Wells Fargo Scraps Debit Card Fee Trial

NEW YORK (TheStreet) -- Wells Fargo (WFC) has canceled its trial of a $3 fee for customers who use its debit cards.

In a news release posted on its Web site late Friday, Wells said it scrapped its five-state trial of a $3 monthly fee "as a response to customer feedback the bank has received."

Wells Fargo joins other large banks in reversing plans to levy monthly charges on customers who use debit cards following a public backlash.

On Friday, a report said JPMorgan Chase ( JPM) would scrap plans to charge a fee after conducting tests in multiple states.

And Bank of America ( BAC) reportedly is rethinking its plans to charge debit card users $5 a month.

Consumers around the country began voicing outrage about debit card fees after Bank of America's planned surcharge was disclosed in late September.

> > Bull or Bear? Vote in Our Poll

Shares of Wells Fargo closed Friday up 1 cent at $27.08.

This article was written by a staff member of TheStreet.

More from Stocks

Starbucks Just Revealed Some of the Most Worrying Data in Its History

Starbucks Just Revealed Some of the Most Worrying Data in Its History

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks

Why GE's Stock Has Fallen 15% in the Last 30 Days

Why GE's Stock Has Fallen 15% in the Last 30 Days

Banks Prepare to Up Shareholder Payouts By $30 Billion

Banks Prepare to Up Shareholder Payouts By $30 Billion