Letter to Wells Fargo CEO re. $3 Debit Card Usage Fee
WellsFargoJStumpf.pdf | 67.5 kB
October 17, 2011
News accounts indicated that Wells Fargo Bank was testing a new debit card activity fee of $3 per month for customers in five states when they make a purchase or payment with a debit card linked to a personal or business checking account. This fee would be charged even when consumers use the card only once in that month. Consumers Union, the public policy and advocacy division of Consumer Reports believed this decision to charge consumers a new monthly fee to use their own money for debit card transactions was both ill-timed and unfair. Accordingly, on behalf of America’s financial services consumers, we suggested they withdraw these plans immediately.