With Americans feeling pinched, Biden targets 'junk fees'

With time walking out earlier than the election, President Joe Biden highlighted 

his administration's push to crack down on so-called junk charges that banks and different corporations cost their customers.

The announcement comes after months of excessive inflation has eaten away at Americans' financial savings

and made the economic system the pinnacle trouble for voters.

Biden was once joined by means of Rohit Chopra, the director of the Consumer Financial Protection Bureau,

the nation's economic watchdog enterprise created after the Great Recession.

The bureau is focused on overdraft expenses charged by using banks as nicely as horrific test fees,

which are levied towards a financial institution purchaser when a take a look at is not valid.

The bureau's preparation would make it unlawful for banks to cost an overdraft price on a transaction

when a customer's account suggests effective stability at the time of purchase, or when they withdraw cash from their account.