Wells Fargo Testing $3 Monthly Charge For Debit Card Users
DENVER (CBS4)- Bank customers are wondering if debit card fees will spread across the country. Wells Fargo is testing a $3 monthly fee for debit card users in some states.
The reason for the charge is recent changes regulating how much banks can charge retailers for a swipe of a bank card.
Wells Fargo is testing the new fee program for accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington. A spokeswoman for the bank did not say when the bank would decide whether to roll out the fee in other areas.
Chase is testing a similar fee program in one state.
“The government price fixing eliminated $250 million in just this one state. That’s a lot of revenue banks have to make up one way or another,” said Colorado Bankers Association spokesman Don Childears.
Customers can avoid paying fees by doing some research on which banks charge fewer fees online at bankrate.com.
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