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Wells Fargo to start charging to use debit card

Georgiadude

Georgiadude

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Today I received an email from Wells Fargo stating that there had been "important changes" made to my account. To view the "important changes" I had to sign into their terrible website then click on 3 more links to be able to open a pdf file that first listed all of the "benefits" of having a Wells Fargo debit card and then at the very bottom of the 2nd page it states beginning Oct 17 they will start charging 3 dollars a month to use the debit card and that merchants "may" also start charging a fee if you use a debit card. There may be "additional charges to use an ATM". They purposefully buried the information and made it hard to locate so people wouldn't notice. I was a Wachovia customer and hadn't had any problems until Wells Fargo took over. Since then it has been getting worse and worse. Their website is horrid. Customer service is even worse. 2 days ago I went in to cash a check. They had 2 tellers open and 2 people working the drive thru. There were 8 people waiting in line and zero cars in the drive thru. One of the tellers asked the drive thru staff to help 3 times. 1 of them eventually came and helped 1 customer and then went back and sat on her fat ass doing nothing. I had been thinking of leaving but today sealed the deal. I sent them an email and plan on going in to see a customer no service rep on Monday to close my accounts.

I know they are going to say it's due to the new banking regs that congress passed limiting the amount of fees they charge merchants. Typical government. They pass these regulations without looking at the big picture and the corporations just pass the cost along to the consumers. Thanks. That was so helpful.

Steven.
 
STOP USING BANKS....

Go to a credit union. Banks charge you to so they can use your money to make loans and make money. Credit unions pay you to use your money.

Figure out why getting paid is better than paying.

jeesh
 
Seriously.

I'm about to quit my bank, mine and all of them are getting greedier.

Credit Unions seem like the best alternative.
 
Not surprised - Wells Fargo charged me $5 to get cash out with my credit card, on top of what Visa charged.
 
Georgiadude - you are part of a 5 or 6 state "experiment" that Wells Fargo is doing to test to see how many people will close their accounts and who will stay and accept the fee. (Georgia is the only state in the southeast region they are trying it). If you noticed in the wording, the fee doesn't apply to their top (read high balance) accounts - just the regular people.

Other banks are trying similar experiments - BOA is adding fees to its formerly free checking accounts in some regions, Chase is testing debit card fees, SunTrust is doing both - account fees and debit card fees. All eyes are on the big banks, because if it works there, then the smaller banks will get on board too.

The official reason for this change is that part of the Dodd-Frank act that went into law in July and will start to be implemented in October is that there will be a limit as to how much merchants will have to pay per transaction in swipe fees. Formerly, the infrastructure of credit processing was paid for by the beneficiary - the business. They paid a few cents per transaction and a small percentage of the purchase price to facilitate merchant processing. Now, that law limits the business contribution to that process and the onus is moved to the card user.

To hear it spun by its supporters, this will then allow the businesses to drop their prices for everyone - regardless how they wish to pay. I call bullshit though - I don't believe for 1 second that any company is going to drop one price of one item due to this change. I don't believe this change will create one job. I further think that business will be worse off overall if they are going back to having to take more cash and checks.
 
I agree. Credit Unions are the way to go if you can join one. Here some are pretty restrictive as in you have to live in certain zip codes or work for certain businesses.
 
I just closed my boa charge card because they were charging $1.50 minimum interest to those customers who pay their balance off every month. They wouldn't waive it for me even tho I'd been a customer for many years. They were shocked when I closed the account. They were all why are you doing this? I asked them again to waive the fee, they said no, so I fired them.....
 
Doesn't your card also act as a credit card? Are they just adding the charge when used as a debit card? I think most, if not all, banks only charge you if you use your card at a store or ATM that is not affiliated with your main bank.
 
jonboy1645 said:
Georgiadude - you are part of a 5 or 6 state "experiment" that Wells Fargo is doing to test to see how many people will close their accounts and who will stay and accept the fee. (Georgia is the only state in the southeast region they are trying it). If you noticed in the wording, the fee doesn't apply to their top (read high balance) accounts - just the regular people.

Other banks are trying similar experiments - BOA is adding fees to its formerly free checking accounts in some regions, Chase is testing debit card fees, SunTrust is doing both - account fees and debit card fees. All eyes are on the big banks, because if it works there, then the smaller banks will get on board too.

The official reason for this change is that part of the Dodd-Frank act that went into law in July and will start to be implemented in October is that there will be a limit as to how much merchants will have to pay per transaction in swipe fees. Formerly, the infrastructure of credit processing was paid for by the beneficiary - the business. They paid a few cents per transaction and a small percentage of the purchase price to facilitate merchant processing. Now, that law limits the business contribution to that process and the onus is moved to the card user.

To hear it spun by its supporters, this will then allow the businesses to drop their prices for everyone - regardless how they wish to pay. I call bullshit though - I don't believe for 1 second that any company is going to drop one price of one item due to this change. I don't believe this change will create one job. I further think that business will be worse off overall if they are going back to having to take more cash and checks.
Click to expand...

Thank you for the information. I knew it was due to the new regulations. I didn't know it was Dodd-Frank that did this but why am I not surprised to see their names on it. :rolleyes:

Well their "test" is going to fail. I have 3 friends that are planning on leaving. Theres plenty of banks or credit unions that will be more than happy to take all of the "less valuable" customers.

Steven
 
I have PNC (formerly National City until PNC took over) and so far, I haven't had any issues.

My mortgage is owned by Wells Fargo, though, and I agree that their website is terrible. It took me forever just to figure out to pay them online. I'm trying to send THEM money and they make it a project.
 
We, the people.........oh shit, does that sound corny....bailed the banks out

because the Government said so. The economy did not improve...but the

banks p and l sure did. Now banks are thinking that they need to start

shooting the fish in the barrel while they are still anesthecised. Don't use

the government....bareback the public...ride 'em COWboy.

Okay, a bit overblown drama...but look. We do everything possible with

our three credit unions. Helpful, positive, professional and all those things

banks used to do when they needed the little guy for more than fodder.

Credit Unions may not be great...unless you hold them up next to Banks.
 
The haves screwing the have nots out of pure greed again.

The beast is never satisfied.

I've figured this was coming eventually. Once they all get together on it.

I've planned to close my debit card account, if and when this happens, and just write a check for cash at the bank. I only use the card for ATM withdrawal anyway.

They won't get one fucking penny out of me. Ever. To use my own money.
 
It's bad enough that bank accounts earn no or just a few pennies with interest. But when they also charge to access your own money to live on, that is unacceptable. Using a bank continues to look less desirable than a mattress.
 
Great, now I have to find a new bank. Thank you Wachovia. :grrr:
 
I am a Wachovia customer. Thanks for pointing this out for I had not noticed it.
 
FPNY said:
I just closed my boa charge card because they were charging $1.50 minimum interest to those customers who pay their balance off every month. .
Click to expand...

That's awful, it's like they are trying to steal from their customers.

I have a Chase debit card and I only opened the account because they offered me $100 to do so and maintain it for 6 months. I just have to use the debit card 5 times per month.

I have a Wachovia checking account which is now Wells Fargo. I only use it for bill pay online and have never used the debit card.

I also have a TD bank account. It's okay but I liked them better when they were Commerce Bank.

If any of them try to screw me over I will look into dropping them and going to a credit union.
 
I was Wachovia, now Wells Fargo. I agree the website absolutely sucks. I saw this news the other day on some website (CNN, I think) and although they aren't doing this yet in Florida, it's enough to make me close my account. I'm sick of big banks and their "fuck you" attitude. I told BOA to fuck themselves about 12 years ago and went to Wachovia (now Wells Fargo) but it looks like it's time to tell them to fuck off as well. I'm going to switch to the Disney credit union... it's called Partners. Already have an account at Ally.com. Love Ally.....fees are almost non-existent, they have a $9.00 overdraft fee, and I never overdraft unless I make an accounting error and they refund ATM fees. Ally also has a new feature where you can deposit checks into your account by scanning front and back which is helpful because they don't have "brick and mortar" locations.

Big banks need to see an exodus of customers before they will see the light. Time for a revolution, I guess.
 
it's true - if you can't bundle yr debit/chking account to a CD, large bal savings or investment acct

then large commercial banks charge fees because it costs too much (processing and bookeeping)

to make a profit
 
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