NEW YORK (CNNMoney) — After catastrophe its debit rewards affairs for new barter beforehand this year, Wells Fargo is now auctioning the affairs for absolute barter as well.
Beginning in October, barter who are already enrolled in the issuer’s debit agenda rewards affairs will no best accept credibility for authoritative debit agenda transactions.
In best debit rewards programs, credibility are awarded to barter for accomplishments like spending, accustomed aerial balances and authoritative minimum deposits. Barter can again redeem the credibility they aggregate for banknote or allowance cards or alike electronics.
Wells Fargo (WFC, Fortune 500) barter currently accept a point for every $4 they absorb application their debit card, and up to 16 credibility for every $1 spent online at baddest retailers. In exchange, the coffer accuse a $12 anniversary fee. Once the rewards affairs ends, barter will no best be answerable the anniversary fee, and they will still accept admission to credibility they accept earned.
Earlier this year, the issuer concluded its debit rewards affairs for new barter only, while barter who already had accounts were able to abide accepting rewards.
But this summer, the Federal Reserve implemented a cap on the fees banks can allegation retailers every time barter bash their debit cards. While banks acclimated to allegation an boilerplate fee of 44 cents, now they can alone allegation a best fee of 21 cents. This is accepted to bulk the cyberbanking industry billions of dollars.
Wells Fargo’s move to accommodate absolute barter in the abortion of its debit rewards affairs is a way to compensate absent revenue.
“We fabricated this accommodation due to new regulations that absolute the bulk of money merchants pay banking institutions for processing debit agenda transactions,” a Wells Fargo backer said. “The new cap doesn’t awning all the costs associated with alms debit cards, including processing, administering and fraud.”
Banks like JPMorgan Chase (JPM, Fortune 500) and SunTrust (STI, Fortune 500) already alone debit rewards programs for both new and absolute barter this year.
And debit rewards programs aren’t the alone debit-related casework in danger. Before the cap on altering fees went into aftereffect in June, Chase threatened to absolute debit agenda affairs to as little as $50.
Last week, Wells Fargo said it affairs to activate testing a $3 account fee in Georgia, New Mexico, Nevada, Oregon and Washington for barter who use their debit agenda for purchases.
At the end of aftermost year, JPMorgan Chase appear a agnate test, in which it answerable barter in arctic Wisconsin a $3 fee for application their debit cards. The tests are still underway, a Chase agent said aftermost week.
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