Remarks by President Biden on Protecting American Consumers from Junk Fees

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. Individuals who believe they have been subjected to discrimination, harassment or retaliation are encouraged to report what happened. John Garvin shared his theory on why the post-apocalyptic action-adventure didn't get more praise during its release. After reports of a troubled development period, Ghost Story Games finally shed light on its debut title. The latest Grand Theft Auto Online update brings a new "trippy" storyline and many other goodies into the game.

There are tens of billions of dollars in other junk fees across the economy, and I’ve directed my administration to reduce or eliminate them. Today’s actions are going to save consumers more than $1 billion each year. And that’s a lot of money back in people’s pockets. And because they’re going down, we’re making serious progress in getting prices close to what they were before the pandemic. 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?

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We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better. And we’re going to keep taking concrete actions like this — you’re going to hear more from me on this — to make sure it does. And when it go — when it does, not only are they going to do well, the wealthy will do very well as well. The benefit and the belief that the backbone of America are people who get up every morning and work for a living, put on their shoes, get out of bed, and go to work.

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You’re charged an overdraft fee that runs around $35 each time. During the pandemic, there was — no one was driving, so the gas prices went down. 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. And 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. A "hidden" chapter in Bayonetta 3 alluded to the existence of the upcoming origin story game.

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The company reportedly has a policy of using only internal game engines to develop its first-party titles. They’re going forward with — the Director’s team is also developing rules for guidance that would require banks to go even further in addressing additional types of junk fees. You know, we’ve been working on this for a while. I know it’s been a tough few years.

But from day one, my administration has been laser-focused on easing the burden facing working-class families and giving them, as my dad would say again, just a little breathing room. Then it turns out your balance wasn’t up to date because your bank was slow in processing other charges. And by the time the bank gets around to setting — settling the transaction, you’ve overdrawn your account.

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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. 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. Surprise charges that companies sneak into bills because they can. But it’s — I just think that one of the things that I think frustrates the American people is they know the world is in a bit of disarray. They know that Putin’s war has imposed an awful lot of strains on Europe and the rest of the world and the United States, everything from him blocking grain shipments to oil.

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They’re going to charge you for that without telling you. Your ticket is going to cost a heck of a lot more. This site requires Javascript in order to view all its content. Please enable Javascript in order to access all the functionality of this web site.

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You had a positive balance when you paid the bill. And today, my administration is making clear it’s also illegal. And, by the way, the price of gasoline continues to fall. It’s down for the third week in a row.

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And, by the way, I’m going to be working very hard to make sure that oil companies pass on the reduction in the price of a barrel of oil to the pump. Folks, there are two very different ways of looking at our country. One is, as I’ve said before, the view from Park Avenue, which says help the wealthy and maybe that’ll trickle down to everyone in the country. The other is from Scranton or Claymont or thousands of cities across the country like the place I grew up. I’m not saying they can’t charge it, but they got to let you know they’re going to charge it.

They’re the ones who built this country. That’s who our economy should work for. Fifteen of the nation’s twenty largest banks are voluntarily getting rid of bounced check charges entirely. The Department of Transportation is working on rules that would require airlines and travel sites to disclose fees up front, fees like things if you want to sit next to your young child. Or your — check your baggage or change your ticket.

Because when companies compete, products get better, prices go down, wages go up. We encourage innovation when that occurs, and America leads the world. Last week, the Federal Trade Commission started work on a rule to crack down on unfair and deceptive fees across all industries, fees that were never disclosed — never disclosed. And there was no way to avoid the fee, like processing fees for concert tickets or like resort fees. When you think you’re paying one price to book a hotel, you only find out after checking out that there’s a “resort fee” you never heard about that’s added to your bill.

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What — what’s the — what’s the charge if they’re going to come home from school? It doesn’t add up to billions for the individual but it adds up to two, three, four hundred bucks for average families. And in addition to taking action today to restrict two particularly egregious types of banking fees, my administration has pushed banks to reduce the fees they charge for consumers across the board. The most common price right now in America is $3.39 a gallon, and it’s going to come down more. And we’re working to lower prices and increase competition across the whole economy.

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