Wells Fargo Bank has officially started charging customers in selected states a new $3 monthly debit card fee.
The bank’s debit card holders in Nevada, Oregon, New Mexico, Georgia and Washington are the first to pay the new fees in addition a range of fees that will cost most consumers a minimum of $120 a year, LVRJ.com reports.
The fees range from ATM fees, overdraft charges, minimum balance rules and check-ordering costs.
Wells Fargo customers in the affected states may avoid paying the new monthly debit card fee if they keep a high balance and only use their debit cards to withdraw cash at Wells Fargo ATMs.
Bank of America recently announced that it would start charging its customers a $5 monthly fee for debit cards and received a backlash from liberals and consumer groups.
Wells Fargo customers have been surveyed regarding the increasing costs and agree that although they are not pleased with the new fees, they would rather pay them instead of switching to another bank, according to LVRJ.com.
Theodore Boomer, a Wells Fargo customer in Mableton, Ga., is outraged and has spearheaded a campaign to convince the bank to cancel its debit card fee.
"This is an outrageous fee when taking into account that it costs the bank less money to process an electronic transaction then a paper check," Boomer wrote in a letter to Wells Fargo CEO John Strumph, LVRJ.com reports.
As of Friday, Boomer had 65 signatures on a petition that he posted on Change.org.
Bank of America customers have posted a similar petition on the same website and have received 233,670 signatures, according to LVRJ.com.