Wells Fargo to Charge $3/Month to use Debit CardsSubmitted by bobbyw24 on Wed, 08/17/2011 - 08:52
A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.
Wells Fargo already sent letters to customers in Georgia, New Mexico, Nevada, Oregon and Washington that the fees will begin Oct. 14, according to MyBankTracker.com. That's just two weeks after Federal Reserve-mandated rules slash the amount banks can charge retailers for every debit card purchase. Regulators reduced the maximum bank take on each transaction from 44 cents to 24 cents.
A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions, according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.
See full article from DailyFinance: http://srph.it/rs2Qqh