Can You BELIEVE Well Fargo Is Going to...

Dont worry. If you are a wealthy client with a minimum balance over several thousand dollars in your checking account you will be exempt from the policy. Its only going to be implemented on the working class folks. Its another example of Wall Street profiting at the expense of Main Street.

For the record poor old DonDiego is not now and has never been a client of Wells Fargo. His earlier post was not to be taken as an endorsement of the bank policy, . . . just an explanation as to why the Bank is instituting the new charge now.

DonDiego suspects that whether charging $3-per-month for use of one's debit card is "abuse" or not is in the eye of the beholder.

DISCLAIMER:
DonDiego does not now have a debit card and is unlikey to ever have a debit card. He conducts himself in a manner which does not require a debit card.

NEWSFLASH --- NEWSFLASH --- NEWSFLASH

If one didn't care for the proposed $3-per-month fee, . . . one probably really won't like Wells Fargo's plan to eliminate the debit-card rewards program altogether.
Ref: CNN-Money

How do you book flights, rent a room or a car without a debit/credit card?

I wonder if you can simply elect to charge your debit card as a credit card and avoid the fees? I do that anyway as I know it costs the big box retailers more that way. It is also more secure because I don't have to worry about entering my pin either.

Hmmm. My bank card(suntrust)is a combo debit/credit card. I have no idea how that came about,but thats whatit is. Whenever i'm checking out they always ask debit or credit. I always say credit,because sometimes there's a fee for saying/using debit. Don't ask me why or how it is,but it is. I never have been charged any fee with my card.

JOHN

The funny thing is the merchants pay much more when you run it as credit. That is why at a lot gas pumps and places like Wal-Mart it defaults to debt unless you cancel the transaction and press the credit button.

My guess is since congress cut the skim Visa/MC gets on debt transactions further the fees are designed to get the consumer to use the cards as credit so they can rake in more fees. Simply a case of unbridled greed in other words.


see:
https://banking.about.com/od/checkingaccounts/a/debitvscredit.htm

You're right mal,whenever i use my card,i have to hit cancel,then proceed with checking out as credit.

This $3/month fee only applies if you use your card as a debit card (and enter your pin) rather than running it as a credit card.

I have a debit card with a Visa logo on it from my bank -- the only time I use it as a debit transaction is at Costco because they only take cash, American Express (which I cancelled and despise the company), and debit cards. That is literally the only place I use the "debit" feature of the card. Everywhere else gets run as a credit card, and if my bank added a fee like that, I'd never run it as a debit card ever.

(In context it seems this question was directed at poor old DonDiego.)

In the best of all possible worlds DonDiego would prefer the lifestyle espoused by Henry David Thoreau. A lifestyle based upon self-reliance, abstinence, and simplicity. However, in the real world DonDiego enjoys the complexity and variety of modernity, . . . travel, food and drink, investing, country lanes, music, motion pictures, beaches, good books, city-lights, mountains, gaming (a form of investing), NFL football, and other entertainments and diversions all of which Mr. Thoreau would disapprove, . . . so DonDiego has several credit cards.

And he gets at least a 1% rebate on every purchase he makes. And he pays off his card in full every month, so he never pays interest.
He also has a Discover Card on which, if he chose to carry a balance, he would pay zero interest until sometime late next year. But he doesn't.

To the best of his recollection, DonDiego has never paid interest or a fee on any credit card which he has had.

Thanks DD, now I know why banks want money, and want it now.

Banks looking for new ways to screw middle America out of their money, that is some shocking stuff.