Wells Fargo is notifying customers in emails that it will end its rewards on debit cards as of Oct. 8. No more racking up points for purchases. The bank blames regulatory changes as well as lower interchange fees it collects from retailers for processing debit card transactions.
Wells Fargo is just the latest to dump or restrict reward programs on debit cards. J.P. Morgan Chase, for instance, notified millions of debit-card users earlier this year that it would drop its rewards , such as airline miles and cash back, as of mid-July because of a new cap on fees.