(Source: Time MoneyLand By Martha C. White) – Banks have been scrambling to find ways to boost their revenue after the government stepped in to quash overdraft abuses and cap interchange fees. Free checking accounts have already become harder to come by as banks have upped their minimum balance requirements or required direct deposit. They’ve added or increased fees for everything from talking to a teller to using an out-of-network ATM. The newest volley comes from Wells Fargo, which is charging some of its customers in five states $3 a month just to use their debit cards.Starting in October, some checking account customers in Georgia, New Mexico, Nevada, Oregon and Washington will be charged $3 for each month they use their debit cards. It doesn’t matter whether the customer presses “credit” or “debit” on a checkout payment terminal; the fee still applies, as it does for any payments made with the card, such as online purchases. Given that debit cards recently passed paper checks in popularity, it’s safe to assume most customers would have to significantly alter their spending habits if they wanted to avoid the fee.
Source: Time MoneyLand By Martha C. White
August 18, 2011
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