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Wells Fargo: $3 Monthly Debit Card Fee

It was only a matter of time before we’d see the effects of the watered down Durbin Amendment [3]. 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 [4] was set in late June but won’t take effect until October 1st.

Wells Fargo is the latest bank to make moves [5] 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 [6])