“These fees impede competition by making it difficult for families to shop around based on the actual cost of a product or service,” the bureau said in a blog post. “We want to hear from stakeholders—including consumers and small business owners—from across the financial marketplace about their experiences with fees associated with financial products and services.” The bureau defines junk fees as fees that are hidden from the customer, charged for obscure reasons, appear too high for what they provide, or seem like they should be covered by the basic cost of a service. Its recent focus on one particular type of fee it categorizes as junk—fees charged to people who overdraw their accounts—has already led the country’s biggest banks to curtail or abandon them. It’s typical for federal agencies making new rules to solicit comments from the public, and the bureau said the input it receives about junk fees will help shape its rulemaking and enforcement process. Here’s the official website where you can chime in. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com.
