Wells Fargo Gets Cozier with Visa

By David Lazarus, The Chronicle

Walnut Creek, CA resident Leslie Gallaugher received a mailing from Wells Fargo the other day informing him that unless he opts out by Sept. 23, he’ll be automatically switched from a MasterCard to a Visa Signature credit card.

The fine print included with the mailing, however, says the new Visa Signature card comes with a $19 annual membership fee. Gallaugher pays no annual fee for his MasterCard.

“Of course,” he told me, “I declined.”

Ah, but not so fast. Turns out that Wells has quietly cut back its ties with MasterCard and has entered into an expanded arrangement with Visa.

As such, bank insiders say that even those like Gallaugher who opt out from this month’s automatic card switch will still be forced to become Visa card holders by early next year when Wells is expected to end its contract with MasterCard for consumer accounts.

For this complete story, please visit Wells gets cozier with Visa.