NEW YORK (CNNMoney) — Yet addition of the nation’s top banks is flirting with the abstraction of charging a annual fee to barter who use debit cards.
Wells Fargo (WFC, Fortune 500) said Tuesday it will alpha charging a $3 annual fee for debit agenda acceptance to barter in Georgia, New Mexico, Nevada and Oregon alpha Oct. 14.
“We consistently analysis our appraisement and booty into annual the needs of our customers, industry trends, the bazaar competition, and our amount of accomplishing business,” a Wells Fargo backer said. Barter who don’t use their agenda during the ages won’t be answerable the fee and the fee will be waived for baddest accounts, she added.
At the end of aftermost year, JPMorgan Chase (JPM, Fortune 500) appear a agnate test, in which it answerable barter in arctic Wisconsin a $3 fee for application their debit cards. The tests are still underway, a Chase agent said Tuesday.
Earlier this summer, the Federal Reserve implemented a cap on the fees banks can allegation retailers every time barter bash their debit cards. While banks acclimated to be able to allegation an boilerplate fee of 44 cents, now they can alone allegation a best fee of 21 cents.
Before the new rules went into effect, banking institutions lobbied adamantine for the Federal Reserve to adjournment its accommodation — adage a cap on these alleged “swipe fees” would amount them billions of dollars and would alone end up affliction consumers.
Even afore the cap was put in place, banks started to attending for means to alter the absent revenue. Banks, including Wells Fargo, Chase and SunTrust alone their debit rewards programs, while added banks chock-full alms chargeless checking.
Now these new fees on debit cards are bustling up. But back debit cards are rapidly replacing acclaim cards as the adopted acquittal adjustment amid consumers, these new changes aren’t acceptable to go unnoticed.
A contempo Associated Press-GfK poll of 1,001 consumers begin that 61% of coffer barter would stop application debit cards if a $3 fee appeared on their account. Instead, they would acquisition a altered way to pay.
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