Banks make billions in overdraft and other ‘junk fees.’ Biden officials want that to end.

“In many cases, junk fees often act as penalties, like with non-sufficient funds and credit card late fees, rather than compensation for a legitimate service,” Rohit Chopra, director of the Consumer Financial Protection Bureau, said during a recent press call. “While it may make sense for banks to pass on the cost for extra services provided, many complain that these fees are far higher than the service is really worth.”