$3 monthly debit card fee? Goodbye Wells Fargo!

[ddjkdg]

I wasn't aware of the limits on the mobile app deposits. You do need to be current/former military or have a spouse or parent that is a full USAA member to get insurance through them.

GoodRevrnd here's the link to their UPS Store program: https://www.usaa.com/inet/pages/usaa_easy_deposits_main

It says there are some restrictions but might suit your needs anyway.

 

[GoodRevrnd]

Ya, I read through the FAQ on the UPS thing and couldn't find anything. Gonna call them tomorrow. Do you know if you can deposit money orders and cashier checks through deposit @ home?

And man, their auto insurance beat the next lowest quote I had by about 25%. It's insane. If only they could get their act together on homeowner's. I was looking at about $1700 through them versus $1000 with other companies.

 

[Via]

I've closed 2 accounts that started charging me. Both of these accounts were free since the 90's.

I now only have CEFCU and Freestar.

 

[OCGuy]

Thank the "CC reform" crap from your government.

 

[paulney]

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!

The $15 is a recent development. We used to have a free biz. checking from WaMu which was grandfathered into Chase for a while, but then the fees reared their ugly head. $45 for a wire transfer? You have to be kidding. HSBC offers them for free and has far less fees in general. The downside is that there are fewer branches around.

 

[ddjkdg]

Ya, I read through the FAQ on the UPS thing and couldn't find anything. Gonna call them tomorrow. Do you know if you can deposit money orders and cashier checks through deposit @ home?

And man, their auto insurance beat the next lowest quote I had by about 25%. It's insane. If only they could get their act together on homeowner's. I was looking at about $1700 through them versus $1000 with other companies.

If you click on "Member 2 Member" on the Deposit@home page there are common Q&A's:

"Can I deposit money orders?"

Written on 7/10/11 by CMM61

Answer
I have deposited money orders with USAA Deposit@Home. Sometimes, though, the USAA system has a harder time "reading" money orders. In these cases, I've had to deposit money orders by mail from time to time. Which is understandable; as I could barely read the money orders myself! It's best to keep some USAA deposit mailing envelopes on hand, just in case. These can be requested online or on the phone.

I am 99% sure the issues that can arise are because cashier's checks and money orders are frequently printed in ink which does not scan well (e.g. 7-11 and USPS money orders have lighter purple ink), or have the legal amount physically embossed rather than printed, which also doesn't easily scan. If you can avoid that I don't think you will have any problems.

 

[lothar]

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.

Wells Fargo PMA...

 

[Powermoloch]

Don't be surprised if all banks are going to charge...unless you have a higher level account

wellsfargo PMA ftw

 

[xSauronx]

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!

i like bofa, the only thing i *want* is remote deposit, but i get all of 4 checks a year, maybe, so its not a serious issue for me

/if you get checks regularly, then id understand completely.
//atm deposit is handy enough, for now

 

[Lanyap]

This is what happens when the government says banks are making too much money on debit card interexchange fees. The retailers, or swipers, will now keep the additional percentage that was dropped as profit and the banks will start charging the monthly debit card fee. Guess who gets screwed in the process. Yes, us, the consumers. You can thank Mr. Durbin for going after those evil bankers. This is just the beginning.

 

[dr150]

Go with the popular best-in-class Alliant Credit Union. Best interest rates, fwiw, among the competition.

You can deposit via Bank of the West, etc.......Heck, while you're at it, you can also open a separate account with Bank of the West if you need to go inside the branch and cash in your bag of pennies.

 

[GoodRevrnd]

This is what happens when the government says banks are making too much money on debit card interexchange fees. The retailers, or swipers, will now keep the additional percentage that was dropped as profit and the banks will start charging the monthly debit card fee. Guess who gets screwed in the process. Yes, us, the consumers. You can thank Mr. Durbin for going after those evil bankers. This is just the beginning.

It's really dumb, too. Of all the things you could go after banks for you choose interexchange fees??? Seriously? Why should that even be regulated? Government is freakin stupid.

 

[paperfist]

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.

So why don't credit unions charge fees like that?

I have my business account with one and I have to maintain a $50 balance to keep my account open, after that there's no fees for my checking account or for my debit card and they offer credit cards with 8% interest.

 

[tailes151]

We gave out bad loans, so please accept these service fees. Thank you.

QFT

"Oh, you mean if we lend to these high-risk borrowers we can turn right around and sell the debt to Fannie or Freddie?" --- Credit default swap issues, housing market crashes, banks lose $$$, banks get bailed out, government implements tighter restrictions, banks claim can no longer profit like they used to, banks charge customers.

As I was depositing a couple of pay checks into Wells Fargo a month or so ago I was informed that unless I upgraded my account I would be charged $3/month to keep my current account.

I asked how much they charge my account for a cashier's check -- $8.

I no longer do business with WF.

 

[AznAnarchy99]

damn. This made the front page on Bing.

http://www.bing.com/search?q=Debit+card+fees&FORM=Z9LH9

 

[darkewaffle]

It's really dumb, too. Of all the things you could go after banks for you choose interexchange fees??? Seriously? Why should that even be regulated? Government is freakin stupid.

Well it's a lot of money for banks, something to the tune of $15 billion per year in revenue. The theory behind it was if you reduce the interchange fees then that money will 'trickle down' to consumers, thus providing a stimulus. However I think it's extremely unlikely that making 20c more on every transaction will cause retailers to drop prices at all, so I doubt the consumers get anything out of this other than a hassle.

 

[SP33Demon]

Navy Federal and USAA bitches. Screw the major banks, their stocks, and their quarterly earning. Credit unions ftw.

 

[onza]

Monthly Service Fee:
The monthly service fee is waived on your Value Checking account when you do ONE of the following:

Sign up for Direct Deposit4 OR
Maintain an average daily balance of $1,500

Otherwise, this account is $5 per month

https://www.wellsfargo.com/checking/value#2

If you get direct deposit I think the fee's are waived.

 

[onza]

Here's the actual screenshot of what I got.

 

[darkewaffle]

https://www.wellsfargo.com/checking/value#2

If you get direct deposit I think the fee's are waived.

I think that's a separate fee. Even before the Durbin act a lot of account types at any given bank would have avoidable fees provided the customer met certain requirements, which I think is what that's regarding. So far the only details I've seen on the WF fee are that it applies to all business and personal accounts with debit cards or ATM cards but only those that actually make use of their card to make a purchase. Using your card solely at an ATM or not at all should not incur the new fee.

 

[SpatiallyAware]

Here's the actual screenshot of what I got.

I believe this is on top of the $3/month debit fee.

 

[SpatiallyAware]

That is fine, you have every right to decide who gets your business. Just don't be surprised when, for the reasons outlined in prior posts, your new bank begins to adapt some of the same policies. Times are chagning and banking as you have come to know it over the past decade is going to end.

However, if you work with a competent banker, they will be able to find the type of account that is most beneficial to you. Just try to consider that there may be a benefit to consolidating your finances with a single bank, because by doing so and augmenting your business relationship with them, they will reward you by fee waivers, free services, discounts and other perks.

Ugh you make me hate big banks even more, which I didn't really think was possible.

 

[dbk]

<3 nfcu

 

[IceBergSLiM]

It's really dumb, too. Of all the things you could go after banks for you choose interexchange fees??? Seriously? Why should that even be regulated? Government is freakin stupid.

It essentially a tax on the consumer thats why. And there are a few huge banks with a virtual monopoly on it. Would you be ok if they charged 3.00 , 4.00, 10.00, 100.00 dollars "interchange fee" how would that impact the cost of the goods you are buying?

 

[darkewaffle]

It essentially a tax on the consumer thats why. And there are a few huge banks with a virtual monopoly on it. Would you be ok if they charged 3.00 , 4.00, 10.00, 100.00 dollars "interchange fee" how would that impact the cost of the goods you are buying?

No it's not, it's the banks earning a cut for facilitating the transaction. If people couldn't use their debit cards to make purchases, retailer revenue would drop. Simple as that. They are providing a service.

And "monopoly" in this sense isn't even applicable. They're the only ones who collect a debit interchange fee because they're the only ones providing that service. It's like saying credit card companies have a monopoly on "credit card interchange fees".

And I wouldn't bet for a second that interchange fees decreasing will decrease the price of goods, or even decrease the rate at which goods' prices increase.