NEW YORK (Source: Wall Street Journal)--Wells Fargo & Co. (WFC) is joining a growing number of banks that are introducing or testing a monthly fee for debit cards, casting around for revenue lost to debit-card regulatory restrictions.Wells Fargo, the nation’s second-largest bank by deposits, will charge a $3 fee for debit and automated-teller-machine cards as of Oct. 14 in several states if such cards are used for purchases (but not for ATM usage). The bank said it is a pilot program, and it will monitor how people respond.
J.P. Morgan Chase & Co. (JPM) has been testing a fee in a small market in Wisconsin since February. Other banks, such as Regions Financial Corp. (RF) and SunTrust Banks Inc. (STI), decided recently that debit cards for some of their checking-account customers will carry a $4 and $5 monthly fee, respectively. Like Wells Fargo, Regions said it will charge the fee only if the card is used for purchases.
Source: Wall Street Journal
AUGUST 17, 2011, 5:25 P.M. ET
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