Wells Fargo tightening up their "Free Checking" - where should I move my checking to? (insurance, credit)

[jtltke137]

I'm sure all WF customers got the same e-mail:

There are important changes coming to your Free Checking account
What's changing:
Effective September 12, 2011:
The name of your account will change to Personal Checking.
A $7 monthly service fee will apply, which can be waived with one of the following:
Maintain a $1,500 minimum daily balance, or
The total amount of qualifying direct deposits each statement cycle into this account must be $500 or more*
If you do not meet one of the above criteria to waive the monthly service fee, this fee can be discounted by $2 per month when you set up and receive online statements for this account.

I keep my savings in an online account and very little in my WF checking account. I transfer money to my WF checking account when I need to. Like most people I almost never write a check or use an ATM to get cash.

I haven't had to think about this in a while. What is the best strategy to handle my checking? Is there an online option where I can earn interest, write the occasional check, and use ATMs for free? Or is there a bank in DFW that still has "totally free" checking?

[Bideshi]

Banks have forgotten who really needs who. Try joining a credit union.

[EDS_]

In a situation like the OP's the bank looses money. It costs them at least $4.50/4.75 per account to issue statements and keep customer service staffing.


The bottom line is banks are a business. Why not keep some savings there?

[mami2emily]

Used to have a Wachovia account in Georgia (now Wells Fargo) and I absolutely positively CANNOT stand that bank!!!! They have more ways of nickel-and-diming you. They even used to charge me a non-Wachovia atm service fee if I was in a supermarket and picked debit at the checkout!

I would try one of the e-access accounts that offer free checking if most if your banking is done online and/or via ATM. I've been pretty happy with the one through Bank of America. $25 is the minimum.

[gbugmiami]

Funny, ive been 'wells fargo' now for only a month or 2.... and... im looking for another bank.

[Texan#1]

I also hold a strong disliking to Wells Fargo. I actually opened another account with BOA and only use Wells Fargo for paying my bills.

[Handsome Stranger]

I just switched to Chase, all you need is one direct deposit of $500 or more per month.

[stan4]

Don't know the details of all checking accounts, but I have been with Compass since 1992, and I have free checks, deposits, free wire transfers, a free safe deposit box, free atm use *anywhere*, free checking...

Just give 'em a buzz and see what they can do for you.

[hal2814]

Originally Posted by Handsome Stranger

I just switched to Chase, all you need is one direct deposit of $500 or more per month.

Chase has almost exactly the same terms as the Wells Fargo terms listed above. I have a Chase account right now because I got one of those $125-to-open-an-account offers but once I've met the 6-month requirement for that, I'm likely moving on.

I'll have to check out Compass as suggested above. The best option I've found so far is an online-only bank like Ally, but I'd prefer to have a branch I can go to.

[mikeh19468]

If you're ex military, can't go wrong with USAA (for banking, insurance, pretty much anything...). Also, if either of your parents are USAA members, you can get in too (although don't know if there's age limit for dependents to sign up initially).