Thursday, March 8, 2012 - 5:46 AM

Wells Fargo To Charge $7 Fee On More Checking Accounts

Wells Fargo will start charging $7 a month for checking accounts in six more states, expanding on its efforts to do away with free checking accounts altogether.

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,939

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This post applies to the following states: AL,AK,AR,AZ,CA,CO,CT,DE,DC,FL,GA,ID,IL,IN,IA,KS,MD,MA,MI,MN,MS,MT,NC,ND,NE,NJ,NM,NY,NV,OH,OK,OR,PA,RI,SC,SD,TN,TX,UT,VA,WA,WV,WI,WY.

Quick
Summary

1. Thursday, March 8, 2012 - 6:02 PM

I closed my wells fargo/wachovia accounts after 17 years. Closed $180k equity line, checking and 3 business accounts. Open them all up at Delta Credit Union https://www.deltacommunitycu.com. Moved my primary checking to Ally and link Delta for local cash. Delta CU I think is for GA residents I'm not a Delta Airlines Employee. My HE rate dropped to 3.5% and cost me $150 to open..they used an old appraisal and approved it. So glad out of big banks. I think I may try this TIAA place..had ally cd expire. However don’t like Ally's combined statements...when applying for loans they (creditor) see all pages to possible want u to pledge those assets..they can’t separate for liquid accounts. really bad.

My Current Banking Cash Accounts:

Ally

Delta Credit Union

Discover

AMEX

futuresynthpop5 posts since
Apr 10, 2010
Rep Points: 29

2. Friday, March 9, 2012 - 7:19 PM

I have a very modest regular savings account at Wells Fargo which I maintain for ATM withdrawals. All other banking elsewhere. Considering the fact that checking accounts are basically "free money" for banks, I must admit I cannot understand the rationale for "charging" you for the "privilege" of writing checks. We have checking accounts at three financial institutions, none charges a fee, and none has a minimum balance.

Bozo129 posts since
Feb 14, 2011
Rep Points: 853

3. Thursday, April 19, 2012 - 3:09 PM

Just an FYI

Wells Fargo customers are now receiving warnings about the new fee. Here's an excerpt of an online message a customer received and posted at reddit:

There is an important change coming to your Essential Checking account.

What's changing?

Effective May 4, 2012, a $7 monthly service fee will apply, which can be waived with the following:

* Maintain a $1,500 minimum daily balance, or
* Maintain qualifying direct deposits totaling $500 or more each statement cycle

If you do not meet one of the criteria above, the monthly service fee will appear on your account statement on or after June 4, 2012

If you are assessed the monthly service fee, you can receive a discount of $2 per month when you set up and receive online only statements for this account.

Note, according to that CNN article, this fee is only taking effect in the following 6 states:

Georgia, New Jersey, Delaware, Connecticut, New York and Pennsylvania

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,939