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.
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.
Minnesota State Colleges and universities are being scrutinized by the U.S. Public Interest Research Group over a contract with private financial company Higher One. The consumer watchdog claims Higher One pushes students into using debit cards with sneaky fees that "eat up students' financial aid awards."
The Credit Union National Association says 10,200 Minnesotans have joined credit unions in the last month. Both Wells Fargo and U.S. Bank have taken criticism for their efforts to charge monthly debit card fees.