Business

Wells Fargo ending free checking accounts

Posted May 11, 2012 4:19 p.m. EDT
Updated May 11, 2012 4:39 p.m. EDT

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.