Business & Tech

Wells Fargo to Start Charging $3 Debit Card Fee

The bank announced recently that it will charge a $3 monthly fee for activity on its debit cards for accounts opened in five states, including Georgia.

Wells Fargo debit-card customers in Norcross and elsewhere in Georgia soon will be part of a test that will involve a $3 fee.

The bank announced recently that it will charge a $3 monthly fee for activity on its debit cards for accounts opened in five states, including Georgia. There are several Wells Fargo Bank locations in Norcross, including at 6155 Buford Hwy, 5405 Jimmy Carter Blvd and 1625 Indian Trail Rd. 

According to the Winston-Salem Journal, the bank plans to start charging customers in Georgia, Nevada, New Mexico, Oregon and Washington the "activity" fee if they make any payments, purchases or transactions with a personal or business debit card, check card or ATM card. This will be in addition to the regular monthly service fee.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

The bank's goal reportedly is to try to increase its fee income as it prepares for a potential loss in revenue from lower debit-card interchange fees that take effect Oct. 1. Those fees were valued at nearly $20 billion in 2010, according to research group The Nilson Report.

On June 29, the Federal Reserve ruled that banks can charge retailers 21 cents each time consumers swipe a debit card beginning Oct. 1. The average is 44 cents a swipe.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here