Author Topic: Wells Fargo starting to charge for checking accounts  (Read 6417 times)

Offline Chaikel

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Wells Fargo starting to charge for checking accounts
« on: April 18, 2012, 12:10:42 PM »
My favorite bank was Wachvia, but once they went under things started going down hill.

Anyway I got an email from them that I had an SM, and on a hunch, logged in. It said no new messages, but when I clicked on the inbox there was one from yesterday.

Basically they're starting to charge $7 a month ($2 discount for online statements). So good bye Wells Fargo. Shame I just ordered a bunch of checks
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Offline compddd

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Re: Wells Fargo starting to charge for checking accounts
« Reply #1 on: April 18, 2012, 12:17:41 PM »
I'm sure there is a way to avoid the fee? Such as maintaining a certain month balance, or having your direct deposit go there.

Offline MarkS

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Re: Wells Fargo starting to charge for checking accounts
« Reply #2 on: April 18, 2012, 12:57:53 PM »
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.
Please review the criteria above as it may be necessary for you to take action by May 4, 2012 to waive the fee.


Basically, if you have a $1,500 balance or direct deposit of $500 or more = no fee.
If not, sign up for online only statements and you will have a $5 monthly fee.

Offline Name Changed

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Re: Wells Fargo starting to charge for checking accounts
« Reply #3 on: April 18, 2012, 01:02:35 PM »
My favorite bank was Wachvia, but once they went under things started going down hill.

Anyway I got an email from them that I had an SM, and on a hunch, logged in. It said no new messages, but when I clicked on the inbox there was one from yesterday.

Basically they're starting to charge $7 a month ($2 discount for online statements). So good bye Wells Fargo.
Same here ...

I did all my banking with Wachovia, and floated along with the new Wells Fargo (that I dont like)

I opened accounts in Chase a few months ago, and now will be moving over there and close my WF accounts

Offline Chaikel

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Re: Wells Fargo starting to charge for checking accounts
« Reply #4 on: April 18, 2012, 01:40:47 PM »
I opened accounts in Chase a few months ago, and now will be moving over there and close my WF accounts
Exactly what I'm about to do
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Offline Chaikel

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Re: Wells Fargo starting to charge for checking accounts
« Reply #5 on: April 18, 2012, 01:43:25 PM »
Not sure how many totally free checking accounts are still left, but I had a free for 5 years BofA student. It was expiring, so I called them and they said that their basic checking is free. No paper statements, and there is a charge to go to a teller. So if you mainly bank online, and/or can do your banking via ATM, might be the way to go for some ppl
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Re: Wells Fargo starting to charge for checking accounts
« Reply #6 on: April 18, 2012, 01:44:29 PM »
Exactly what I'm about to do
With a Chase Business account you get 3 more premiere accounts free

And to keep the business account free there are a few things, The easiest is prob to spend 1K on a Chase Business CC

Offline Chaikel

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Re: Wells Fargo starting to charge for checking accounts
« Reply #7 on: April 18, 2012, 02:06:38 PM »
With a Chase Business account you get 3 more premiere accounts free

And to keep the business account free there are a few things, The easiest is prob to spend 1K on a Chase Business CC
Heading to chase now. DO?

Just got off the phone with WF. Asked them if there were any free accounts. They said no. I said Good Bye. (Then he said we would really be sorry to see you go. I felt like saying: "SO DON'T CHARGE FEES, YOU MORONS!)
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Offline Zeeeeks

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Re: Wells Fargo starting to charge for checking accounts
« Reply #8 on: April 18, 2012, 02:25:38 PM »
Heading to chase now. DO?

Just got off the phone with WF. Asked them if there were any free accounts. They said no. I said Good Bye. (Then he said we would really be sorry to see you go. I felt like saying: "SO DON'T CHARGE FEES, YOU MORONS!)
Were you able to cancel online or by phone?

Offline Dan

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Re: Wells Fargo starting to charge for checking accounts
« Reply #9 on: April 18, 2012, 03:07:53 PM »
Heading to chase now. DO?

Just got off the phone with WF. Asked them if there were any free accounts. They said no. I said Good Bye. (Then he said we would really be sorry to see you go. I felt like saying: "SO DON'T CHARGE FEES, YOU MORONS!)
With the new laws free checking accounts are a losing proposition for banks.
Anyway usually amazon payments will keep an account free...
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline chaimmayer

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Re: Wells Fargo starting to charge for checking accounts
« Reply #10 on: April 18, 2012, 03:44:06 PM »
I didn't get that message yet - is it coming?  I still have crown banking ?

Offline Yeki89

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Re: Wells Fargo starting to charge for checking accounts
« Reply #11 on: April 19, 2012, 07:53:37 AM »
same here i HATE Wells Fargo! I had a Wachovia account and was happy... Now I'm banking at chase, and savings are in Fidelity ;)

Offline Smartypantz

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Re: Wells Fargo starting to charge for checking accounts
« Reply #12 on: April 19, 2012, 09:49:46 AM »
I have a Chase checking which I only keep open because of the Freedom card. Chase charges $12/Month if you do not maintain a $1500 daily balance/OR/ $5000 balance total for all accounts(if you have more than 1 with them)/OR/ $500 of direct deposits a month. Best bank for free checking with interest is Trustco Bank, pay one time fee of $12 and get free checks for life! Plus they pay interest!

Offline smart brit

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Re: Wells Fargo starting to charge for checking accounts
« Reply #13 on: April 19, 2012, 10:20:03 AM »
WFC is not the only one same with capital one bank starting to charge for an account but it would be waived if one has a daily balance above $300

Offline meshugener

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Re: Wells Fargo starting to charge for checking accounts
« Reply #14 on: April 19, 2012, 10:30:38 AM »
Not true for existing accounts. Only for new accounts.
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Offline A3

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Wells Fargo starting to charge for checking accounts
« Reply #15 on: April 19, 2012, 10:31:29 AM »
I didn't get that message yet - is it coming?  I still have crown banking ?

+1

Did it come yet?
So far I still have free banking with free checks.

Except I hate their new safety deposit box sign in policy and they are very unorganized.

Offline chaimmayer

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Re: Wells Fargo starting to charge for checking accounts
« Reply #16 on: April 19, 2012, 10:44:54 AM »
Did it come yet?
It hasn't.  I also got my mortgage through Wachovia - which is also now wells fargo obviously and I recently started getting fees even though I was paying my mortgage using their bill pay.  I spoke to the manager and he explained to me that I needed to be paying the mortgage using "transfers" and that would avoid the fees.  So maybe because I am paying my mortgage through them that's why I am avoiding the fees but I didn't get a letter.
Did you get a paper letter also or just a message from them?

Offline Chaikel

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Re: Wells Fargo starting to charge for checking accounts
« Reply #17 on: April 19, 2012, 10:47:44 AM »
It hasn't.  I also got my mortgage through Wachovia - which is also now wells fargo obviously and I recently started getting fees even though I was paying my mortgage using their bill pay.  I spoke to the manager and he explained to me that I needed to be paying the mortgage using "transfers" and that would avoid the fees.  So maybe because I am paying my mortgage through them that's why I am avoiding the fees but I didn't get a letter.
Did you get a paper letter also or just a message from them?
Just a msg. And it didn't even show up as new msg. When I click on SM I saw one dated 4/17
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Offline time

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Re: Wells Fargo starting to charge for checking accounts
« Reply #18 on: April 19, 2012, 11:48:11 AM »
I'm not positive, but i believe if you set up a savings acct. and set up an automatic transfer between the two accts. every month you can keep it free.  I do it with $25 I assume it could be anything

Offline yitzf

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Re: Wells Fargo starting to charge for checking accounts
« Reply #19 on: April 19, 2012, 12:57:09 PM »
same here i HATE Wells Fargo! I had a Wachovia account and was happy... Now I'm banking at chase, and savings are in Fidelity ;)
Doesn't Chase have fees too? What do you gain with Chase? (besides for exclusives)