The Biden administration is encouraging companies to cut out so-called 'junk fees,' but will that transparency actually save you money? FOX43 Finds Out.
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,” said on a call with reporters.
The FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees 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 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.Biden targets junk fees with executives from Live Nation, SeatGeek and Airbnb
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