Americans are living in a “gotcha” economy, where the advertised prices for goods and services are rarely the price they pay. Whether buying a car, booking an airline ticket, attending an event or signing up for telecommunication services, hidden added fees — most of them mandatory — significantly boost the final price, often without the consumer’s advance knowledge or consent.
“Consumers are being deliberately fooled by advertised prices that fail to include the full amount they’ll have to pay, not just for cars but for an increasing number of goods and services,” said Susan Grant, director of consumer protection and privacy at the Consumer Federation of America. “It’s not a brand-new issue, but it’s a growing trend. We’re increasingly finding that advertised prices deviate significantly from what the consumer faces at check-out.”
Indeed, a series of reports issued in the past month by regulators and consumer advocates have detailed a raft of sneaky, hidden fees that affect everything from hotel bookings and airline reservations to banking and college costs.
Here are the five most egregious hidden fees and what you can do about them:
Good students often have significant bargaining power to reduce their final cost of attendance if they’re willing to make the price tag a major factor in their college choice. However, colleges are more likely to bargain for students who have other good options and are at the top of their academic acceptance range given grades, SAT/ACT-scores and other factors, such as sports and outside activities.
For instance, in Florida, where these fees are not regulated, dealerships can add as much as $999 for “documentation fees,” that supposedly reimburse the dealership for filling out purchase paperwork, according to car shopping service Edmunds.com. Ten states limit these fees to as little as $75. In other states, the fee is completely at the dealerships discretion.
In addition, some dealerships also levy “floor plan” fees; “dealer preparation” fees; advertising, destination, delivery and processing fees. All are discretionary.
Those who don’t like the negotiating process may also benefit from services, such as Costco’s ( COST ), that prenegotiate the price of vehicles at a set level below invoice and demand clear and upfront disclosures.
The New York attorney general , for instance, has already suggested that these fees may violate New York laws. Additionally, if not clearly disclosed in ads, these mandatory fees may also violate Federal Trade Commission (FTC) rules regarding deceptive disclosures. Both agencies — as well as most other government offices — offer an online complaint process that can be completed in minutes.
Indeed, said Grant, honest hoteliers who disclose the full cost of a stay upfront are put at a disadvantage by these sneaky levies, which are often collected at the end of the hotel stay or added on like a tax when the consumer is paying for the booking.
Adding mandatory fees that weren’t disclosed before booking is likely a violation of Unfair and Deceptive Practices acts, which are overlaid in both state and federal laws. If you’re hit by one of these fees, complain to the FTC and your state consumer affairs department.
Calling the big four — AT&T ( T ), Verizon ( VZ ), Comcast ( CMCSA ) and Charter — an “oligopoly on steroids,” Consumer Federation of America (CFA) recently delivered an extensive report to the Senate Judiciary Committee that contends consumers are being overcharged by an average of 25 percent.
If you have a choice of cable, TV, phone and internet providers, shop around. If you have no choices and feel you’re being overcharged and underserved, complain to the FTC.
It’s worth noting that federal and state legislatures, as well as some government regulators, have the authority to require “all-in” pricing, said Grant. However, some agencies have been reluctant to use this authority, which makes it all the more important that consumers make their dissatisfaction heard, she said. The internet makes filing a complaint with a regulator and your own elected representatives a relative breeze.
You can find your elected representatives here .
The Federal Communications Commission’s complaint forms are here.
The Federal Trade Commission’s complaint forum is here.

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Wells Fargo Securities on Monday upgraded large-cap U. S. banks to overweight from market weight, citing the potential for corporate tax reform and deregulation to boost earnings for financial firms. The investment bank named Bank of America its top pick in the industry for 2017.
«We see up to 26% EPS [earnings per share] upside potential for the banks in 2018,» equity analyst Matthew Burnell wrote in a note to clients.
Wells Fargo believes a combination of higher interest rates, faster GDP growth, lower corporate taxes and industry deregulation under President-elect Donald Trump could propel bank stocks to new highs in the months ahead.
Since Nov. 8 election, the S&P financial sector is the best performing industry group, up nearly 18 percent compared with a return of 6 percent for the S&P 500.

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The secretary said consumers are facing higher credit costs as mortgage interest rates increase.
«After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,» said Castro.
«This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers. »
The new rates come as the FHA enters a fourth straight year of improved economic health, the administration said. The FHA gained $44 billion in value since 2012.
«We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers. Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families,» Ed Golding, principal deputy assistant secretary for HUD’s Office of Housing, said in the report.

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Our live blog is tracking market reactions as sterling falls sharply against the dollar in forex trade.
We’ll bring you the latest analysis below.
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When JPMorgan Chase ( JPM ) introduced its Chase Sapphire Reserve credit card last year, it quickly climbed to the top of the elite credit-card heap because of its generous sign-up bonus.
The card offers 100,000 rewards points , which translates into a travel reward valued at $1,500 for people who spend $4,000 on the card within the first three months. But starting on January 12, Chase is slashing the reward bonus to 50,000 points, which means consumers who have been sitting on the fence may want to apply before January 11, said NerdWallet credit and banking expert Sean McQuay.
“It’s an eye-popping, jaw-dropping sign-up bonus,” McQuay said. “That card went from not existing to being the most popular premium credit card on the market overnight.”
While Chase succeeded in propelling its card into the wallets of thousands of well-heeled consumers, that popularity has come with a downside for the bank: JPMorgan Chase CEO Jamie Dimon said last month that the card would lower the company’s fourth-quarter profits by $200 million. That helps explain why the bank is slashing the card’s sign-up bonus in half starting on Thursday.
Even without the huge 100,000-point bonus, the card will remain a good deal for some consumers, McQuay noted.
“At that point, on January 12, it’s still the best travel card on the market, but I think most Americans are better off with a cash-back card” because they tend to have no annual fee, he said.
The Chase Sapphire Reserve card may continue to make sense for consumers who can afford its hefty annual fee, which stands at $450, and who also travel regularly. It’s also important to understand that the bonus is contingent on spending $4,000 within the first three months, which might only make sense for consumers who plan to make a large purchase soon after signing up.
While the rewards points bonus will be slashed, other perks will remain past January 12, such as a $300 credit each year for any travel spending a card holder puts on the card. Other perks include access to airport lounges through the Priority Pass network and $100 for paying for TSA Pre-Check or Global Entry.

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