Credit Card Center Advertiser Disclosure†
08-09-2012 05:08 PM
I was wondering about maintaining a bank CC without having checking/savings with the bank and how to pay them without deposit accounts.
I currently have 5 checking accounts and it's getting kinda annoying to avoid fees.
This morning I checked my Wells fargo account and have an $8 monthly account fee, first time in 2 years they hit me with a fee. I was under them impression that if you have direct deposit totaling more then $750 a month they waive the fee. But I still got hit for the first time. I get paid weekly now and direct deposits were over 1k total last statement cycle yet I still had a fee. I want to avoid this from happening again.
My concern is I have a WF CC. If I closed the checking/saving/IRA accounts would I no longer have the ability to pay this CC online anymore?
Also I have a chase freedom and I'm tired of using their Debit card 5 times a month to avoid a fee with them. I have a saving with them also that I transfer $25 a month from checking to avoid that fee. Same question about paying my freedom card if I killed the checking/savings with them.
I also have 3 credit union accounts (local/ DCU/ Alliant) None of those charge fees, so I'm tempted to move my IRA to alliant and transfer all my funds from the big bank accounts to my local CU.
I'm just not sure if I would still have access to paying my CC's multiple times a month without online banking through Chase/WF
Any advice is welcome.
08-09-2012 05:27 PM - edited 08-09-2012 05:28 PM
I do not know about Wells Fargo, but closing your Chase deposit accounts will not hinder your ability of online account managment. You can add up to three "pay from" accounts with them. The credit unions may have a bill pay service, which would allow you to type in the credit card number and you may need the statement zip code and you can send the payment that way.
Also, with Chase you can just transfer 500 from an outside account and that will count as a direct deposit.
08-09-2012 05:34 PM
If the bank you use has online banking you can push payments that way.
I don't have any accounts but boa and citizens.
I set up online bill pay and can pay them directly from the bank site.
for 2 ge cards 3cap one and chase.
there is a fee for checking. unless you use the debit 5 times or keep 1500 balance. (for the minimum account)
since im an employee I get the highest account with no fees.
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
08-09-2012 05:38 PM
Thanks, For some reason I thought it would hurt my payment ability. I just set up Wells Fargo CC pay account to take payment from my CU. It did say it could take up to 4 days but I normally pay multiple times a month so I never have a payment amount due when it payment date comes anyways.
I never really poked around enough to see. I was doing transfers from wells to chase checking then once the transfer was complete transferred a payment to the CC.
I've been wanting to consolidate my checking accounts for awhile now but figured one of the biggest reasons those 2 banks extended credit to me in the first place was the relationship with other accounts.
maintaining 5 checking and 5 savings is pretty annoying. My CU's aren't that bad since they have no fees. I think only DCU has a dormant fee if it's over 6 months with no activity but that's nothing compared to WF and chase.
I normally use my debit card for lunch 5 times a month to avoid the chase fee, but now that I don't eat fast food as much it's not as easy to remember
08-09-2012 06:21 PM
08-09-2012 06:25 PM
08-09-2012 06:57 PM
I have my ally connected to my wells fargo credit card account because I don't run much through my WF checking, I've also got my chase checking attached to WF as well. So I know they let you have at least a few bank accounts attached.
08-09-2012 07:26 PM - edited 08-09-2012 07:28 PM
Thanks guys. I've been spending the last few hours adding Ent FCU (local CU) to all my pay accounts. WF and Chase set up fine once I noticed the 'add account' button lol. Normally only saw the drop down and it only showed local accounts. I did have all my accounts linked for the transfers, and I've tried to transfer from WF checking to Chase freedom and it wouldn't let me before.
But since this thread I found the add account under payments and made payments to each of those from my CU just to test the speed. As I said WF said up to 4 days and Chase said payment will post 8/10 so that's good.
I don't think I've ever made a 'payment' before. Been using account transfers to pay before.
I like WF but this fee was the first and last for me. I double checked and it does say fee waived if more then $750 a month in Direct Deposits. I've switched jobs and am about to start college so now paid weekly. However I did have more then $300 a week last month and still hit with a fee so WF must go.
Interest rates are better at my CU's anyways. I think my IRA is only at 0.020% where Alliant is 1%, so no idea why I've stayed this long other then the Credit card, which happens to be one of my lowest limits anyways
08-09-2012 09:02 PM
Doesn't matter, in fact I have never had a credit card from a bank where I have an account.
Wells fargo wasn't happy with my score when I applied for an account with them. Gave me a Checking account but no credit, since have closed.
Landmark Credit Union are far more conservative than American Exrpress, TargetBank, Chase... they refused my requiest for a card after having a 10+ year relationship with them no bounced checks in years. Had Checking, Savings and a number of CD's over the years still a denied on a manual review.
Just put in your checking account number (very carefully) and it will work fine.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.