Wells Fargo, Chase, SunTrust cancel debit rewards program

Wells Fargo, Chase, SunTrust cancel debit rewards program

money.cnn.com

NEW YORK (CNNMoney) -- Debit card rewards programs are vanishing at several major banks.

Wells Fargo said Friday that it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo (WFC, Fortune 500), while existing customers will remain unaffected for the time being.

JPMorgan Chase (JPM, Fortune 500) notified existing customers last week that their debit rewards programs will disappear July 19. ...

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In the game of competition, the one bank who has the most appealing offers attracts the most people, but when the majority of the banks are all doing the same thing, where's left to turn? With previously free accounts requiring a monthly charge just to stay open and possible debit card spending limits in the future, banking keeps getting bad for the average joe and worse for the poor citizen.

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I just see no reason to bank. I'm thirty years old and have not had a bank account since I was 19. It just seems to me that before they would reel you in with promises of bonuses, rewards, etc and yes that would've been nice but truth be told I don't need the extra miles (I haven't been on a plane since '03) and the 5% back you give me on all the purchases I make isn't going to amount to anything all things considered. However add all of that up and they would get a mint for themselves

The mattress and My safe work fine. So while this does not affect me directly I am not surprised all things considered to see it come to this.

That is all

Trowa Barton

I totally agree that banking is growing worse and worse for the average consumer or poor consumer. I would really prefer not to have a bank account but my paycheck MUST be direct deposited. Our HR department will not hire you without an account. I generally withdraw the entire amount within a couple of days of deposit and pay for most things with cash. Still costs me 12.00 per month.

They are canceling this because they are getting sued for fraud. They cannot afford it anymore, or they are just getting even more greedy.... Probably both.

I actually work at a law firm where we are suing the aforementioned.

wells fargo just changed my free checking account after more than 20yrs to a charged account,

we bailed them out! wtf!?


i am thinking of defaulting, since i went through a year of overcharges which i was not at fault.
like bs late charges.


these people piss me off.

hang em' high

reply to post by athenegoddess


which lawfirm needs to know you are talking about their cases on a hi profile open forum

The answer for the average person is to search for a credit union they can join. I don't get rewards, but my checking account gains interest at about half the rate of my savings account. My car loan was 3.5% lower than what the dealer's finance company was going to charge. The credit card I signed up for has a fixed rate nearly half of my Chase card's minimum variable rate.

Credit unions are the solution for the average person. Stop throwing money at the monster-mega banks. They are robbing their customers.

reply to post by SonicInfinity


If I read this right, they are canceling this for new customers?

Which means the current ones still have it?