The debit reward program is going to be wiped out by many prominent banks. As per the reports, Wells Fargo has announced that bank will not provide any awards to the new customers, though old customer can still claim the benefits with effect March 27 at Wachovia and April 15 at Wells Fargo.

The debit awards are among the most popular category through which customer can get benefitted by keeping a high balance in the accounts. With federal bank axing excessive charges levied by various financial institutions to the customers, there are many schemes under the radar of Federal Reserve.

In order to get compensation, financial institutions have spiked the ATM fees and are planning to draft a limit on the spending power of debit card users.

Responding to the decision, Curtis Arnold, founder of CreditRatings. com, reportedly claimed that till the time Fed changes its stand, financial institutions will keep on curtailing debit awards to the customers.

Moreover, JPMorgan Chase, Citi and SunTrust have followed the footsteps of Wells Fargo as they have announced rolling back of debit awards.

Meanwhile, Wells Fargo & Co. has given an option to its ATM users to click on "Donate to Charity" button if their want to donate money to the people of grief-stricken Japan.