Well Fargo to Charge $3 per Month Debit Card Fees

October 15 00:00 2011

NEW YORK, October15 (RainbowNewsLine.com) – Wells Fargo Bank has decided to charge $3 per month debit card fee and customers are furious as they find it absurd to pay fee for using their own money.

Bank of America also faced a widespread outrage when they announced their plans to introduce such charge starting from 2012.The new fee is into effect from Friday, and if a customer makes any purchases this month using his debit card, it will show up on November statement. The bank charges $120 annually from its customers in the form of ATM fees, overdraft charges, minimum balance rules, and check ordering costs. Besides Wells Fargo and Bank of America, there are some regional banks, such as SunTrust in Georgia and Regions Financial Corp. based in Birmingham also plan to impose charges of $4 to $5 per month.

Debit cards have gained immense popularity in recent times as they serves protection against theft, easy cancelation methods in case of lost or stolen, save paper and above all it is convenient to use. Majority of customers say that they will change the method of payments rather changing their banks, if this charge persists.

Boomer, a frustrated customer, said in a letter to Wells Fargo CEO John Strumph stating “This is an outrageous fee when taking into account that it costs the bank less money to process an electronic transaction than a paper check,”