President Joe Biden has made the removal of these fees a priority of his administration.
FILE - President Joe Biden talks with reporters after delivering remarks on student loan debt forgiveness, in the Roosevelt Room of the White House, Wednesday, Oct. 4, 2023, in Washington. The Federal Trade Commission on Wednesday proposed a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
WASHINGTON — The Federal Trade Commission on Wednesday proposed a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.“The proposed rule would prohibit corporations from running up the bills with hidden and bogus fees, requiring honest pricing and spurring firms to compete on honesty rather than deception,” saidon a call with reporters. “Violators will be subject to civil penalties and be required to pay back Americans that they tricked.” The FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees in order to provide basic customer services.Lael Brainard, director of the White House National Economic Council, said research indicates that hidden fees can cause consumers to pay as much as 20% more than had they known the total cost upfront and comparison shopped. The FTC estimates that consumers waste 50 million hours each year searching for the total price for tickets and lodging. The time saved in those two categories because of the rule would be equivalent to about $1 billion annually. But some business groups are skeptical that people will realize actual savings. After Biden discussed junk fees at a February meeting with aides, the U.S. Chamber of Commerce issued a statement that the “Washington-knows-best approach” would lead to fewer choices for consumers and make the economy less competitive.Former Mobile postal worker admits to stealing millions of dollars in checks from mailTaylor Swift set to conquer the box office with ‘The Eras Tour’
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FTC proposes a ban on 'junk fees' and says hidden charges push up pricesThe Federal Trade Commission is proposing a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration. Administration officials have said these additional costs can mislead, inflate prices and waste people’s time. FTC Chair Lina Kahn says violators will be subject to civil penalties and be required to 'pay back Americans that they tricked.”
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FTC proposes a ban on 'junk fees' and says hidden charges push up pricesThe Federal Trade Commission is proposing a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills
Read more »
FTC proposes a ban on 'junk fees' and says hidden charges push up pricesThe Federal Trade Commission is proposing a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
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FTC proposes a ban on 'junk fees' and says hidden charges push up pricesThe Federal Trade Commission is proposing a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
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FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
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FTC announces proposed rule to ban 'junk fees'Tom Costello is an NBC News correspondent based in Washington, D.C.
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