Sen. Durbin calls on Wells Fargo to explain new fees

10/20/2011 | AmericanBanker.com (free registration)

Sen. Dick Durbin has sent a letter to Wells Fargo CEO John Stumpf scrutinizing the bank's new debit card fees. Mr. Durbin said Wells Fargo didn't have the right to blame the new fees on limits to interchange fees. "Instead of making up costs, your new consumer fee appears to be a plain attempt to increase your profits - even though your bank just reported third quarter profits that hit a record high," Mr. Durbin wrote.

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