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Banks backtracking on adding monthly debit fees

November 4, 2011

After a significant amount of public backlash, many of the financial institutions in the country are backing away from fees for consumers using debit cards.

After a significant amount of public backlash, many of the financial institutions in the country are backing away from fees for consumers using debit cards.

The latest banking institution to reverse plans is Wells Fargo, which stated that it was no longer planning to charge $3 a month for people who use debit cards. The head of the bank’s prepaid card and debit card division, Ed Kadletz, said that the decision had been made after negative consumer feedback.

“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” said Kadletz in a statement. “This means understanding their needs as we continue to deliver the world-class service.”

The San Francisco-based bank is just the latest to reverse plans to charge consumers a new fee. Bank of America, which had been poised to introduce a $5 monthly fee for debit cards, stated recently that it had decided not to impose the charges. While the banks didn’t cite it directly, some experts feel the moves could be due to pressure from the Occupy movement, which began in New York City. 

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