19 Aug '11, 8am

New Wells Fargo "Debit Fee" Likely to Hurt Poor The Most | Care2 Causes

New Wells Fargo "Debit Fee" Likely to Hurt Poor The Most | Care2 Causes

Banking giant Wells Fargo has announced that in response to new federal guidelines that limit the amount that they can charge retailers per debit and credit card transaction, they will instead pass the lost revenue onto consumers by charging a $3 a month fee to customers who use their debit cards. The program, which will be tested out in Washington, Oregon, New Mexico, Nevada and Georgia, is expected to eventually expand to all states. The fee will be exempted from checking accounts that either have direct deposit of funds or maintain a high minimum balance, meaning that the fees will mostly apply to those who are less secure financially, may not have steady income or have moved from job to job, or are attempting to live on a primarily cash basis. For millions of Americans who have been struggling during the recession, debit cards have become a lifeline as they have either...

Full article: http://www.care2.com/causes/new-wells-fargo-debt-fee-like...

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