US Banks Begin Charging Monthly Debit-Card FeesSubmitted by DeMolay on Wed, 08/17/2011 - 19:31
-Wells Fargo to pilot $3 monthly debit-card fee in some markets
--SunTrust and Regions among those that will charge fee
--TCF Financial predicts every bank will end up with some fee
By Matthias Rieker and David Benoit
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.
Wells Fargo, the nation's second-largest bank by deposits, will charge a $3 fee for debit and automated-teller-machine cards as of Oct. 14 in several states if such cards are
used for purchases (but not for ATM usage). The bank said it is a pilot program, and it will monitor how people respond.