CNBC, March 8, 2023, Biden Wants To Kill Junk Fees — Here’s What Could Change And How You Can Minimize Fees Right Now
Nobody enjoys paying fees, but we mostly accept them as an unavoidable part of life. Some bills, however, are beyond the pale and have become targets for new government restrictions. But you don’t have to wait for the government to take action to reduce your exposure to junk fees. Below, CNBC Select details the new and proposed fee restrictions, as well as how to limit the fees you pay.
Ferreting out junk fees can be tricky and different products and services have their own red flags. But in general, if something sounds too good to be true, you should take a closer look.
Some financial services or products may be characterized as free, “but are really funded through back-end fees,” says Adam Rust, Senior Policy Advisor with the National Community Reinvestment Coalition. “It makes comparison shopping virtually impossible because you don’t really know what fees you’re likely to incur.”
Rust highlights bank accounts as one product that’s particularly hard for comparison shopping.