Federal government investigates additional fees and hopes to save consumers billions of dollars

The Consumer Financial Protection Bureau is planning a crackdown on what it calls unwanted charges. Authorities call this “fee saving” and believe it hides the true price of a purchase.

The CFPB took a deep look at fees in 2019. It found that credit card companies were charging over $14 billion in punitive late fees. Bank overdraft fees amounted to $15 billion. These are lucrative ventures for financial institutions and cost consumers billions of dollars.

The government’s financial watchdog group wants to hear from you. He wants to know your stories of feeling cheated by charges that can add up.

It’s a list of the kind of experiences they want to hear about – charges for things you thought the price covered; unexpected costs for a product or even a service; fees that seemed too high; and charges for which it was not clear why they were charged.

The focus is on financial institutions, so think about these costs when it comes to your bank or credit union, credit cards, prepaid cards, mortgage, loan, and even payment transfers.

Anyone can participate: consumers, researchers, academics, government officials, small business owners, legal aid and non-profit organizations.


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