Wells Fargo plans to test an activity fee of $3 s a month starting in October. The bank plans to try out the fee in five states — Oregon, New Mexico, Nevada, Georgia and Washington.
In recent months, many of the nation’s biggest banks, including SunTrust, Wells Fargo and Bank of America, reworked their requirements for checking accounts. Many featured new fees or put up new hurdles for customers to receive waived fees. Some banks also dropped rewards programs for debit cards.
Wells Fargo just announced that it will test a $3 monthly fee for those who use its debit card. The fee will be levied against customers in Georgia, New Mexico, Nevada and Oregon beginning October 14, 2011. As a result, we can add debit card fees to the long list of bank fees we love to hate. To understand why Wells Fargo is testing a debit card fee, we need look no further than the fine folks in Washington.
The Cost Of Confusion: How Merchants Can Deal With New Rules On Debit Card Fees – CIO Central – CIO Network – ForbesAugust 8, 2011
Merchants have long been forced to navigate a complicated web of possible options for payment processing, all featuring their own unique fee structures.
Visa Inc. announced last week that it will offer a fixed network participation fee for both credit and debit cards in order to stay competitive in the post-Durbin Amendment marketplace.
MasterCard Inc.’s second-quarter earnings climbed 33% as the company benefited from double-digit increases in volume and processed transactions.