Major retail financial institutions continue making plans to recapture some of the lost revenue resulting from the Durbin Amendment’s cap on debit card interchange fees. Those plans continue to leak out slowly, as customers are notified of impending changes. The most recent news on fees comes from customers of Wells Fargo in Georgia and four western states, reporting that as of October 14, they will be charged a $3 service fee for each month in which they actually use their debit card.
The Daily Finance writer includes a number of alternative sources reporting fee increases in recent months, and concludes with an important question:
“While the banks figure out to the penny how to offset the inhibited profit flow, one wonders if anyone in the industry is putting a price on consumer resentment?”
One need only scroll through the estimated 260 comments appended to this article within 24 hours of its publication to get the idea about consumer sentiment. Once again, credit unions are going to be the beneficiaries of customers severing large bank relationships.