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.
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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.
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.
Verizon Wireless remains the mobile phone provider to beat in the Twin Cities, according to data compiled by RootMetrics. The Pioneer Press reports the carrier is the overall leader when it comes to the best data and text service.
U.S. Bank is bumping up overdraft fees for all its accounts beginning June 29, the Minneapolis-based bank confirmed Wednesday. The bank's new $35 overdraft fee brings it in line with the country's biggest financial institutions, including Bank of America, Huffington Post reports. Bank officials note that the 15 million-customer bank is eliminating one other fee and lowering yet another.
Admission fees for the general public will go up by $1. The increase is due to cuts in state government funding. The last time admission fees were increased was in 2008.
TCF Bank reports a first quarter loss of more than $280 million. More and larger fees are actually producing less money by driving away customers. The bank is still sizing up how many customers it's lost and which fees sent them packing. CEO Bill Cooper promises new solutions to reverse the trend.
Banks charge an average of about $2.20 in the Twin Cities to people who pull cash from an automated teller machine that is outside their own bank's network. That compares to the nationwide high in Denver of $2.80, MPR reports. Customers often get hit with yet another fee, charged by their own bank for using an out-of-network ATM. That average charge of $1.58 in the Twin Cities is about mid-way between the nationwide high and low for that fee.
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.