$3 monthly debit card fee? Goodbye Wells Fargo!

[FelixDeCat]

Ive owned 3 checking accounts concurrently over the last decade:

The first was work related that I have had since 1991 and I closed it in 2009 because I didnt use it much.

The second one I had with Wells Fargo that I opened in 2004 when I was a Gold Powerseller on Ebay. I kept cash there for buying & selling. I even won a free $2,000 laptop from them in 2006 that I still use today. I was happy as a clam with Wells.

The third was with Chase opened in 2009 to get a $150 opening bonus. I had intended to close this account in six months but thankfully never did.

So -

Last week Wells Fargo said they are going to start charging $7 a month and in certain states (not mine) they are also charging $3 a month to use a debit card. So they want $120 a year to do business with them? :\

As I result Im closing my Wells account today and all I will have is a grandfathered free* checking account at Chase. :'(


*=$6 fee waived if 5 debit card purchases are made from the account each month.

 

[fixxor]

Chase started charging me $10 a month. Said goodbye and switched to a credit union. I'm happy.

 

[OVerLoRDI]

hmm, ill have to check into this, I also have Wellsfargo.

 

[ThatsABigOne]

I read about that fee on one of my account statements. Other thing that Well's Fargo fails is that it wants you to pay to receive paper bills(account info).

Nevertheless, I still stay with Well's Fargo.

 

[alfa147x]

I need to look into this... BofA tried some crap like that with me last year and I dropped them

 

[Genx87]

Do you have a link to the monthly charges? I will close my accounts with them if they try to charge me a monthly fee for giving them an interest free loan.

 

[flvinny521]

Disclosure - I am a banker...

All banks have different types of checking accounts, and each of those different accounts have different fees or requirements. If you talk to a banker about it, they will likely recommend that you change your account to another type that may be a better fit for you.

If you bring more of your business to any bank, and upgrade to a higher level account, you will likely not have to deal with these type of issues. Times are changing, and banks' profits have been slashed greatly, so look for ALL major banks to be implementing changes, and they will ALL have some sort of requirements to be met in order to have those service fees waived.

The bottom line is that checking accounts have not always been free; it is a relatively recent development. If you want to keep your business spread between several banks, that is your decision and nobody will argue with you, but you'll probably find that banks will be more lenient with you if you qualify for and maintain a higher level account by consolidating your finances with one institution.

 

[Beev]

I will leave my bank immediately if they try to charge me a monthly fee.

 

[FelixDeCat]

Do you have a link to the monthly charges? I will close my accounts with them if they try to charge me a monthly fee for giving them an interest free loan.

The fee notice is in your messages folder titled "Important Changes to Your Free Checking Account". If you have all your statements and notices sent electronically you can qualify for a $2 monthly fee (for now). If you have your paycheck sent to your account (over $500) there is no monthly fee except the debit card fee.

$3 debit card fee being tested for nationwide release:

http://finance.yahoo.com/news/Wells...14.html?x=0&sec=topStories&pos=1&asset=&ccode=

 

[Ns1]

i love chase

i pay a single fee for my business account ($15), and I get 2 free personal checking (not the lowest level either), savings, safe deposit, checks, all kinds of shit.

fuck WF, fuck BofA, fuck credit unions too. remote deposit bitches!

 

[TakeNoPrisoners]

I wouldn't pay for a debit card either. Not at this point anyway. BofA hasn't charged me for mine ever.

 

[Genx87]

Thanks for the info. I dont have a "free" checking account luckily. And I also dont have a debit card.

 

[Pliablemoose]

I'm in the process of switching over to a bank through my broker.

I was spending way too much time on the phone with Wells Fargo, figure if I'm going to be hassled by calling them all the time to get things done, why not use my brokerage?

The CRS's are very friendly and prompt, and I get reimbursed if there are ATM fees.

 

[Lifted]

The minute my bank starts charging me for the privilege of making them more money with a debit card, my account is SO closed. I'm not about pay them to keep 5 figures in my checking account at no interest.

 

[KentState]

The only reason I use Wells Fargo is that they have a ton of ATM locations. How do ATM machines work with a credit union? How do you deposit a check if there is only one location and it's not convenient?

 

[Svnla]

You can get rid of the monthly charge if you have direct deposit of your pay check to the bank, at least how it is with Chase (for now until they change the terms).

 

[IceBergSLiM]

never heard of a local bank/ credit union?

 

[Lithium381]

wow that sucks, kick 'em to the curb. i'm about to move to fidelity checking from bankofamerica..... got my first fee since 2001 a few weeks ago becuase i went under $1500 on an account for three days...... $8. really? fsck them.

 

[rcpratt]

lol USAA.

 

[CPA]

What did you think was going to happen once the Feds came down on their credit card fees and interest rates? They have to find the money somewhere.

 

[tboo]

Chase starting charging me for not having a balance due on my CCs. I dropped them & went with USAA

 

[highland145]

For now, Wells Fargo's $3 debit card fee test will be limited to accounts opened in Georgia, Nevada, New Mexico, Oregon and Washington.

When the switched from wachovia, they dumped FIA card services (my visa since 1988) and tried to force me into theirs. Not. I still have FIA.

May have to close everything with them.

 

[IceBergSLiM]

What did you think was going to happen once the Feds came down on their credit card fees and interest rates? They have to find the money somewhere.

they can just run an honest business they aren't obligated to be crooks. Plenty of other banks do it.

 

[OILFIELDTRASH]

When you're a baller they pay you to keep your money in the bank.

 

[kranky]

i love chase

i pay a single fee for my business account ($15), and I get 2 free personal checking (not the lowest level either), savings, safe deposit, checks, all kinds of shit.

fuck WF, fuck BofA, fuck credit unions too. remote deposit bitches!

My credit union gives me 0.3% interest on checking, free wire transfers, free checks, free money orders, free travelers checks, free Visa gift cards, remote deposit, free overdraft transfers from savings, free notary and Medallion signature guarantee, free stop payments, reimburses all ATM fees no limit, AND I can use any credit union in the Credit Union Service Center network to make deposits/withdrawals. Like having a bank branch just about anywhere I go. It costs nothing and I don't have to make any minimum amount of debit purchases (in fact, I don't even have a debit card).

I looked at 10 banks in town from giant to small and none of them can match that.

Not a brag, just saying that credit unions are getting more and more competitive with any bank offering these days.