![]() Second, my administration is also making clear: Surprise overdraft fees are illegal. And my administration is making clear today it’s illegal as well. You didn’t know it was bad, but you get charged 15 bucks. Days later, that check that you got paid with, that you deposited into your bank, it bounces. ![]() Pays you 30 bucks for the bicycle or something. So my administration is taking action to eliminate these fees.įirst, imagine this: Your child outgrows his bicycle, and you decide to sell it online, and someone pays you a check. And they’re going to come down even further when gas companies - when the oil companies agree to our demand - my demand to pass on the savings from the price of a barrel of oil, which is considerably down, to the pump, where, in fact, you get - you’ll get charged by the gallon.Įach year - but each year, these “junk fees,” in addition, that companies charge cost Americans tens of billions of dollars, weighing down family budgets and making it harder for people to pay their bills. The most common price right now in America is $3.39 a gallon, and it’s going to come down more. But even with the historic recovery we’re seeing in the economy of 10 million new jobs and unemployment at 3.5 percent, gas prices are continuing to go down.Īnd because they’re going down, we’re making serious progress in getting prices close to what they were before the pandemic. They’re down $1.25 a gallon from the beginning of the summer, and gas prices in the decade before the pandemic were averaging $3.30 - before the pandemic, before I got here.ĭuring the pandemic, there was - no one was driving, so the gas prices went down. We’re making progress on bringing down costs to families.Īnd, by the way, the price of gasoline continues to fall. The way I think about it is the way - and you’ve heard me say it before - my dad used to talk about it, and so many other people talk about it around their kitchen tables: How much are your monthly bills? How much do you have to pay for necessities? And is there enough left over just to have a little breathing room? Remember we talked in the beginning of the administration about the study done - I think it was at Penn - that if an average family got $400 in charges or bills in a month, that they couldn’t pay they’d have to sell something and/or have to - or have to borrow the money? Well, this adds up to more than $400 for a lot of families. In fact, there’s an entire industry that’s popping up in America to help companies use complicated algorithms to hide fees that hurt consumers and help them. Surprise charges that companies sneak into bills because they can. Things like, as been mentioned, surprise banking overdraft fees, excessive credit card late fees, hidden hotel booking fees, or those huge termination charges to stop you from switching cable and Internet plans to a better deal. One of the key things I’ve asked the council to take on was the unfair hidden fees known as “junk fees” that are taking real money - real money out of your pockets - real money out of the pockets of American families. Chopra, as well as the Chair of the Federal Trade Commission, Lina Khan.Īnd we’re remembering - we’re - they’re members of the Competition Council that I created last year to promote competition across the economy and lower costs for families. ![]() Today, my administration is announcing new actions to lower the cost of everyday living for American families, to put more money in the pockets of middle-income and working-class Americans, to hold big corporations accountable.Īnd these steps will immediately start saving Americans, collectively, billions of dollars in unfair fees.Īnd I’m here with the Director of the Consumer Financial Protection Bureau, Mr. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””. ![]() Administration Show submenu for “Administration””.
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