Wells Fargo ends debit card rewards for existing cardholders - Yahoo! Finance=
After ending its debit rewards program for new customers earlier this year, Wells Fargo is now scrapping the program for existing customers as well.
Beginning in October, customers who are already enrolled in the issuer's debit card rewards program will no longer receive points for making debit card transactions.
We made this decision due to new regulations that limit the amount of money merchants pay financial institutions for processing debit card transactions," a Wells Fargo spokeswoman said. "The new cap doesn't cover all the costs associated with offering debit cards, including processing, administration and fraud.