The Biden-Harris administration unveiled sweeping action to shield Americans from billions in deceptive junk fees. These fees, often hidden in fine print, have been costing families tens of billions annually, making it challenging for consumers to find the best deals and for honest businesses to compete.
The FCC’s proposed rule would mandate businesses to disclose full prices upfront, eliminating surprise charges on the banking front. The Consumer Financial Protection Bureau (CFPB) is stepping up and pushing for transparency, meaning large banks and credit unions will soon be required to provide essential services, like checking account balances, without slapping on additional fees.
Plus, a forthcoming rule aims to make it simpler for consumers to switch banks, promoting competition based on service quality and transparent pricing. The crackdown has already reaped benefits; balance check fees have plummeted by over 86 percent since 2021.
So as the White House doubles down on promoting competition and transparency, one has to wonder, are we finally seeing an end to the era of hidden fees?