Wells Fargo to charge $7 fee on more checking accounts (Oh Yes It Is Obama's Fault!!!)

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.

“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?

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.

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!

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.

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.

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.

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