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Federal agency taking a look at 'junk fees'
The Consumer Financial Protection Bureau wants to hear from you about a time you've felt gouged by fees that can add up to more than the actual cost of the original purchase.
ATLANTA - The Consumer Financial Protection Bureau plans a crackdown on what it calls junk fees. The feds call it the "fee economy" and believe it obscures the true price of a purchase.
The CFPB took a deep dive look at fees in 2019. It found the credit card companies charged more than $14 billion in punitive late fees. Overdraft fees from banks came in at $15 billion. Those are money-making ventures for financial institutions, and cost consumers billions of dollars.
The government financial watchdog group wants to hear from you. It wants to know your stories of feeling gouged by fees that can add up.
This is a list of the type of experiences they want to hear about — fees for things you thought were covered by the price; unexpected fees for a product, even a service; fees that seemed too high; and fees where it was unclear why they were charged.
The focus is on financial institutions, so think about these costs as they relate to your bank or credit union, credit cards, pre-paid cards, mortgage, loan, even payment transfers.
Anyone can participate: consumers, researchers, academics, government officials, small-business owners, legal aid, and non-profits.
Get started here: CFPB ADD-ON FEE COMPLAINTS