Junk fees cost Americans tens of billions of dollars a year. They are a predatory, anti-competitive feature of many everyday transactions — booking a hotel room or plane ticket, buying a concert ticket or a car, using a credit card or checking account, switching cable or cell phone companies, and on and on. Overdraft fees alone drained $8 billion from working class Americans’ checking accounts last year.
These junk fees can make or break a family’s budget — and people are furious. More than 50,000 people encouraged the CFPB to ban overdraft fees that contribute to bloated bank profits. In less than a week, more than 6,000 joined Economic Liberties’ campaign to stop Ticketmaster from charging junk fees. And Americans across the country have joined our campaign to #EndAirlineGreed.
Now, the Biden administration isn’t just listening — it’s acting. CFPB Director Chopra announced new guidance today that makes clear surprise overdraft and depositor fees are illegal. President Biden touted the FTC’s new initiative to investigate and eliminate junk fees in industries all across the economy. And together, they promised to double down on efforts to put working families' economic well-being ahead of powerful corporations' record profits.
This is just the start.
Warmly,
Sarah
P.S. You can join thousands of Americans in fighting junk fees by taking part in our Break Up Ticketmaster and End Airline Greed campaigns!
