Junk Fee Crackdown Begins

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ICYMI: Government Watchdog Launches Crackdown on Hidden Fees

In case you missed it, a government watchdog—the Consumer Financial Protection Bureau (CFPB)—announced it is launching a crackdown on banks and financial companies charging what they called "junk fees." The CFPB will be taking a look at late fees, overdraft fees, check imaging fees, stop payment fees, and more.

As we reported back in December, the CFPB found that banks made more than $15 billion in 2019 from these fees, calling out the banks for their "deep reliance" on these charges to make a profit. Since then, a number of banks have curtailed or stopped their use of these fees altogether, after the CFPB warned it would be cracking down on banks that use them.

If you feel like you've been charged unfairly by your bank, you're encouraged to email the CFPB at: FederalRegisterComments@cfpb.gov.

- Kristin

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