No one would have ever described the ticket-buying experience as “fun,” but these days it’s more tiresome and annoying than ever thanks to the existence of hidden fees, transaction fees, digital fees, and more. These “junk” fees have become the aim of a new crackdown by President Biden.
These junk fees apply to more than just concerts, including banks, airlines, cable companies and other industries, as well.
Writes CNBC:
He cited processing fees for concert tickets, “resort fees” at hotels, “excessive” credit card late fees, airline booking fees and termination charges to keep consumers from switching cable or internet plans as some of the fees the administration is tackling.
At the White House Press Conference, President Biden was joined by Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and FTC Chair Lina Khan. CFPB already instituted new guidance directed at banks and surprise overdraft fees, and the administration is “just getting started.”
I know hidden junk fees – like processing fees on concert tickets – are a pain.
They’re unfair, deceptive, and add up.
That’s why, last week, I called on my Administration to crack down on these fees and put that money back in your pocket.
— President Biden (@POTUS) November 3, 2022