User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


64° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

KELOLAND.com | Sioux Falls News & Weather, South Dakota News & Weather, Minnesota and Iowa News

[0] My Saved Articles
Find local businesses
on the KELO Pages!

 

Most Popular Today


New Bank Fees

September 6, 2011, 9:50 PM by Angela Kennecke

New Bank Fees
SIOUX FALLS, SD - You're used to getting your debit card and checking accounts for free. But a growing number of banks are introducing or testing monthly charges for those services. Wells Fargo is one of those doing just that.

Nobody leaves home without them anymore. Debit card use is more common-place than cash or credit. But that convenience could end up costing you in the form of a monthly fee.

"I don't think it's right. I don't think we should get charged," Angelita Farrell said.

"I don't like having to pay them. It doesn't seem fair. I don't know the purpose for them. It just seems to be a way for them to make more money," Barb Carpenter said.

Banks say it's not to make more money, but to make up for money they've lost.

"The regulatory changes in Washington have made us all pause and look at our pricing," Wells Fargo Senior Vice President Pam Moser said.

Banks are experimenting with fees in response to a new regulation that limits how much they can collect from merchants whenever customers swipe their debit cards.

"This regulatory change has impacted all the banks, so we all need to take a look at what we need to do more or differently as part of our entire account review and debit cards are clearly one of those," Moser said.

Wells Fargo will begin testing out a $3 monthly fee for debit cards next month in several cities, but not in South Dakota yet. It will, however, begin charging $7 a month for checking accounts here.

"Some customers can get a discount of $2 if they receive a statement through online checking," Moser said.

Checking account customers can also avoid the fees in other ways such as by keeping a minimum daily balance or having direct deposit. But Wells Fargo knows that customers will question the move.

"It's my money and I get to chose how I spend it and if I'm going to be charged extra for it, I'm going to think about that," Kate Niemann said.

Wells Fargo says it's trying to talk with all of its checking account customers to explain the new fees and give them options on how to avoid them.

As far as debit card fees go, the bank will monitor customer response in the five test states before implementing it in more markets.

Previous Story

Next Story


Comments





Sponsored
Find Local Businesses on KELO Pages!

You may also like

Highway Investigating Cause Of Concrete Truck Crash

4/22/2015 9:39 AM

The South Dakota Highway Patrol said a Concrete Materials truck left the road for unknown reasons.

Full Story
Body Found In Lake Is Identified

4/20/2015 6:40 AM

Authorities have released the name of a man whose body was found in a central Iowa lake.

Full Story
Teens Bruising Lips To Mimic Kylie Jenner

4/21/2015 9:52 AM

Across Instagram and Twitter, users are posting photos of puffed up lips after sucking on the end of bottles.

Full Story
Native American Actors Walk Off Adam Sandler Movie Set

4/24/2015 11:30 AM

Loren Anthony is one of nearly a dozen actors who walked off Adam Sandler's "Ridiculous Six" movie set on Thursday, which is filming in ...

Full Story
Huset's Speedway Purchased By Badlands Group

4/21/2015 5:18 AM

The longtime sprint car track near Brandon will be renamed Badlands Motor Speedway after the 2015 season.

Full Story


Events