Wells Fargo: $3 Monthly Debit Card Fee

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Wells FargoIt was only a matter of time before we’d see the effects of the watered down Durbin Amendment. The Durbin Amendment originally capped debit card fees at 12 cents but after some wrangling, the Federal Reserve ultimately capped the rate to 21 to 24 cents, nearly double what was proposed last December. That fee cap was set in late June but won’t take effect until October 1st.

Wells Fargo is the latest bank to make moves to limit the damage of losing this revenue source. Starting October 14th, customers in Georgia, New Mexico, Nevada and Oregon will have to pay a $3 monthly fee for their debit card. What was once something a bank required in order to take advantage of promotions (to get the account stickier), is now something they’ve turned to in order to make more money.

I rarely use my debit card but I’d cancel it in a heartbeat if there was a fee. How about you?

(Photo: moneyblognewz)

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33 Responses to “Wells Fargo: $3 Monthly Debit Card Fee”

  1. Marc says:

    been with WF since the 90s because of free checking with Direct Deposit. will be gone in a heartbeat when the $3 fee starts in Calif. already looking at CUs. but, you have to be careful with them too, they also have fees, so look at their fee schedule.

  2. David says:

    Well, you can use the same card either as debit card or credit card. What if instead of using as a debit card, do the transactions as credit card. No fees ? Then just pay the balance in full in 15 days ? Will that work ?

  3. Smith01 says:

    You guys have sold me next month I’m joining a credit union I’ve thinking about it for a long time now is the time to make that change I should have done it a first thought 🙁 but now I’m in 🙂 good bye wells fargo hello credit union there is a new account in my home you are not wanted here anymore. You can get a loan on just about anything where the banks say no we can’t help you but you have my money in your bank. Everyone save yourselves from overdraft and atm fees.

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