Wells Fargo announced it is canceling a proposed monthly fee of $3 for debit card users. The bank, which controls 36% of Twin Cities banking transactions, made the decision after receiving negative customer feedback.
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Illinois Democrat Richard Durbin has sent a letter to the CEO of Wells Fargo asking why the bank is charging customers in some states $3 a month to use their debit cards.
The group Minnesotans for a Fair Economy claims bank fees on short-term loans are as bad or worse as those imposed by payday lenders.
About 200 demonstrators, chanting 'Banks got bailed out, we got sold out,' marched from the Hennepin County Government Center plaza to Wells Fargo Bank in downtown Minneapolis today.
At the G20 summit in France Friday, the world's leading financial group endorsed a move that would have Wells Fargo pay a surcharge based on their assets to protect taxpayers in case the bank fails.
A federal judge in St. Paul rules Well Fargo must face a group lawsuit for promoting a risky securities-lending program. The bank's lawyers say they will appeal.
The wireless provider had announced a fee for customers paying service bills online via a debit or credit card. The FCC threatened to investigate and the company reneged the "convenience fee" due to customer feedback.
Somalis and Latinos rallied in Minneapolis to protest the bank's donations to anti-immigrant lawmakers and investments in for-profit prisons that detain immigrants.
Minneapolis-based Target Corporation has joined a growing list of more than two dozen retailers who object the propposed multi-billion dollar deal to settle a seven-year class-action lawsuit, Twin Cities Business reports. More than 7 million merchants claim Visa, MasterCard and some of the nation's largest banks fixed the fees they charge to retailers on credit card transactions. A Minneapolis-based law firm filed the case in 2005 and announced the agreement earlier this month. The class-action settlement still requires a judge's approval.
