Hidden Fees Cost Americans Billions — New Proposal Could Stop That

A proposed junk fee ban from the FTC could save Americans billions of dollars, if it goes through. Here's what's at stake.

A woman calculates expenses and hidden fees
(Image credit: Getty Images)

Junk fees sneak added costs past consumers looking to save money. To combat this, the Federal Trade Commission has proposed a new rule that could make pricing more transparent across the board.  

The Federal Trade Commission (FTC) proposed a new rule last week that could impact the entire economy if approved. The FTC received over 12,000 complaints from American consumers in 2022 who were at wit's end with hidden “junk” fees. The FTC defines junk fees as "hidden and bogus fees that can harm consumers and undercut honest businesses."

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Seychelle Thomas
Contributing Writer

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible.