Despite the economy, some businesses are hell-bent on making money from their struggling customers.
Earlier today, banking giant Wells Fargo announced that it is going to try out a pilot program that will charge customers $3 a month to use their debit cards. According to the bank, the proposed fee will offset the profits lost when Congress lowered the “swipe” fees banks can charge merchants when customers use their debit cards. Previously, banks charged upwards of $0.50 per transaction, and new regulations would lower the fee to $0.21.
The proposed debit card fee will be rolled out in five states–Washington, Georgia, New Mexico, Nevada and Oregon–and if customers do not complain, we can expect Wells Fargo to roll out similar fees across the country.
Other banks, including Chase, are also implementing such programs.