junk fee”? Simply put, it’s any charge beyond what you’ve agreed or expected to pay for a product or service. For a credit card, it can be a late fee. For debit, an overdraft or NSF fee. For a hotel, a “resort fee” slapped on the bill when you check out.
I didn’t come up with the phrase. That goes to the CFPB, or Senator Elizabeth Warren. Or a nameless intern with a knack for catchy terms.
Either way, it’s in the national discussion. The CFPB has an entire section dedicated to Junk Fees across a range of industries. They have things to say about overdraft fees, no doubt. I mean, we do agree on that.
NAFCU took a different position, claiming that the current arrangement is fine and to let credit unions handle it. They’ll come up with the best strategy for their members and institution, as their press release explains.
