President Biden takes strong stance against hidden “junk” fees to protect consumers
In a bid to safeguard consumers from unexpected financial burdens, President Biden has announced a comprehensive initiative targeting hidden “junk” fees that have become increasingly prevalent in everyday transactions.
In a statement, he emphasized, “We’re cracking down on hidden ‘junk’ fees like surprise overdraft and deposit fees, credit card late fees, and hidden hotel booking fees.”
The president’s remarks shed light on the myriad charges that often catch consumers off guard, contributing to financial strain.
He also pointed out the frustrations linked to termination fees, stating, “Even those termination charges that stop you from switching cable and internet plans to get a better deal.”
Highlighting the cumulative impact of these fees, Biden asserted, “They add up. We’re taking action.”
This initiative aims not only to enhance transparency in pricing but also to empower consumers to make informed financial decisions without the fear of hidden costs.
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