Skip to comments.US Banks Begin Charging Debit-Card Fees
Posted on 08/19/2011 10:33:05 AM PDT by throwbackEdited on 08/19/2011 11:57:37 AM PDT by Sidebar Moderator. [history]
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.
(Excerpt) Read more at foxbusiness.com ...
Idiots. We are headed back to a cash carrying society, and of course many of us will be carrying more than just cash — the lead is the heavier of the two.
Since we pay off our credit card every month, we'll just do it that way.
Recently I found out my bank had been charging me a Fee of $1 a month just for the privilege of having my debit card linked to my savings account.
At some point I think there will be a real opportunity for small community banks to come up and fill a need for those that want no frills accounts.
Guess we will see.
It is important that their “TEST” FAIL!
Write, phone, complain!
Close your accounts!
Make large transfers to your credit union!
I like it. This time the unintended consequences of stupid federal legislation is a retreat from the centralized trackability of every single little payment made in America. Not what the bureaucrats would have been looking for at all.
Knew it would be Wells Fargo. Hate that bank.
I use cash. They can shove their Debit card where the sun don’t shine.
People will respond by going back to using cash, and then it’ll be harder to track our purchases.
Doesn’t the ‘test’ have something to do with new punitive laws against banking in those states?
I hope is crashes.
“Knew it would be Wells Fargo. Hate that bank.”
A female coworker of mine used to call them “Well F* Me.” I loathe Wells Fargo. There were several times they stole money from me, including “accidently” adding hundreds of dollars of annual fees to my account. I eventually got that straightened out, but I got tired of my balance saying “Depostit, Deposit, Deposit” and then the running total reading less than the initial starting amount, without giving me access to my money. They also refused to close my account when I tried at several branches because “the computers won’t let us” even though I was allowed to withdraw my account to zero, and get a fee for having less than I was supposed to.
I also used Bank of America (many years ago, same time period), and they outright lied to me on several occasions. I will never again use either, but Wells Fargo is by far the worst Bank I have ever done business with, ever.
Idiots. The ATM card has saved lots of money for banks. Less tellers needed. Also, when debit card is used, the transaction clears faster, reducing float. In fact, when they were first introduced there was all sorts of incentives to use them.
If they drive customers back to checks or carrying more cash, they are only harming their own bottom line.
No, people will go to banks that don’t charge debit fees.
The brokerage firms, Fidelity, Charles Schwabb et al allow insured cash interest drawing accounts with debit and checking privileges. They also provide no charge ATM access, they pay the fee, at any ATM, any where.
Your checks are deposited directly to the account. It is all on the computer where you can see it all the time. It is secure.
The banks will suffer
“Make large transfers to your credit union!”
Oh yeah, I moved from a large back to a CU and I’m loving it: they treat you like people for one thing.
“People will respond by going back to using cash”
“and then itll be harder to track our purchases.”
The government is saying those using cash are “potential terrorists,” I wonder how this fits into their plan.
Nothing is done by accident, nothing.
They sure do, and they halved my interest rates on the balances I transferred to them!
Amazing, been with WF for over ten years and can’t find one bad word to describe them. I have never had anything but great service.
I think I've used my ATM cards as debit cards twice and each time the bank had to bribe me to do it (one was a pint of Häagen-Dazs ice cream with a debit card use and the other time was a few dollars in their rewards program). Then I immediately went back to my credit card.
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