Wells (WFC), JPMorgan (JPM) Slash Debit Rewards

Now that JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) have notified customers they're going to cut their debit reward programs, we can be sure we'll hear more of the banks are going to do the same thing in order to save money after the proposed rule from the Federal Reserve that would limit "swipe fees" - or the amount retailers must pay the bank every time customers use their debit cards.

Wells Fargo said it will no longer offer its debit rewards program for new customers. This will go into effect March 27 at Wachovia and April 15 at Wells Fargo, while existing customers will remain unaffected for the time being.

JPMorgan Chase also notified existing customers last week that their debit rewards programs will no longer be in effect as of July 19. The bank cut debit rewards for new customers in February.

SunTrust (NYSE:STI) has also made the same decision. The bank will no longer award points to customers beginning April 15, and the points that existing customers have built up will expire January 1, 2012.

Citi (NYSE:C) hasn't made any changes yet, but said it is "in the process of evaluating potential changes to our rewards programs."