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Wells Fargo and Other Banks Are Backing Away from Debit Card Fees

By JLP | October 31, 2011

This is good news (unless you’re a bank stockholder): Wells Says No to Debit Fees. The article also contained an interesting graphic that showed the expected quarterly revenue that will be lost due to the new debit card rules. Bank of America is expected to lose revenues $475 million per quarter while Wells Fargo and JP Morgan Chase are expected to lose $250 million in revenue per quarter.

Topics: Banking | 7 Comments »


7 Responses to “Wells Fargo and Other Banks Are Backing Away from Debit Card Fees”

  1. BG Says:
    November 1st, 2011 at 7:17 am

    Still waiting for Bank of America to announce the same. They are planning to roll out their fee of $5/debit card in January. I’ll give BofA till mid December to back away from the fees before closing my accounts.

  2. Dan Says:
    November 1st, 2011 at 9:30 am

    “Bank of America customers will save $475 million per quarter and WF and JPM customers will save $250 million per quarter.”

    Fixed that for you.

  3. Sam Says:
    November 1st, 2011 at 4:51 pm

    Doesn’t surprise me at all.

  4. Sam Says:
    November 1st, 2011 at 5:13 pm

    BG, here’s your link.

    http://www.foxbusiness.com/personal-finance/2011/11/01/report-bank-america-scraps-5-monthly-debit-card-fee/

  5. S Rao Says:
    November 1st, 2011 at 8:04 pm

    BofA withdrew their fee. I doubt these companies would have rolled back/not implemented a fee unless they were sure ADDING the fee was going to hurt their bottom line. I am not going to feel sorry for Bank stockholders. This was a business decision- stockholders should accept the risk. Since I own mutual funds (and therefore own bank funds), I am not upset by this issue

  6. BG Says:
    November 2nd, 2011 at 7:43 am

    Glad to hear that BofA is dropping their debit card fee idea too. Its a trifecta for common sense (after HP and Netflix)

  7. John Says:
    November 4th, 2011 at 12:26 am

    I guess some of these compamies do listen to their customers. Too bad Congress doesn’t do the same regarding raising taxes on the top income earners.

Comments