Politics & Government

Wells Fargo Dropping Debit Card Fee, Chase not Charging

Non-profit group urges Bank of America and Suntrust to do the same.

At least two banks heard the outcry of consumers disgusted with the monthly debit card fee and have decided to pull back on those charges.

According to a news release issued by on Friday, Oct. 28, for users of its debit cards as a response to customer feedback the bank has received.

“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” said Ed Kadletz, head of Wells Fargo’s Debit and Prepaid Cards. “This means understanding their needs as we continue to deliver the world-class service, convenience, and value they have come to expect from Wells Fargo.”

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Consumers Union reports on its Web site that has decided not to charge its customers a $3 monthly debit card fee after testing the charge in Wisconsin and Georgia site. The bank is abandoning its plans following widespread protest from consumers over debit card fee proposals.

The nonprofit advocacy arm of Consumer Reports is calling on .

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“It's time for to listen to its customers who are saying loud and clear: drop the fee or we’ll drop you. All banks that are considering debit card fees should ditch those plans," said Norma Garcia, manager of Consumers Union’s financial services program.

But BofA is not alone, , has started rolling out a similar debit card fee.

“It’s unfair for banks to stick consumers with a monthly fee just to use their own money,” said Garcia. “The banks that charge debit card fees risk losing customers who are fed up with financial institutions that got bailed out that are now turning around and hiking fees.”

Consumers Union has published a set of tips for consumers who want to switch banks (see PDF file–above right).

Grassroots activists, upset with rising bank fees, have organized a movement called "Bank Transfer Day" to be held on Saturday, Nov. 5. On their Facebook page they are urging consumers to switch their banking accounts to credit unions or community banks on that day.


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