Monthly Debit Card Fees Tested by Wells Fargo
Wells Fargo, who was recently named “Best Consumer Internet Bank” by Global Finance magazine, announced its plans to impose a $3 monthly debit card fee for customers in five states.
The monthly fee, which is set to take effect on October 14th in Georgia, New Mexico, Nevada, Oregon and Washington, comes as a result of the Federal Reserve’s decision to implement a cap on the amount banks can charge customers on individual debit card purchases.
“We regularly review our pricing and take into account the needs of our customers, industry trends, the market competition, and our cost of doing business,” a Wells Fargo spokeswoman said, adding “customers who don’t use their card during the month won’t be charged the fee and the fee will be waived for select accounts.”
Since the announcement of the Fed’s new “swipe fee” rules, which will take debit card interchange charges from 44 cents per transaction down to 21 to 24 cents beginning October 1, banks have been examining ways to replace the revenue, and JPMorgan Chase recently began testing a $3 debit card fee in northern Wisconsin.
If enacted in all states, the new monthly debit card fees would impact over 40 million customers at Wells Fargo, the second largest issuer of debit cards in the United States according to an April 2011 Nilson Report.
Tags : debit card fees, georgia debit card fees, monthly debit card fees, nevada wells fargo debit card fees, new mexico wells fargo debit card fees, oregon wells fargo debit card fees, wells fargo, wells fargo debit card fees, wells fargo monthly debit card fees
Posted: August 17, 2011
![[VIDEO] Now THIS is how you advertise motion gaming](http://www.inquisitr.com/wp-content/2010/09/this-is-how-you-advertise-motion-gaming-100x100.jpg)
![[VIDEO] Michael Jackson game fights pirates with vuvuzelas](http://www.inquisitr.com/wp-content/2010/12/jackson-vuvuzela-100x100.jpg)
![Grieving Pit Bull Stays with Dead Mate for 14 Hours [Video]](http://www.inquisitr.com/wp-content/2012/05/grieving-pit-bull-phoenix-arizona-2012-video-100x100.jpg)
![Skydiver Gary Connery Safely Lands Without A Parachute [Video]](http://www.inquisitr.com/wp-content/2012/05/gary-connery-100x100.jpg)
![Miley Cyrus Flashes Side Boob, Talks About Losing Her Viginity [Photo, NSFW]](http://www.inquisitr.com/wp-content/2012/05/o-MILEY-CYRUS-SIDE-BOOB-SEX-SCENE-VIRGINITY-570-100x100.jpg)
![Valeria Lukyanova: Model Seeks To Be Real-Life Barbie Doll [Photos]](http://www.inquisitr.com/wp-content/2012/04/barbie-doll-100x100.jpg)
Aug 17, 2011
Why add fees to only 5 states? Why add more fees to begin with? Wells F knows how to lose customers. I have been with them since 1983. I think it is time to join my credit union. At least the money will be here and not over some dozen or so states.
Aug 17, 2011
can you say – "going to another bank…" $36.00 a year to use my own money?
Aug 17, 2011
Wells Fargo has their hands out again! and don't give us anything. Banks should be hanging their heads in shame!
Aug 17, 2011
bigjohns is right. I'm sick of Wells Fargo. I shouldn't have to pay to use my own money. I'm going to a credit union.
Aug 17, 2011
ouch wachovia, wells fargo or what ever its called. Capital one, here I come…..
Aug 17, 2011
nice knowing you wells fargo.
Aug 17, 2011
Looks like its back to cash for all of us.
Aug 17, 2011
Me to take all my money out
Aug 17, 2011
Been waiting years to see this happen. Don't worry they'll all start doing this soon enough.
Aug 17, 2011
Yep, BoA pulled some fee crap back in July, too. So we said bye-bye.
Aug 17, 2011
For as many times I swipe my card a day, $3 wouldn't be so bad. Fortunately, I live in Texas.
Aug 18, 2011
They are testing it out in certain states to see the reaction before rolling it out full scale.
Aug 18, 2011
So what I gather is the government went in and kicked the banks around all in the name of "consumers". Now the banks are showing the government who is truly in charge! Let's see what else we can "fix". Cash for clunkers, oil consumption, and oh yeah, healthcare!
Aug 18, 2011
Its better than the nonsense Bush put us through during the mini-darkages we went through.