August 18, 2011
Wells Fargo starting in October will begin charging $3 each month to shoppers using debit cards, but they have not been the only bank bringing on new fees in light of interchange reform.
“JP Morgan Chase is already charging a $3 fee in some places, such as Wisconsin,” reports the Los Angeles Times. “Regions Bank too has already begun charging a $4 monthly debit card fee, as well as Sun Trust Bank. which now charges a $5 monthly debit card fee.”
Currently, Wells Fargo’s new debit rules are only scheduled to go into effect in Georgia, New Mexico, Nevada, Oregon, and Washington. But if the charges were to spread nationwide, more than 40 million Wells Fargo customers would be have their wallets pinched.
So, are new debit charges a sign of the tough regulatory times or more than just a passing phase? Share your thoughts below.