Debit Card Fees

August 17, 2011 by staff 

Debit Card FeesDebit Card Fees, Wells Fargo & Co., one of the largest U.S. banks, said Tuesday it plans to test a 3 monthly fee and debit card in four states.

The fee will take effect on October 14 in Georgia, New Mexico, Nevada and Oregon, CNNMoney reported. A spokeswoman said the customers who use their cards will not have to pay the fee, and will apply to others.

“We regularly review our prices and take into account the needs of our customers, industry trends, competition in the market and our cost of doing business,” he said.

The Federal Reserve recently crowned the “coup fees” banks charge merchants when the cards have been used for purchases. Banks have been exploring ways to replace income, and JPMorgan Chase recently began testing one three-debit card fee in northern Wisconsin.

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