Wells Fargo ..charging $ 5 a month now...checking fee... (deposit, credit, checking account)

[WannaliveinGreenville]

I was contacted by Wells Fargo and told there will now be a $ 5 a month checking account fee for maintenance.

If you keep $ 1,500.00 in your checking account, you won't be charged.

If you can get direct deposit with them, no fee.

I know it's only $ 5.00 but that's my $ 5.00 !

I hope I don't sound trite but in my lifetime I never recall being charged JUST to have an account..

( Not withstanding a savings account that you are charged fees for by w/d money or monthly fees...)

This makes me want to check out some credit unions...

[PeteyNice]

I am surprised by this. I expected them to wait until they had finished converting Wachovia everywhere before they started charging existing customers since Wachovia still offers a real free checking product.

Retail banking is competitive, there are no shortages of places who would love to have your business.

[ZenMaster2008]

I'd think most people with a checking account either would have the $1500 or direct deposit.

[CTGirlNoMore]

Originally Posted by ZenMaster2008

I'd think most people with a checking account either would have the $1500 or direct deposit.

Not true.

My company doesn't offer direct deposit and in these tough times I don't always have $1,500 just laying around.

[CTGirlNoMore]

TYo the OP - I know it stinks, but it's better than the $15 my bank charges if you go under the $100 minimum.

[ZenMaster2008]

Originally Posted by CTGirlNoMore

Not true.

My company doesn't offer direct deposit and in these tough times I don't always have $1,500 just laying around.

I guess you fit in the other side of my "most" wording.

[CTGirlNoMore]

Originally Posted by ZenMaster2008

I guess you fit in the other side of my "most" wording.

Very true. This late in the day my brain wasn't reading the word "most".

[Lacerta]

Wells Fargo already charged a fee for business accounts if you didn't keep a minimum balance. For our accounts I think it is a minimum of $3000 or an average balance for the month of $5000. If you meet either of those, there is no fee. If not, it is $6.00 (or it was last time we were below that balance). For small businesses that don't keep a lot of money from month to month, or for monitored accounts that can only have certain things in them (like real estate trust accounts), this means that some months, you have a fee. You aren't allowed to put extra money in a real estate trust account (beyond a couple hundred for fees), so if you have a slow month, there is no way to avoid this fee.

HOWEVER, I have, several times, gotten this fee reversed by Wells Fargo simply by going in and asking for it. Just something to think of for long term good customers.

Good to know this though, I haven't seen any notification yet on my personal accounts. I don't always keep that much in my checking, since I regularly move any excess to my savings, so I will start keeping a bit more in there.

[hartford_renter]

Originally Posted by CTGirlNoMore

Not true.

My company doesn't offer direct deposit and in these tough times I don't always have $1,500 just laying around.

You are the exception. I can't blame the banks for charging the fees. Why should they provide services for you when you cost them money?

[moved]

Switch to a credit union. You'll have free checking and 10,000 ATMs available to you. Most credit unions are on the coop system, and you can use any credit union ATM, plus any 7-11 ATM, at no charge to you.