Biden administration cracks down on 'junk fees' ahead of midterms – NBC News

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WASHINGTON — The Biden administration introduced new measures meant to crack down on so-called junk charges charged by banks and different corporations as a part of a wider effort to attempt to decrease prices for People with the very best inflation in many years.
The Client Monetary Safety Bureau issued new steering Wednesday making it unlawful for banks to cost overdraft charges when on the time of buy the financial institution web site or ATM steadiness confirmed the client had sufficient cash of their account. The company may also make it illegal for banks to cost a price to a buyer who deposits a examine that then bounces.
“Every year these junk charges that corporations cost price People tens of billions of {dollars}, weighing down household budgets and making it more durable for folks to pay the payments, so my administration has taken motion to get rid of these,” President Joe Biden mentioned in remarks from the White Home on Wednesday.
In his remarks, the president additionally highlighted new rule necessities put into place final month on airways and on-line journey web sites to reveal charges for selecting a seat, checking a bag and different add-ons.
Biden mentioned his broader plan would deal with hidden lodge reserving charges, termination fees put in place by cable and web corporations and different “shock fees, the businesses sneaking the payments as a result of they will.” 
Because the midterm elections method, Biden has been more and more speaking about efforts his administration has been taking to decrease the price of fuel costs and well being care as he makes his closing pitch to voters, who have listed concerns concerning the economic system and inflation as their prime priorities.
“I do know it’s been a tricky few years, however from day one, my administration has been laser-focused on easing the burden going through working-class households and giving them, as my dad would say once more, just a bit respiratory room,” Biden mentioned.
Eliminating the 2 banking charges will save customers greater than $1 billion a 12 months, the White Home mentioned in an announcement. The administration has been pushing banks to drop overdraft and different charges associated to having inadequate funds and this 12 months overdraft charges are anticipated to be down 20% in comparison with 2019, the White Home mentioned.
Shannon Pettypiece is the senior White Home reporter for



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