San Francisco Based Wells Fargo Cancels Debit Card Fee Plan
SAN FRANCISCO (CBS SF) — San Francisco-based bank Wells Fargo & Co. announced Friday that it is canceling its planned five-state pilot of a monthly debit card fee.
According to the company, the decision was made considering customer feedback about the proposed $3 fee for users of its debit cards.
“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” Ed Kadletz, head of Wells Fargo’s debit and prepaid cards division, said in a statement issued Friday afternoon.
“This means understanding their needs as we continue to deliver the world-class service, convenience, and value they have come to expect from Wells Fargo,” Kadletz said.
Media reports have indicated that Chase, the retail banking arm of JPMorgan Chase & Co., will discontinue its $3 monthly debit card fee when a pilot program in two states expires.
The cancellations come after public backlash over the proposed fees at large banks, including Bank of America Corp., which has not pulled the plug on its plans to charge $5 monthly for debit card use.
Although Wells Fargo and Chase had both planned small pilot programs that would launch in a few states, Bank of America’s plan is slated to affect millions nationwide when it rolls out in 2012.
A viral movement has declared Saturday Nov. 5 as “Bank Transfer Day,” which encourages participants to move their money from corporate banks to credit unions.
According to the movement’s Facebook page, Kristen Christian organized the event because she was fed up with increases, limitations on accessing her money, and how bank used their profits.
“Me closing my account all on my lonesome wouldn’t have made a difference to these fat cats,” Christian wrote on the event page. “But each of YOU standing up with me… they can’t drown out the noise we’ll make.”