Thursday, August 18, 2011

An Accidental Favor


August 18, 2011

Wells Fargo Bank is going to start charging customers in certain areas a fee each time they use their debit cards, to offset the costs to the bank.

Once again I’m fascinated by the thought that what was touted as a way to cut costs and increase convenience is now becoming a burden to the industry that hyped it in the first place. And now the customers will be paying the price. However…

This may not be the worst thing in the world. Some people really should just pay cash—that way they can actually keep track of what they’re spending. If you don’t want to carry around a wad, go back to using your checkbook; if you have to list the check and look at your balance each time you write one, it may curb some spending and, incidentally, save you some overdraft fees.

So, Wells Fargo, good luck. You may (inadvertently, I know) actually be doing your customers a favor.

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