In his State of the Union, Biden called on Congress to pass the Junk Fees Prevention Act to reduce unexpected charges from banks and other service providers.
The president said these unnecessary or hidden fees are weighing down families' budgets and causing financial harm.
"Junk fees may not matter to the very wealthy, but they matter to most other folks in homes like the one I grew up in, like many of you did. They add up to hundreds of dollars a month," Biden said in the annual speech before Congress.Junk fees are additional, often hidden charges that can come from a range of lenders. They are not typically included in the initial price but tacked on at the time of payment.
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