Bloomberg News

Wells Fargo CEO Says Debit-Fee Test Seeks ‘Balance’

October 21, 2011

(Corrects headline to show CEO referred to new fees as part of effort to find balance that’s good for customers.)

Oct. 21 (Bloomberg) -- Wells Fargo & Co.’s new fees on debit-card customers are a “test” as the firm seeks the best way to replace revenue cut by federal limits on transaction fees, Chief Executive Officer John G. Stumpf told CNBC.

“We’ll find that right balance,” Stumpf said today in an interview with Maria Bartiromo. “It’ll be great for consumers and great for our shareholders.”

The San Francisco-based bank is imposing a $3 monthly fee for debit-card users in five states in response to the Durbin Amendment, which required the Federal Reserve to cap the amount lenders can charge retailers for processing transactions.

--Editor:

To contact the reporter on this story: Maryellen Tighe in New York at mtighe6@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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