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NEW YORK (CNNMoney) -- Debit card rewards programs are vanishing at several major banks. Wells Fargo said Friday that it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo (WFC, Fortune 500), while existing customers will remain unaffected for the time being.
JPMorgan Chase (JPM, Fortune 500) notified existing customers last week that their debit rewards programs will disappear July 19. The bank eliminated debit rewards for new customers in February.
Citi (C, Fortune 500) hasn't made any changes yet, but said it is "in the process of evaluating potential changes to our rewards programs."
SunTrust (STI, Fortune 500), a large regional bank, has also followed suit. The bank will no longer award points to customers beginning April 15, and the points that existing customers have racked up will expire Jan. 1, 2012.
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Thank goodness that there are plenty of good banks and CUs that these customers can gravitate to when they abandon these institutions of banking slime.
I am still a big (99% of purchases) credit card user and still rack up the cash-back goodies from Discover.
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They do seem to be one you can count on, micharch. I don't think I've read anything bad about Discover at all.
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I think it's rubbish that they can do this when that was often the incentive for customers to open an account. It would be better to stick to instant offers like a "$10 in your account to start you off" deals to make sure you don't get caught like that in future. Hope the customers cancel on them.
It was only a matter of time before there was payback on the new legislation and this is it. The banks will decimate every perk you have. Get ready and use any you've accumulated before they become worthless.
Only when the last tree has died and the last river been poisoned and the last fish been caught will we realize we cannot eat money. - Cree Indian Proverb