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.