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Monday, July 24, 2023

The Daily Money: Why Biden's crackdown on junk fees may not save you money

The Biden administration has made it a priority to eradicate junk fees, but some experts doubt a crackdown will translate to significant savings.

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Jul 24 2023

 

Bailey Schulz Money Reporter

@bailey_schulz

Happy Monday, Daily Money readers. Hope everyone had a great weekend, whether you were one of the many (many, many) people to take part in the Barbenheimer phenomenon or just decided to stay home to avoid facing the massive heat wave

Let's start off the week by taking a look at junk fees.

You've likely experienced sticker shock from them yourself, whether from a resort, airline or bank. President Joe Biden's administration has made it a priority to eradicate these fees, but some experts doubt a crackdown will translate to significant savings for Americans if businesses just roll the fees into total pricing.  

"There might be some political PR points to be won in terms of fighting for the consumer, middle-class Joe .... but the fees are like a game of whack-a-mole," said Ted Rossman, senior industry analyst at consumer financial services company Bankrate. "When one goes down, another pops up." 

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U.S. President Joe Biden speaks during an event about lowering health care costs in the East Room of the White House on July 7, 2023 in Washington, DC. President Biden announced a series of new actions under his "Bidenomics" agenda to lower healthcare costs and crack down on junk fees for consumers. (Photo by Drew Angerer/Getty Images)

Drew Angerer, Getty Images

Twitter rebranding with new logo

Elon Musk has officially changed Twitter's logo from the iconic blue bird to a black-and-white "X" – the latest big change since he bought the company for $44 billion last year.

The new logo appeared on the desktop version of Twitter Monday, however, the bird is still prominent on the mobile app. Musk on Sunday said the company will doon "bid adieu to the twitter brand and, gradually, all the birds."

In a series of tweets about the platform rebranding, Twitter CEO Linda Yaccarino said X will transform the "global town square."

"X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services and opportunities," she wrote. "Powered by AI, X will connect us all in ways we're just beginning to imagine."

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🍔 Today's Menu 🍔

Happy National Tequila Day. Some of the deals and drinks to try today include:

Tex-Mex restaurant chain Chuy's has drink specials all day Monday including $5 top-shelf tequila, $1 floaters to top off your drink and a limited-time frozen raspberry margarita.
Special tequila cocktails, including a Dragon Fruit Margarita or a $4 Tequila Sunrise, can be found at TGI Fridays.
On the Border is serving up $5.99 house margaritas and $9.99 Marky Margs, made with "Marky Marg," featuring Mark Wahlberg's Flecha Azul Tequila. Also available: $1.29 Meltdowns (a shot of your favorite tequila or liqueur added to your drink), plus ½ off appetizers all day.
Arizona-based restaurant chain Macayo's has $7 margarita flights on Monday.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Some customers and experts claim families are broadsided with junk fees and surcharges.

President Joe Biden's efforts to eliminate junk fees won't necessarily save shoppers any money, critics warn. Here's why.

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Twitter has a new logo: Musk drops bird for black-and-white 'X'

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It's National Tequila Day! See deals, recipes and drinks to try

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A 2023 Dodge Charger. Dodge will stop producing the model in December.
 

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People are holding off on buying cars: How to find a good deal

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The 2023 Toyota Corolla Cross, an all-new subcompact SUV version of the Corolla sedan. The Corolla Cross is also available as a hybrid.
 

Toyota, Mazda, Nissan among 436,000 recalled vehicles. Check here.

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First Barbie dolls to fly in space debut at Smithsonian museum

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