Americans are being hit with an extra $90 billion in hidden “junk fees” annually, potentially costing them an additional $650 per household. These fees, often tacked on at the end of a purchase, make it difficult for consumers to compare prices between vendors, leading to people spending up to 20% more than they had originally anticipated.
Junk fees can be found across various industries such as live event tickets, internet and cable services, apartment rentals, banking, and more. In response to this issue, some consumers are actively seeking out businesses that provide transparent pricing upfront. This change in behavior is starting to gain momentum, with customers like Noelle Weaver, Bradley Walker, and Merrilee Bridgeman sharing their experiences of surprise fees and added costs at different businesses.
President Joe Biden’s administration has acknowledged this growing concern and has taken steps to address it. By reducing overdraft fees and bounced-check costs, they hope to alleviate some of the financial burden these junk fees are placing on American households. Furthermore, a new bill called the Junk Fee Prevention Act has been introduced in Congress to combat these excessive, hidden fees and help protect consumers from being overcharged.
