Heads Up: Wells Fargo Checking Fee Change

[I4AT]

Couldn't find any previous threads about this with a search, but I was just assessing the damage from the Steam Summer Sale and randomly decided to check the messages in my online banking inbox thing, which is something I never do, but I'm glad I did because apparently Wells Fargo will be implementing a $5-$7 monthly fee for anyone that doesn't either:

Have a $1,500 minimum daily balance
or
Direct Deposit at least $500 every statement cycle

These changes are effective August 7th, 2012. I've had a Wachovia free checking account for at least 8 years now, and I'll be heading to my local branch tomorrow to find out wtf this is all about and probably end up closing my account and finding a new bank.

If you have a Wells Fargo checking account like I do and you've gone paperless, I recommend checking your inbox to see if you received a similar message. These changes are pretty fucking ridiculous for a zero perks checking account IMO, and it's a pure stroke of luck that I even caught this two weeks before the deadline.

I think the closest bank to me aside from Wells Fargo is PNC, do they have a no nonsense free checking account? I'll probably swing by there after I handle things with WF if anyone here recommends them, and I'll be without a debit card in the meantime, pain in my ass.

 

[kranky]

The great thing about getting paper statements is that notifications about changes to my account are delivered right to my door along with my statement, and I don't have to go look for them.

 

[rh71]

I had Washington Mutual which Chase bought out. Previously there was no minimum but I guess most are doing away with that now. We have a kids savings account and only because of that we are able to link them and do the minimum balance thing and keep free checking. If you look at it from their perspective, what reason do they have for keeping you as an account, give you free checks, etc. if you don't help them make money (keep a good sum of money in your account that they profit from)? This is also another good way to "clean up" all those with like $20 in their acct.

 

[JTsyo]

I had a Wachoiva Crown Checking account. When they were merged with Wells Fargo, the bakers suggested that I keep that account active since it's grandfathered in and nothing Wells Fargo has has all the same benefits.

In this case you might want to check if there's a Wells Fargo checking that would work better for you.

 

[I4AT]

I had Wachovia's bottom of the barrel free checking so I doubt they'll have anything for me, but I guess I'll find out when I get there. Just want something without a minimum balance and no upkeep fees. I have an HSBC online savings account where I keep the bulk of my money and my checking is just for day-to-day spending.

 

[cubby1223]

I had Wachovia's bottom of the barrel free checking so I doubt they'll have anything for me, but I guess I'll find out when I get there. Just want something without a minimum balance and no upkeep fees. I have an HSBC online savings account where I keep the bulk of my money and my checking is just for day-to-day spending.

You want people to provide you with a service you want, and you not compensate them in any way for their expenses serving you.

Got it.


Your HSBC account is earning 0.5% annually. Transfer $1,500 out of that and into your checking account, and you will come out ahead.

And if you believe $7.50 per year is too hella expensive for you... then go ahead and spend the time driving to the banks, the gasoline costs to do so, transfer your accounts, get new checks, and switch up all the online website that have your account info saved to make payments to, paypal, credit cards, etc.

I want you to prove just how much you hate bank fees.

 

[11thHour]

Wells Fargone is a horrible place to have an account imo, especially with great alternatives such as credit unions. You have to 'watch your back' with them because like some other big banks (and some small ones), they are aggressive account scrapers.

 

[TwiceOver]

I guess I've never had an issue with WF like everyone else. I've had a few disputes and they were all resolved within a few minutes of sitting in the office. I get free checking, free money orders, free safety deposit box. Never had an issue. To each their own I guess.

 

[1sikbITCH]

Wells Fargone is a horrible place to have an account imo, especially with great alternatives such as credit unions. You have to 'watch your back' with them because like some other big banks (and some small ones), they are aggressive account scrapers.

Don't you have to belong to some sort of organization who has a credit union in order to join it? Or have they gone "public" now?

 

[JTsyo]

I guess I've never had an issue with WF like everyone else. I've had a few disputes and they were all resolved within a few minutes of sitting in the office. I get free checking, free money orders, free safety deposit box. Never had an issue. To each their own I guess.

PMA account? Of ocurse those with larger accounts get better treatment.

 

[BrunoPuntzJones]

I've been super happy with Fidelity.

No charges for anything, including more checks, ATM withdrawals, etc.

 

[HardcoreRobot]

nice PSA. i was going to make one when i first got the email, but forgot... i just had one for local conveniences, check deposits at ATM etc. I closed my account, even if my balance was likely to be over 1500 I didnt want to deal with a bank trying to nickle and dime their customers like that. Ally 100% for me now, no regrets.

 

[kranky]

Don't you have to belong to some sort of organization who has a credit union in order to join it? Or have they gone "public" now?

There are plenty of "community" credit unions. While by law credit unions must restrict membership to a group that shares a "common bond," some credit unions define their "common bond" to be people who live, work, or worship in a particular geographical area. So it is essentially open to the general public.

Find a credit union: http://www.asmarterchoice.org/

And if you are OK with joining one with no local presence, you can join lots of credit unions by making a small one-time donation to particular charities. Or you can join an organization that is linked to a credit union then drop out after you join the credit union because once you qualify to join a credit union you can stay for life even if you no longer have the affiliation that let you join in the first place.

 

[techie81]

You want people to provide you with a service you want, and you not compensate them in any way for their expenses serving you.

Got it.


Your HSBC account is earning 0.5% annually. Transfer $1,500 out of that and into your checking account, and you will come out ahead.

And if you believe $7.50 per year is too hella expensive for you... then go ahead and spend the time driving to the banks, the gasoline costs to do so, transfer your accounts, get new checks, and switch up all the online website that have your account info saved to make payments to, paypal, credit cards, etc.

I want you to prove just how much you hate bank fees.

Um yeah, I don't need to pay bank fees because they are already investing and using my money. Do you even know what a bank is?

 

[HardcoreRobot]

You want people to provide you with a service you want, and you not compensate them in any way for their expenses serving you.

Got it.


Your HSBC account is earning 0.5% annually. Transfer $1,500 out of that and into your checking account, and you will come out ahead.

And if you believe $7.50 per year is too hella expensive for you... then go ahead and spend the time driving to the banks, the gasoline costs to do so, transfer your accounts, get new checks, and switch up all the online website that have your account info saved to make payments to, paypal, credit cards, etc.

I want you to prove just how much you hate bank fees.

actually the customers enable the bank to survive, not the other way around. if they cannot function by taking deposits/investing/lending that money out, they should close up shop. plenty of other banks manage to do it, so ill happily take my business there.

 

[ponyo]

I think we had that fee in GA for over a year. I closed one of my small petty cash acct at WF because of the change. My other accounts are grandfathered Wachovia Crown accts.

 

[dustb0wlkid]

Establishing a direct deposit with your bank is not hard or in any way inconvenient. In fact, it often enables you to get your money sooner than you otherwise would. Valid complaint not found.

 

[Bacstar]

I've always wondered why Direct Deposit would relieve you of paying a checking account fee?

 

[Exterous]

I've always wondered why Direct Deposit would relieve you of paying a checking account fee?

I believe they use it as a sign that you are actually using the account instead of just one sitting there doing nothing

 

[OutHouse]

You want people to provide you with a service you want, and you not compensate them in any way for their expenses serving you.

Got it.


Your HSBC account is earning 0.5% annually. Transfer $1,500 out of that and into your checking account, and you will come out ahead.

And if you believe $7.50 per year is too hella expensive for you... then go ahead and spend the time driving to the banks, the gasoline costs to do so, transfer your accounts, get new checks, and switch up all the online website that have your account info saved to make payments to, paypal, credit cards, etc.

I want you to prove just how much you hate bank fees.

thats per month not per year... thats a lot of money especially when they are using my money to play craps on wall street.

fuck that shit. banks can kiss my ass. I moved to a credit union 10 years ago and could not be happier.

OP you should look into your local credit unions instead of the "too big to fail" banks.

 

[TwiceOver]

PMA account? Of ocurse those with larger accounts get better treatment.

No idea what "kind" of account I have. I just know I don't pay anything for it and never have.

 

[1sikbITCH]

There are plenty of "community" credit unions. While by law credit unions must restrict membership to a group that shares a "common bond," some credit unions define their "common bond" to be people who live, work, or worship in a particular geographical area. So it is essentially open to the general public.

Find a credit union: http://www.asmarterchoice.org/

And if you are OK with joining one with no local presence, you can join lots of credit unions by making a small one-time donation to particular charities. Or you can join an organization that is linked to a credit union then drop out after you join the credit union because once you qualify to join a credit union you can stay for life even if you no longer have the affiliation that let you join in the first place.

That rocks. I could join MECU simply for living and working here, and my wife used to work for the state so that's another we can investigate.

Might just be ready to boot WF for good.

 

[11thHour]

Don't you have to belong to some sort of organization who has a credit union in order to join it? Or have they gone "public" now?

I'm a member of one that is basically open to anyone living in the state.

 

[Charlie98]

Um yeah, I don't need to pay bank fees because they are already investing and using my money. Do you even know what a bank is?

You beat me to it. The marketplace is also in effect: If you want depositors, you compete for them... i.e. free checking. It gets people in the door and a bank can make money in many other ways.

I had my personal accounts at WF and my business at Wachovia, after the merge, every time I walked in the door they were trying to sell me another 'banking product,' one dumbass even opened a savings account 'for me' that was deducting the rounded up dollar amount of every transaction I made on my debit card. I went in and closed all of my accounts save one (checking, so I can make my house payment to WF) and am done with WF.

I found a nice, locally owned bank that isn't very frilly, but they know my name and what I do. And they have cookies.

 

[dullard]

I'd like to add that Wells Fargo fees vary by state. In my home state (Nebraska), the free checking accounts all had fees which were added in May of this year: $10/month per checking account unless each checking account is linked to a different savings account with a $3500 minimum. It would be the first time in 17 years with them that I would pay any form of fee for any reason.

Needless to say, I closed one savings account and one checking account with Wells Fargo. I still have two savings, one checking, one HSA account, and one investment account that I haven't taken the time to move yet. But at least for now, I'm meeting the $3500 minimum.

I went to Scottrade with the closed accounts. No great interest rates at Scottrade, but it wasn't an account where I kept much money. The no ATM fee even at international ATMs more than made up for lack of much interest. Plus it just makes taking money out of Scottrade investments even easier.