Credit card late fees capped at $8 under Biden crackdown on 'junk fees' - eviltoast
The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.
  • brianorca@lemmy.world
    4·
    10 months ago

    But the fees for check processing were already baked into the system before credit cards even existed, so they’re not allowed to charge extra for a check, no matter how much they want to be rid of them.

    • Eatspancakes84@lemmy.world
      4·
      10 months ago

      These systems can change as they have done everywhere except in the US. In most of Europe digital transfers are free and checks virtually nonexistent.