Friday, February 10, 2023

no more junk fees, please

Dear Faustina --

The day after the President targeted junk fees in his State of the Union address, we took your petition signatures and stories about unfair junk fees directly to the Federal Trade Commission – demanding it stop companies from charging you these outrageous and arbitrary fees.

[NOTE: I had signed the petition about two weeks ago.]

More than 40,000 of you signed our petition, and hundreds more shared your frustration over junk fees on your bank accounts, hotel rooms, airline and concert tickets, and internet/cable services. You can read our comments to the FTC here (pdf)

We have HUGE momentum in the fight against junk fees. Not only is the FTC investigating these fees, the President is calling on Congress to pass the Junk Fee Prevention Act, and our experts are working right now to make sure that proposed legislation is as strong as possible.

Faustina, you helped make this happen! And we hope you’ll keep fighting with us in the coming weeks and months as we pressure federal regulators and members of Congress to end these fees, which can cost the average family more than $3,200 a year!

One thing you can do right now is to share our petition against junk fees with friends and family so they can be part of this money-saving campaign. We will need every consumer to join this fight, since so many corporations make huge profits off these junk fees.
Share the Petition

Share Your Junk Fee Story

Thank you again for all you are doing to fight junk fees. And we will back in touch soon with more ways we can work together to end these fees once and for all.

Marcus Jones
Consumer Reports
 
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Always nice to get a pat on the back for doing the right thing.
Even better to find out that what you do has an impact on making life better for all.
Thanks, Consumer Reports, for letting me know that what I do helps!

1 comment:

Consumer Reports said...

Faustina, we did it again! Thanks to your work with Consumer Reports demanding an end to outrageous fees and hidden junk fees, new rules will help save the average family hundreds of dollars and countless hours each year!

On Tuesday, the Federal Trade Commission ended the bait and switch tactics by hotels and ticket sellers who advertise one price, but pad the final bill with hidden junk fees. This spells an end to hidden ‘resort,’ ‘convenience,’ and ‘service’ fees, and requires up-front total pricing – making true comparison shopping and competition a reality.

The FTC estimates the new rule will save consumers 53 million hours of time each year in comparison shopping for tickets and hotel rooms, since you’ll know the real price before you reach the checkout window. Imagine that!

You also helped us score another big victory, Faustina, when it comes to the outrageous fees banks charge for overdrawing checking accounts. Last week, the Consumer Financial Protection Bureau required big banks and credit unions to limit overdraft fees to $5, or an amount that covers “no more than costs or losses."

Considering some banks were charging $35 for overdrafts – despite the average account being overdrawn by $26 – this is a big win for our wallets. It’s expected this rule will save households that pay overdraft fees $225 a year. And these pro-consumer wins come on the heels of another CFPB decision earlier this year that limits credit card late fees to $8, saving the average family that is charged late fees $200 a year.

These HUGE wins are a result of our years-long consumer campaign to stop outrageous junk and hidden fees!