President Joe Biden promises to scrap "unfair" fees on concert tickets

These days, buying a concert ticket isn't as simple as paying for what you get. There are usually processing fees and other vague charges added in to rocket up the price of experiencing live music.

While a significant part of these charges could be due to ticket companies trying to bounce back from the massive hit of concert goers requiring refunds during the pandemic, many think the companies do it simply "because they can" - including current US President Joe Biden.

Biden has set his sights on trying to demolish these added charges, which he calls "junk fees".

During his speech on October 26, The President announced that he had asked his Competition Council to take on "the unfair hidden fees known as 'junk fees; that are taking real money — real money out of your pockets — real money out of the pockets of American families."

On top of concert processing charges, some other examples include surprise banking overdraft fees, excessive credit card late fees, hidden hotel booking fees, and termination charges to stop consumers from switching cable and Internet plans. 

As the President explains, these are "surprise charges that companies sneak into bills because they can."

Yesterday, on November 3, Biden revisited his plan in a tweet, with a heavier focus on the issue of unnecessary concert charges. He wrote: “I know hidden junk fees – like processing fees on concert tickets – are a pain,” the President wrote. "They’re unfair, deceptive, and add up. That’s why, last week, I called on my Administration to crack down on these fees and put that money back in your pocket.”

Earlier this year, conversations surrounding high ticket prices hit headlines when Bruce Springsteen's team came under fire due to the whopping price of his concert tickets, with the highest total tallying up to a huge $5000, courtesy of Ticketmaster's "dynamic pricing" scheme.