9OYS Consumer Watch
Wells Fargo to test $3 debit card fee
Web Producer: Ina Ronquillo
NEW YORK (AP) - Wells Fargo is planning on testing a $3 monthly fee for debit cards starting this fall.
The bank says the fee will be applied to checking accounts opened in certain states starting in October. The fee would be on top of the monthly service fees that Wells Fargo already charges for checking accounts, reports The Associated Press.
Wells Fargo also announced earlier this year that it will end its debit rewards program.
The Associated Press says banks are experimenting with fees and scaling back perks in response to a new regulation that's expected to sharply reduce their revenue. Beginning this fall, a new cap will limit how much banks can collect from merchants whenever customers swipe their debit cards.