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» Will Wells Fargo’s Plan to Charge Customers for Use of Their Own Money Succeed?

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Wells Fargo

Wells Fargo

Wells Fargo recently announced that they plan to start charging certain customers a monthly fee for having and using their ATM card. The recent changes in the Consumer Credit Law, implemented changes to the charges and fees banks could charge consumers and merchants for using their and accepting debit cards at the register. These changes were made into law to protect the consumer from unfair and outrageous fees charged by the banks.

The recent change in the law in some cases limits the credit card companies and the issuer of the card to a maximum fee they can charge to the merchant for accepting the debit cards. This new limit would place a .25 maximum fee on the use of a debit card at a retail establishment.

Wells Fargo and several other banks have used their legal departments to find ways to circumvent not only the law itself but the meaning of the new law and the reasoning behind the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.

In states where it is legal and these are limited, Wells Fargo will begin to charge their customers a $3.00 per month fee for using a debit card. Wells Fargo claims there are ways to avoid these fees, but they have made it so complicated that eventually everyone will pay the fee. One of the recommendations is to go to the ATM first and get cash and pay for your purchase with cash. Now isn’t this absurd. The banks and card issuers have spent the last 10 years convincing us to use our debit cards and moving us to a cashless society. The other way to avoid fees was to place the charge on your credit card and then make sure you pay your credit card before the end of the cycle so that you are not charged interest.

It seems that all some banks are concerned with is their bottom line and not the fact that the country is going through a difficult time, so they can take advantage of their depositors and just add fees. The overall feeling is that most consumers will not even notice the increased fee and will just pay it assuming that it’s standard.

Why does the government continue to pass these Consumer Protection Laws that sound like great things and then allow financial institutions to find new ways to take the money from consumers?

These are some of the same financial institutions that came to the American public begging for financial assistance during the banking crisis. This is the way they say thank you to the American Consumer.

The Obama Administration needs to pass laws that have teeth and grit to them to protect consumers and regulate the financial institutions. Wells Fargo has just found a new legal way to take $36 a year from all of their customers.

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