Wells Fargo Cancels Pilot Program of $3 Monthly Debit-Card Fee
Wells Fargo & Co. (WFC), the fourth- largest U.S. bank by assets, canceled plans to charge a $3 monthly fee for using its debit cards after customers in a five- state pilot program opposed the charge.
Customers in Georgia, Nevada, New Mexico, Washington and Oregon will not be charged the monthly activity fee, which was set to appear on account statements starting Nov. 15, spokeswoman Lisa Westermann said today in an e-mail.
“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” Ed Kadletz, head of the bank’s debit and prepaid card business, said in a separate statement. “This means understanding their needs.”
Banks are trying to recoup fees capped by the Durbin Amendment, part of the Dodd-Frank financial overhaul that limits the amount lenders can collect from retailers for processing transactions. Bank of America Corp. (BAC)’s plan to charge customers a $5-a-month fee sparked objections from critics including President Barack Obama.
To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net.
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.
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