Wellsfargo and Chase banks end the debit card fee

United States
October 30, 2011 11:24am CST
Good news, from the newspaper, Wellsfargo and Chanse banks both mega giant banks announced to end their debit card fees from their customers. Such act really relieve my worries from using my debit card at grocery stores and shopping elsewhere. When it announced the $5 fee on the previous 2 months, I was worrying should I go to ATM to withdraw cash every time. Now, it seems like a false alarm. The reason behind it, a lot of customers file complaint about it, some even accused them "We bail out those banks, now we got a $5.00 monthly fee from them?" There were also protesters at wall street, New York against such act to Bank of American and other banks. Also, from statistics, a lot of customers switching to credit union, or smaller community banks.
2 responses
@Kenorv (344)
• United States
31 Oct 11
I hadn't heard about this but if it's true then that's great news. I'm with Wells Fargo and fortunately they hadn't started their debit card fees in my state, Virginia, but if they had then I would have moved my money elsewhere. I'm sure that all these banks saw how many customers that they were losing and were going to lose with this and wisely decided to end this nonsense. I understand that banks are struggling with all of these foreclosures and low interest rates are making it difficult for them to make money on new loans so they had to do something to make money. The only thing I worry about now is that now that these fees have ended, banks may instead turn to hidden fees to make money.
@peavey (16306)
• United States
31 Oct 11
It looks like they learned from Bank of America's move, so maybe all is not lost. I don't know about Wells Fargo, but Chase had tests out to see if the "market" (its customers) would accept a fee. Apparently it did not. Good for them. The people, I mean!