Wells Fargo to test $3 debit card fee


NEW YORK — Wells Fargo plans to test a $3 monthly fee for debit cards starting this fall.

The San Francisco-based bank said the fee will be applied to checking accounts opened in certain states starting in October. The fee would be on top of the monthly service fees that Wells Fargo already charges for checking accounts.

Wells Fargo also announced earlier this year that it will end its debit rewards program.

Banks are experimenting with fees and scaling back perks in response to a new regulation that’s expected to sharply reduce their revenue. Starting this fall, a new cap will limit how much banks can collect from merchants whenever customers swipe their debit cards.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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