Wellsfargo start this month charging this service fee of $5.00?

United States
October 16, 2011 12:03am CST
So, I read the newspaper about a month ago, that mention about Wellsfargo and Bank of America, plus Chase will start this $5.00 monthly fee charge if any checking account customer will use their debit card on retail stores purchasing, or gas station purchasing whatsoever, they will charge that $5.00 service fee. There won't be any charge if you use this debit on their ATM to withdraw cash though. So, has anyone incurred such fee from their debit card usage? I was afraid to use my debit card now, even this morning I bring my car for oil change service. I used my credit card instead. Maybe I have to get used to use cash rather than this debit card. What do you think?
4 people like this
7 responses
@KrauseHome (33210)
• United States
16 Oct 11
This is getting rediculous. When Bush was president they bailed out the banks, and now they continue to raise the interest rates and start charging rediculous Fees just for having accounts with them and using a Debit card. Who is allowing these things? Is this and should it even be legal? I know we closed one account recently with Wells Fargo which we have to pay off just because they charged $10 for using their card in an ATM. Problem was when we tried to tell them we had not used the Card they still would not budge on the charge etc. It is rediculous and if it was helping the deficit or for someone to get a job, I could understand but it is only padding the President of the Banks pocket and hopefully sooner or later someone can wake up and put a STOP to this nonsense for sure. Just some of my thoughts.
1 person likes this
@inertia4 (26878)
• United States
19 Oct 11
It's time to look for another bank, one that will not charge those fees. I think the foreign banks are not doing that. So, look for one. I use TD bank and I love them. I hope they do not do that fee thing. I would not use the credit card at all, they get you with the interest. I think using cash would be the best way to go.
@JLSTLMN (12)
• United States
17 Oct 11
I currently bank with Bank of America, and my husband with US Bank (we used to have separate checking accounts and, when we got married, kept them even though we added each others' names to them. We also opened a savings account at a credit union and, after being with them for a year, refinanced my car. It is my understanding that Bank of America with begin charging the $5/month fee if the debit card is used after the first of the year. At that time, I plan to close my account completely and we'll open a joint account at the credit union. If US Bank also follows suit, we'll close that account to. I've been thinking that it might not be a bad idea to go back to using cash...except I would continue to pay bills online (at least until they start charging for that). I really hope credit unions don't start ripping people off! Jennifer
@dorannmwin (36620)
• United States
17 Oct 11
I think that this is something that is getting ridiculous. I know that our bank does charge a monthly fee, but it is not a fee for using our debit card, it is a fee for using the bank and I will also mention that the bank that our family uses is not one of the large banks that was bailed out by the federal government. Now, I will also say that I've been making an attempt to use cash more than I've been using the debit card, but that is only to make sure that we don't inadvertantly overdraft our account. What I have to say that I do like about using cash is that at the end of the day I can empty the cash that is in my pocket into a jar and it is like a miniature savings account. I've saved over $7 of change in just one week.
@stephcjh (32385)
• United States
16 Oct 11
That figures. I think that they think we do not already pay enough in taxes and fees.
@ram_cv (16516)
• India
16 Oct 11
This is completely ridiculous charge. I think we are going back the olden days of cash based transactions. This will also increase the amount of crime with people needing to carry more cash on them being easy targets. Unfortunately, the only way I see that people can do anything is by doing a mass return of the debit cards back to the bank!! Cheers! Ram
• Canada
16 Oct 11
We don't have this happening where I live (although I'd wonder if that is just "not yet") but it sounds to me like the banks will be getting exactly the end result they want. When you hesitated to use your debit card, you used a credit card instead. I would think that they make MUCH more money from credit cards than they ever would from debit card fees. I mean, people would theoretically start using credit more and would tell themselves they will just pay everything immediately (which would have happened if they'd pulled out the debit card). But, a lot of people are notorious for "not getting around" to paying off the charges on their credit cards and they start carrying balances. Those balances earn interest for the card issuer - the bank. My thought on bank fees and charges is that they're always going to get you... one way or another.