CHARLOTTE, NC (WBTV) - There are new fees coming to some customers of one of Charlotte's big banks. Wells Fargo is trying something new to make up for lost revenue.
It's a plan to charge debit card users three dollars a month just to use their debit cards to pay for things.
It's happening in five states where the bank has customers. Those states are New Mexico, Nevada, Oregon, Georgia and Washington.
Some analysts believe if it works it could hit millions of Wells customers nationwide in no time.
In a statement to WBTV News Wednesday, a spokesperson for the bank released this statement:
"Wells Fargo is implementing a Debit Card Activity Fee of $3 a month when a customer makes a purchase or payment (including recurring payment) with his or her personal or business debit card, check card or ATM card linked to their Wells Fargo business or personal checking account opened in Oregon, New Mexico, Nevada, Georgia and Washington starting October 2011.
We regularly review our pricing and take into account the needs of our customers, industry trends, the market competition, and our cost of doing business. Our goal is to set a fair price that is consistent with the value of each product or service. "
Some industry experts say this is a way to fight new federal card regulations meant to give more protection to consumers.
When asked what will happen if customers respond negatively to this initiative, Wells Fargo representatives said it's too early to determine the future of this program.
Watch the video at the top of this page to hear what debit card users had to say about the fee.
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