Bear12feet
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- Aug 14, 2011
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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.
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.
In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.
Read more......
Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come? - DailyFinance
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.
In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.
Read more......
Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come? - DailyFinance