As I mentioned in several earlier articles where I talked about limits being placed on debit card transaction usage ( http://tinyurl.com/debitcardlimit ) there are major changing underfoot in the banking industry as it relates to the debit cards that were foisted upon us by the banks as a way to conveniently pay our way through life without cash. In fact the cashless society was a prediction by many financial pundits just a few years ago. I agree that we are destined for a cashless society because at the rate that this government is going, we will not have any cash to spend soon.
Well today we can put another nail in the coffin for debit card holders nationwide. Wells Fargo has halted all enrollments in its Debit card reward program effective March 27 for any customers with a Wachovia Bank account, and April 15 for Wells Fargo customers. Chase has also notified its customers that they will no longer be able to earn points after July 19. The points accrued up until then will not expire, if that’s any consolation to those of you with Chase accounts. Chase had already closed off all enrollments in the rewards program to new customers back on February 8.
The programs, which offered cash back, travel and merchandise awards are a staple of the banking industry. Every bank offers various programs, and many people use them, including me. Recent changes in bank regulations (http://tinyurl.com/newbankregs ) have caused the banks to rethink their debit card programs to protect their profits. The banks are being forced into this situation because our inept and clueless congressmen have created regulations that were not properly studied. You can read more here at http://tinyurl.com/debitcardcleanup
If you or anyone you know is interested in getting away from these dirt bag banks who borrowed from the taxpayers to bail out their incompetent decisions making mortgages to unqualified people, please send them over to http://tonyfontana.com/specials for a new offer on our Free Reloadable Visa Debit Card program. There they can sign up for a LiveSpot membership for free, enjoy shopping with instantly calculated cash back, health and wellness discount membership programs, and so much more. Any questions, call me at 917-33-9686 and I’ll do everything I can to help out.
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