Business

Wells Fargo ending free checking accounts

Posted May 11, 2012

There's no such thing as "free checking" anymore if you bank with Wells Fargo.

The company will convert all the old Wachovia free checking accounts in the Carolinas to fee-eligible accounts Aug. 7. Customers will see a $7 monthly fee beginning with the September statement.

To avoid the fee, account holders must either maintain a $1,500 minimum balance or have a monthly direct deposit of more than $500. Without those minimums, customers who sign up for online statement delivery can cut their monthly cost to $5.

The bank has said it expects 80 percent of current free checking customers to avoid the fee.

9 Comments

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  • rman May 11, 7:41 p.m.

    I'll be leaving Wells Fargo too. I was with Wachovia for 12 years before the buyout and had no problems what so ever. I can't even get an accurate on line balance now unless I can remember every gas purchase for the last 4 to 5 days. They have completely gotten ridiculous now.

  • cperry9369 May 11, 6:34 p.m.

    I will definately be switching to another institution. It probably will be a credit union.. This is rediculous and only hurting the working class .

  • corvair024 May 11, 5:28 p.m.

    Well, I am leaving Wells Fargo now. Rich keep getting richer.

  • loragre May 11, 5:27 p.m.

    Once again the "working poor" are the victims of fees..Wells Fargo will not charge anyone who maintains a $1500.00 balance or has direct deposit of $500.00. Most people who are living paycheck to paycheck can do neither. It's a shame business continues to suck the life from struggling people..They could make more changing only a couple of bucks from the 80% that can avoid paying the fees. Why can't they have a low-income or low-balance no fee account for their struggling customers..?

  • sunshine1040 May 11, 5:15 p.m.

    Sorry but I left Wells Fargo /Wachovia right after the sale because of fees that were being added to my account without prior notice. Got tired of calling them to get them removed

  • davisgw May 11, 5:06 p.m.

    I was a satisified Wachivia for years and I meet the requirements I will most likley switch to a local bank this summer. Not satisifed with Wells Fargo at all. I recently purchased a new car and got a better interest rate from another institution.

  • Gizmo the Great May 11, 4:37 p.m.

    Lame!! Yet, the bank's employees (not just Wells) are expected to get more and more new customers each week. The sales goals in banking has gotten ridiculous!!!

  • SingleLensReflex.SLR May 11, 4:32 p.m.

    when i found out they took away my free checks after Wachovia became Wells Fargo, I started reviewing my options and right now I have a target bank to switch to. I meet the criterion for free checking, but I can't support even threatening to charge me. Buh BYEE

  • dsdaughtry May 11, 4:28 p.m.

    an $85 annual fee for a checking account if you dont meet the minimums? Talk about attacking the poor!