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Wells Fargo to Charge $3/Month to use Debit Cards

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




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Sooo what they want us to do

Sooo what they want us to do is have a run on the banks and clean them out of all their federal reserve notes?

Time to start paying everything by mail again?

The banks are stupid.

They are like brick-and-mortar storefronts who tried to buck the internet. They lost.

The internet can spring up an unlimited number of transaction agencies like PayPal. The banks, in their "infinite wisdom" apparently think that they are immune to competition. They are going to be out of business soon, if they don't compete.

The minute that my bank puts that kind of charge on my debit card, I'll just begin using an internet payment service, and the bank will lose my business instead of making their measly $3 per month.
They are idiots. Evil idiots.

I just got a notification

in the mail from SUNTRUST they will be charging $5 a month to use the debit card or ANY transaction that uses it such as utilities and such.What's strange to me is that on some of my bills it doesn't allow you to pay via bank account # only debit or credit card.
They also want to charge a $7 monthly fee for checking but I have direct deposit so it's waived...my job REQUIRES direct deposit...I'm not sure how that's legal but whatever because I've tried to get out of it and been told I can't.

I'd rather die on my feet than live on my knees...

I hope your looking for a new

I hope your looking for a new bank. Credit Union?

Yes

My car loan is through a local one and I have a free account there I just don't use it.Thanks though.

I'd rather die on my feet than live on my knees...

Good thing I don't use debit cards.

Debit cards are evil and now they just got a little more evil.

I guess if I used them I wouldn't care too much for this new fee.

But if you have an ATM card you have to tell the bank to remove the debit card capability ao it can't be used as a debit card.

They'll resist so you have to be firm.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul