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 ...
Simple. Close your checking account with WF, lilke I did over 30 yrs ago.
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.
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.
“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.
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!
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.
“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!
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.
“NUF AD INS.”???
What is that alphabet soup crap supposed to mean?
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.
National Union Fire Insurance. A subs. of AIG. They have a deal with BofA to sell Accidental Death/Dismemberment Insurance to BofA customers.
“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.
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...
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.
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.
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?
Mark
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