In yesterday’s news, Wells Fargo has announced plans to test a $3 monthly fee for customers using debit cards. This is the latest initiative to come from the banking industry as a means to recoup losses from shrinking deposit fees. Whether it will prove acceptable to customers is another matter.
According to a report in yesterday’s San Francisco Chronicle, Wells Fargo will starting testing the monthly $3 debit card fee this fall. The fee will be applied to debit cards tied to all checking accounts opened in test states starting in October. This new fee would be in addition to the monthly service fees Wells Fargo already imposes on its checking accounts. Wells Fargo also announced that it is doing away with its debit rewards program.
Wells Fargo is the latest bank to jump on this larger trend of scaling back customer perks and imposing new revenue-generating fees. Some analysts say that this latest announcement is partly in response to the new limit on how much banks can collect from merchants for debit card fees.
LA Financial will not charge for debit cards. We will also continue to offer FREE checking and FREE billpay.
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I don't understand why people still bank with banks. Credit Unions are the way to go.
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