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Wells Fargo to charge $7 fee on more checking accounts (Oh Yes It Is Obama's Fault!!!)
cnn ^ | 3/8/2012 | By Blake Ellis

Posted on 03/08/2012 8:26:27 AM PST by tobyhill

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.

While Wells Fargo (WFC, Fortune 500) stopped offering free checking accounts to new customers in 2010, existing customers were able to hold onto their free accounts. But then last year, the bank transitioned a group of existing customers -- mainly in Western states -- to the same $7-a-month accounts that it provides new customers. And now existing customers in six more states are about to be hit with the fee.

The bank wouldn't disclose which states will be affected by the new fee, and wouldn't say how many states had already been impacted. However, CNNMoney received a Wells Fargo statement for a banking customer in New York on Wednesday that stated a new $7 fee would be applied to their account. A customer from Georgia said he was notified of a new $7 fee on Wednesday as well.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: checkingaccount; wellsfargo

1 posted on 03/08/2012 8:26:31 AM PST by tobyhill
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To: tobyhill

Simple. Close your checking account with WF, lilke I did over 30 yrs ago.


2 posted on 03/08/2012 8:28:54 AM PST by tgusa (gun control: deep breath, sight alignment, squeeze the trigger .......)
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To: tobyhill

I kicked WF to the curb years ago. I had the misfortune of going in to one the other day to cash a check. I sold a high dollar item and the buyer was 100 dollars short on cash. So I accepted his check for 100 dollars.

I presented it to the teller.. Who would not take it. I had to see a “banker” who proceeded to push a wells fargo account on me. and push and push...

I finely said “look, I won’t bank here. If I wrote someone a check and they had to go through what I am going through to cash it I would feel bad for subjecting them to your bank”

10 minutes to cash a check when NO ONE was in line is insane.

I love my CU.


3 posted on 03/08/2012 8:43:26 AM PST by cableguymn (Good thing I am a conservative. Otherwise I would have to support Mittens like Republicans do.)
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To: tobyhill

These guys have an incredible tin ear.

They are inviting a summer full of more OWS nonsense, capped-off by more heavy-handed Obama regulation.

Any bank which raises fees between now and the election is run by absolute fools.


4 posted on 03/08/2012 8:45:28 AM PST by Buckeye McFrog
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To: Buckeye McFrog

“Any bank which raises fees between now and the election is run by absolute fools.”

It’s smart. $7 x 1 gazillion accounts = $7 gazillion/ mo.


5 posted on 03/08/2012 8:50:00 AM PST by Mashood
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To: cableguymn

BofA charges its customers $$ for “NUF AD INS.” Many complain on net about this fee. But doubt if most customers note it on their statements. Multiply this monthly $11-25. fee across their customer base, and it helps cover all BofA’s mistakes in last few years!


6 posted on 03/08/2012 8:50:17 AM PST by donozark (A soldier lives as long as he is remembered...)
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To: tgusa
Exactly, but the OWS wants to go out there and raise a stink about the “filthy rich bankers” and the “filthy rich bankers” are already supporting Obama which is why I wanted to point out that “it's Obama’s fault”.
7 posted on 03/08/2012 8:52:13 AM PST by tobyhill (Fight Fire With Fire)
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To: tobyhill

I wish Sears would give me the free use of their appliances... or Apple the ‘free use’ of their tech support... so many things would be easier if they were free.


8 posted on 03/08/2012 8:55:04 AM PST by GOPJ (Democrat-Media Complex—buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: GOPJ
But since they aren't free and Obama promised a lot of freebies, including free banking, it must be Obama’s fault that Wells Fargo is promoting this fee.
9 posted on 03/08/2012 9:03:00 AM PST by tobyhill (Fight Fire With Fire)
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To: GOPJ

“I wish Sears would give me the free use of their appliances... or Apple the ‘free use’ of their tech support... so many things would be easier if they were free.”

Really? How about the fact that those same banks are essentially using our savings “for free.” I think you have your head on backwards!


10 posted on 03/08/2012 9:09:54 AM PST by vette6387
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To: GOPJ

It’s amazing to me how many people believe that businesses are in the business to give them free stuff. Even supposed conservatives. We truly live in an entitlement society. This is why I believe the left will win.


11 posted on 03/08/2012 9:23:27 AM PST by brytlea (An ounce of chocolate is worth a pound of cure)
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To: donozark

“NUF AD INS.”???

What is that alphabet soup crap supposed to mean?


12 posted on 03/08/2012 9:23:30 AM PST by dalereed
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To: tobyhill

This is precisely why I bank with a small “home-town” bank. And if I didn’t, I’d bank with a credit union. Friendly service from people who remember you name and actually care.

Oh, and my checking account is 100% free with no gimmicks, tricks, fees-by-another-name or gotchas.


13 posted on 03/08/2012 9:24:24 AM PST by upchuck (Where others hold a window into the world, nobama holds a mirror. h/t - Don Surber)
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To: dalereed

National Union Fire Insurance. A subs. of AIG. They have a deal with BofA to sell Accidental Death/Dismemberment Insurance to BofA customers.


14 posted on 03/08/2012 9:35:37 AM PST by donozark (A soldier lives as long as he is remembered...)
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To: brytlea

“It’s amazing to me how many people believe that businesses are in the business to give them free stuff. Even supposed conservatives. We truly live in an entitlement society. This is why I believe the left will win.”

The bank happens to be using YOUR money to make money with (lending, investing, etc.). That should about cover it for the free checking.


15 posted on 03/08/2012 9:39:32 AM PST by headstamp 2 (Liberalism: Carrying adolescent values and behavior into adult life.)
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To: tobyhill

Time to find a new bank that does not charge. The largest shareholder of Wells Fargo is Warren Buffett. Berkshire Hathaway. So leaving Wells Fargo would be good as why support a Obama Supporter...


16 posted on 03/08/2012 9:55:06 AM PST by ncfool (OMG 2012)
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To: Mashood

Frankly it scares me when banks and other businesses get too-too cute in trying to eek out a little more profit. It is their right certainly, but is fraught with pitfalls. Each time they do it it pisses people off more, to the point where I’m afraid eventually we’ll elect Hitler, so long as he promises to punish the perps.


17 posted on 03/08/2012 10:05:01 AM PST by Buckeye McFrog
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To: brytlea; tobyhill; vette6387; headstamp 2; ncfool
It’s amazing to me how many people believe that businesses are in the business to give them free stuff.

You have a point - next they'll be expecting Catholic Universities to give them free birth control... who knows where this could lead?

That said, it's the job of the consumer to get the best deal - if another bank is offering free checking - and Wells Fargo isn't, do the capitalists 'walk' and move that money to the bank offing the better deal. It's how free market systems work.

18 posted on 03/08/2012 10:05:29 AM PST by GOPJ (Democrat-Media Complex—buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: tobyhill

Didn’t Harry Reid have a public fit over BofA and their ATM fees? Calling for customers to leave them? All of this was none of his (public) business, but...

I’ll be waiting for HR to get all hot and bothered over this as well. Or is W Buffett off limits for Dems now?


19 posted on 03/08/2012 10:12:00 AM PST by MichaelCorleone (Stop feeding the beast; spend money only with those who support traditional American values.)
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To: tobyhill
I think it's stretching things to say it's Obama's fault. Dodd and Frank, absolutely, but Obama, not so much.

Mark

20 posted on 03/08/2012 10:36:22 AM PST by MarkL (Do I really look like a guy with a plan?)
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To: GOPJ

“I wish Sears would give me the free use of their appliances... or Apple the ‘free use’ of their tech support... so many things would be easier if they were free.”

You are obviously clueless about how banking works. Checking account holders are not getting something for free. The bank is using their money and making a profit.

When was the last time you gave someone your money and expected nothing in return?


21 posted on 03/08/2012 10:51:35 AM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: CodeToad

Interest rates are too low for your idea to work with people who keep “placeholder” accounts so they can cash checks.


22 posted on 03/08/2012 11:10:00 AM PST by AppyPappy (If you really want to annoy someone, point out something obvious that they are trying hard to ignore)
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To: GOPJ

That I agree with, let the market work, let people find the best deal. It’s the whining like liberals that makes me crazy. Plus, this whole going after the banks is frankly a leftist thing and I’m saddened that FReepers are joining the fray. Other industries likely raise their prices with nary a peep, but the media has their eye on banks so they put out the word and FReepers join the feeding frenzy. It’s disheartening.


23 posted on 03/08/2012 11:55:09 AM PST by brytlea (An ounce of chocolate is worth a pound of cure)
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To: GOPJ
I wish Sears would give me the free use of their appliances... or Apple the ‘free use’ of their tech support... so many things would be easier if they were free.

Ignorance is so widespread these days that some actually consider it wisdom.

Sears does not have use of my 4-figure checking account, for which it pays me $0.17 a month in "interest!

Fool!

24 posted on 03/08/2012 12:03:11 PM PST by Publius6961 (“It’s easy to make phony promises you can’t keep.” - Obama, Feb23, 2012)
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To: AppyPappy

The bankers created the banking system to include the need for the placeholder accounts, so no sympathy for them.


25 posted on 03/08/2012 12:10:23 PM PST by CodeToad (NO TAXATION WITHOUT REPRESENTATION!!!)
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To: brytlea
Glad to finally see someone not bad mouthing banks. Does the general public realize the risks taken by a bank in cashing a check? It's so easy for the customer to sign a forgery affidavit and the bank eats the loss. Want locations and tellers - then be prepared to pay a fee for them. Banks are currently operating on the lowest margins in years and must make a profit to build loan loss reserves. And how about these outrageous awards to defaulted customers? The bank took what was a reasonable risk and circumstances led to negative equity in homes. Who guaranteed the home would go up in value? The same people who guaranteed perfect babies and drove hoards of doctors out of obstetrics. Keep criticizing the banks and you'll end up with government run banks that will do little but redistribute wealth. Try getting some business capital under that system and reaping rewards of 60-80+ work weeks.
26 posted on 03/08/2012 12:31:11 PM PST by Boomer One
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To: Boomer One
Here's an interesting stock play.....that might help out banks...by saving them money. MITK....

Mitek Systems, Inc. engages in the development, sale, and service of software solutions related to mobile imaging solutions and intelligent character recognition software. It provides Mobile Deposit, a software application that allows users to remotely deposit a check using their smartphone cameras; Mobile Photo Bill Pay, a mobile bill paying application that allows users to pay their bills; Mobile ACH Enrollment, an application that enables consumers to enroll their checking accounts as funding sources for mobile payments; and MitekONE, an enterprise platform that addresses various deposit types.

The company also offers Mobile Balance Transfer, a credit card shopping application; Mobile Imaging Cloud, a mobile imaging platform that allows users to capture, extract, and route information contained in documents for creating camera-based mobile solutions; Mobile Receipt, a receipt archival and expense report application; and Mobile Phax, a mobile document faxing application.

In addition, it provides character recognition toolkits under the brand ImageNet that provide accuracy in remittance processing, proof of deposit, and lock box processing applications.

The company’s ImageNet products are used to reduce manual labor by automatically extracting amounts and routing information from checks and distinguishing between common document types, such as personal and business checks, substitute checks, pre-authorized drafts, and other document types.

Further, it offers FraudProtect Systems, an automated software application that allows banks to detect the common forms of check fraud from forged signatures and counterfeit checks, as well as the detection of pre-authorized drafts and payee name alterations.

The company markets its mobile solutions directly, as well as through various channel partners to enterprise customers and end-users in the United States. Mitek Systems, Inc. was founded in 1983 and is headquartered in San Diego, California.

27 posted on 03/08/2012 12:35:16 PM PST by Osage Orange (Why do we eat Soylindra Green?)
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To: brytlea
It’s amazing to me how many people believe that businesses are in the business to give them free stuff.

Banks offered free checking as an incentive to generate business - years ago they gave away toasters and green stamps. It's business - incentives change - the world moves on...

I like your attitude - it's good, but your conclusion - - well, not so much. I believe in the long run we'll win ... our ideas are better... and I'll bet in your heart you agree with me.

28 posted on 03/09/2012 1:01:12 PM PST by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: brytlea
My hometown (liberal) newspaper ran an article this morning on a new “Occupy’ cause/grudge. Guess what it was? Yep, banks charging for checking accounts. I'm starting to see a fair amount of those kind of ‘coincidences’ here. Odd.
29 posted on 03/10/2012 7:31:37 AM PST by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: GOPJ

I do hope and pray you’re right. But the more I see on social media the more depressing it is. Some days it’s harder to keep a positive attitude. Even FR is pretty depressing.


30 posted on 03/12/2012 11:25:12 AM PDT by brytlea (An ounce of chocolate is worth a pound of cure)
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