Wells Fargo Joins JP Morgan’s Backslide with Bank Fees

Wells Fargo & Co. (NYSE:WFC) joins a growing list of big banks that won’t charge a monthly debit fee to customers.

After a five-state pilot program, Well Fargo (NYSE:WFC) announced it has canceled plans for a $3 monthly fee charge on debit cards. Georgia, Nevada, New Mexico, Washington and Oregon customers dodged this bullet which had been slated to appear on their Nov. 15 statements.

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In a statement by Ed Kadletz, head of Wells Fargo’s bank debit and prepaid card business, he said regarding the decision,

“As we adjust to changes in our business, we will continue to stay attuned to what our customers want,” Ed Kadletz, head of the bank’s debit and prepaid card business, said in a separate statement. “This means understanding their needs.”

While Bank of America (NYSE:BAC) intends to stick with its $5 debit card fee, JPMorgan Chase (NYSE:JPM) said on Friday that it will not charge a fee after conducting eight months of consumer research.

  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $27.08, up $0.01, or 0.04%. Its market capitalization is $142.77 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 36,004,860 shares versus a 3-month average volume of 46,789,000 shares. The company’s trailing P/E is 10.03, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.80%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally. Get the most recent company news and stock data here >>
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $36.69, up $0.02, or 0.05%. Its market capitalization is $141.61 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 39,893,754 shares versus a 3-month average volume of 50,032,900 shares. The company’s trailing P/E is 7.82, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 2.70%. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals. Get the most recent company news and stock data here >>
  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $7.35, up $0.3, or 4.26%. Its market capitalization is $74.49 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 273,167,237 shares versus a 3-month average volume of 306,867,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.60%. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Get the most recent company news and stock data here >>

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