Wells Fargo Sees Big Jump in Card Fee Income

SAN FRANCISCO—Wells Fargo reported card fees rose to $912 million in the third period, up from $797 million in second quarter.

The bank said that was predominantly due to increased consumer spending.

Wells Fargo also saw heightened debit card usage during Q3. Debit card point-of-sale purchase volume hit $102.9 billion in the period, up 11.1% from a year ago, Pymnts.com reported.

The firm also reported an uptick in digital banking activity during the quarter, with 32 million active digital customers (online and mobile), including 25.9 million active mobile customers.

“But on the downside, general card purpose credit card point-of-sale purchase volume fell 6% year on year to $19.2 billion,” Pymnts.com said.

 

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