topic Re: Wells Fargo Legacy Checking Account Forced Conversions in Personal Finance

Wells Fargo Legacy Checking Account Forced Conversions

UncleB — Mon, 06 May 2024 09:10:08 GMT

Wells Fargo has offered a number of different checking accounts over the years, and when they stop offering one they generally grandfather anybody who currently has it. Apparently that has changed.

The account that used to be offered to senior citizens was done away with a while back, and now they're apparently force converting those folks to their 'Everyday Checking' account.

Info on the change here: https://sites.wf.com/essentialtoeveryday/

I am a secondary account holder on an account of this type. At-a-glance, what I notice that has been lost of most value is the discount on check orders, which many people in the age bracket for this account type will likely still be using. The account monthly fee has increased from $7 to $10, but the activities for waiving the fee have been (slightly) expanded and the minimum direct deposit is still the same ($500) so this isn't likely to trip-up many people.

The other account I have with WF is a Preferred Checking account; this is also being force-converted to an Everyday Checking account. This account type has been discontinued for new customers for several years. It's an in-between account... it has more perks than the standard accounts, but not as many as the 'fancy' accounts (and easier requirements for waving the fee than the fancy accounts as well). More information on the account type here: https://www08.wellsfargomedia.com/assets/pdf/personal/deposits/preferred-checking.pdf

Info on the change here: https://sites.wf.com/preferredtoeveryday/

A bit more is being lost with this one. While the DD and minimum balance requirements for waiving the monthly fee are easier with the Everyday account, going away are no-fee cashier's checks, no-fee money orders, check discounts, and limited ATM fee waivers. Also, I didn't see anything about interest mentioned (the Preferred offers a pitiful interest rate on the daily collected balance over $500) but the Everyday account doesn't pay interest, so this has been lost as well (as minimal as it may have been). Finally, one of the fee waiver options for the Preferred account was linking a WF Home Mortgage, which isn't an option on the new Everyday Checking account.

Oddly, in both cases they point out the added benefits that can be gained by linking a WF Campus ATM card or Campus Debit card, yet neither of these account types were likely widely utilized by college students. 🤔

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Mon, 06 May 2024 10:28:46 GMT

Off and On subject.

UsBank eliminated their old checking and savings programs/structures/products back a couple of years when they moved to "Smartly Banking". Their program (from where I sit) is aimed at the new or those with needs of checking benefits that are more focused on no fees for over drafts and the like. The actual earnings for the Tiers of Interest are low (no shock as it seems most everyone does not pay much on checking). Read years back that banks spent $175 per year for one customer checking account (believe what you will).

In the past US Bank ran the Silver, Gold, Platinum, College Students, Seniors and Military (which were all Grandfathered in) checking accounts. On the Gold Checking account all you had to do to waive the monthly fee was have a US Bank Credit Card (easy fee waive). Platinum required $24.95 per month fee or $25,000 in various type of bank accounts (heavy cost) checking.

Noticed today they are adding features of the Smartly Banking products on to my existing bank accounts. They also have a note that signing up for Smartly Banking products may increase or decrease your benefits. In my case as an old banking customer, Smartly Banking has no benefit for me. If I were seeking a bank today, I would be passing on the US Bank's Smartly Banking products. It will be a major step back if they force conversions. Since Smartly Banking seems to be creeping into my US Bank products I wonder how long I can remain Grandfathered in?

Certainly food for thought?

Re: Wells Fargo Legacy Checking Account Forced Conversions

FicoMike0 — Mon, 06 May 2024 14:11:20 GMT

I'm old and I have the wells everyday. I don't care about checks, didn't even get the debit card. I opened the account for relatioship, I wanted a credit card, and for a $325 bribe. I keep $500 there to avoid the fee. I know I could Smurf a $500 ach push every month instead. I'll probably just close it, don't use it. Then, in 12 months, I can open and collect sub again!

I also have the usb smarty. No fee because I'm old, also because I have credit card. Opened for the $500 sub. Id like to try their same day ach, but I don't have another bank that participates. Takes two to tango.

Re: Wells Fargo Legacy Checking Account Forced Conversions

keekers — Mon, 06 May 2024 14:56:37 GMT

Thanks for sharing; I dislike when banks do things like this.

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Mon, 06 May 2024 18:57:26 GMT

@FicoMike0 wrote:
I'm old and I have the wells everyday. I don't care about checks, didn't even get the debit card. I opened the account for relatioship, I wanted a credit card, and for a $325 bribe. I keep $500 there to avoid the fee. I know I could Smurf a $500 ach push every month instead. I'll probably just close it, don't use it. Then, in 12 months, I can open and collect sub again!
I also have the usb smarty. No fee because I'm old, also because I have credit card. Opened for the $500 sub. Id like to try their same day ach, but I don't have another bank that participates. Takes two to tango.

Love the FastBank options. In the morning I set up the funds I want to move around and by 1 pm to 2 pm they are where I sent them. It is great. However, if you do not have two to tango, it does not work (which you already stated) as I did try and failed.

Re: Wells Fargo Legacy Checking Account Forced Conversions

UncleB — Mon, 06 May 2024 22:09:56 GMT

@FicoMike0 wrote:
I'm old and I have the wells everyday. I don't care about checks, didn't even get the debit card. I opened the account for relatioship, I wanted a credit card, and for a $325 bribe. I keep $500 there to avoid the fee. I know I could Smurf a $500 ach push every month instead. I'll probably just close it, don't use it. Then, in 12 months, I can open and collect sub again!
I also have the usb smarty. No fee because I'm old, also because I have credit card. Opened for the $500 sub. Id like to try their same day ach, but I don't have another bank that participates. Takes two to tango.

Yeah, the changes aren't showstoppers for me, but I have been using the free cashier's check perk a couple of times a year so I'll miss that (although for my purposes, a free teller check from NFCU is a workable solution). I just ordered paper checks last year so I will be fine for a while there.

This is a relatively minor nerf in the grand scheme of things, but still annoying nonetheless. I did get a good laugh at how they tried to put the corporate spin on the announcement(s) to make this seem like a positive for customers when it's anything but. "We’ve updated our checking accounts to better meet the needs of our customers," uh, no... adding charges for stuff I actually use doesn't better meet my needs!

Re: Wells Fargo Legacy Checking Account Forced Conversions

FicoMike0 — Mon, 06 May 2024 23:05:09 GMT

In with you, if they aren't providing services, don't insult our intelligence with a lot of nonsense. At least usb has easy loopholes. I'm a little biased, usb paid me a $500 bribe, wf only paid $325, lol.

Re: Wells Fargo Legacy Checking Account Forced Conversions

FicoMike0 — Mon, 06 May 2024 23:07:24 GMT

The last time I used a check it was to renew my passport. Typical, uncle sugar is always behind the times.

Re: Wells Fargo Legacy Checking Account Forced Conversions

UncleB — Mon, 06 May 2024 23:20:40 GMT

@FicoMike0 wrote:
The last time I used a check it was to renew my passport. Typical, uncle sugar is always behind the times.

I still write a check for rent each month.

My property management company charges a ~$3 fee for ACH payments (and even more for debit and credit) so I still pay the old fashioned way. I can't bring myself to pay $36+ each year just to avoid walking across the parking lot.

Re: Wells Fargo Legacy Checking Account Forced Conversions

xiuxiuejar — Tue, 07 May 2024 01:01:37 GMT

I don't understand why anyone would want to deal with these monolithic banks which clearly don't care about your business. And then they say things like (and I quote from the Wells Fargo link above):

"We’ve updated our checking accounts to better meet the needs of our customers."

The last time a banker told me something like that my reply was, "Don't p!ss on my leg and tell me it's raining! Close my account."

It's the 21st century. There are a ton of options out there. There are small local banks which have no fee checking without having to jump thru 80 hoops to get free checking. There are credit unions which do the same. There are fintech banks/neo banks which pay a lot more than the 0.01% Wells Fargo and BoA are paying in interest. And there are brokerages like Fidelity or Schwab which offer everything a bank offers (with the exception of local cash deposits and other local services). Sometimes you just have to get creative to maximize the amount of value you get. It's fair for banks and other financial institutions to make money off your money. It's not fair for them to charge you for the "priviledge" of using your money to help them make money.

Re: Wells Fargo Legacy Checking Account Forced Conversions

AndySoCal — Tue, 07 May 2024 01:12:24 GMT

@UncleB I was about to say I have not ordered checks from a bank in years. I would have lied Discover does not charge for checks but you have your choice one style and one color. When I was with US Bank and now Ally I order my checks at fraction of the cost from Walmart checks.

I have used for years never a problem.

https://www.walmartchecks.com/

There are other companies that print checks but I have never used them.

Re: Wells Fargo Legacy Checking Account Forced Conversions

UncleB — Tue, 07 May 2024 01:29:35 GMT

@xiuxiuejar wrote:
I don't understand why anyone would want to deal with these monolithic banks which clearly don't care about your business.

The answer to this will be different for everybody, but for me it's because they're convenient.

I opened my account back when my local branches were Wachovia, and the branch was within walking distance from my house. I eventually moved out-of-state, and as luck would have it there was a branch (by this time, Wells Fargo) near my new home. When I again moved I was fortunate to have a branch within a few miles of my current home.

I also have checking accounts with USAA, Schwab, and Amex so I'm accustomed to using online banks. I'm also accustomed to their shortcomings when you need to see someone face-to-face... it can be painful (looking at you, USAA). In my case there are local CUs and regional banks that would probably do just as well, but (this latest annoyance aside) I've been pretty satisfied with WF for nearly 20 years now.

This isn't a defense of WF. I know they're the devil to some people and that's fine, I'm just doing what works for me.

Edited to add: I agree with the rest of your post as well.

Re: Wells Fargo Legacy Checking Account Forced Conversions

UncleB — Tue, 07 May 2024 01:33:30 GMT

@AndySoCal wrote:
@UncleB I was about to say I have not ordered checks from a bank in years. I would have lied Discover does not charge for checks but you have your choice one style and one color. When I was with US Bank and now Ally I order my checks at fraction of the cost from Walmart checks.
I have used for years never a problem.

https://www.walmartchecks.com/

There are other companies that print checks but I have never used them.

Yeah, it's nuts. I guess since people are no longer writing a pile of checks each month the printing companies (who am I kidding, it's almost always one company - Clarke Harland) have to gouge those of us to do still order checks.

Last fall I paid Amex/Clarke-Harland ~$20 for two (!) books of checks - they didn't even throw in a vinyl cover. I doubt I'll have to ever order more, but if I do I'll definitely use a company like Walmart Checks.

A funny aside: Years ago, I would pay extra for the fancy designs. These days as long as they 'work' I genuinely don't care what they look like, haha.

Re: Wells Fargo Legacy Checking Account Forced Conversions

xiuxiuejar — Tue, 07 May 2024 01:43:09 GMT

Funny you mentioned you opened an account somewhere and they were bought out by WF! Years ago, I banked with NCNB and they really made me mad so I moved to Ellie Bank. So I gave them one more chance and they screwed up so I moved to C&S Sovran. So what happened next? Yeah they got bought out by NCNB and changed their name to NationsBank. I moved again because they raised their fees. This time I moved to a really small local bank in a small town. Surely, I would be immune to another bank merger. NationsBank merged with Bank of America (of California) and became (today's) Bank of America. Well, I guess they wanted a footprint in this small town so they bought this tiny bank. Couldn't get away from them for the longest time...

Re: Wells Fargo Legacy Checking Account Forced Conversions

xiuxiuejar — Tue, 07 May 2024 01:49:01 GMT

@UncleB wrote:
@AndySoCal wrote:
@UncleB I was about to say I have not ordered checks from a bank in years. I would have lied Discover does not charge for checks but you have your choice one style and one color. When I was with US Bank and now Ally I order my checks at fraction of the cost from Walmart checks.
I have used for years never a problem.

https://www.walmartchecks.com/

There are other companies that print checks but I have never used them.

Yeah, it's nuts. I guess since people are no longer writing a pile of checks each month the printing companies (who am I kidding, it's almost always one company - Clarke Harland) have to gouge those of us to do still order checks.

Last fall I paid Amex/Clarke-Harland ~$20 for two (!) books of checks - they didn't even throw in a vinyl cover. I doubt I'll have to ever order more, but if I do I'll definitely use a company like Walmart Checks.

A funny aside: Years ago, I would pay extra for the fancy designs. These days as long as they 'work' I genuinely don't care what they look like, haha.

Yeah, I remember those days. I'm a huge Miami Hurricane sports fan and was so happy when I got my first set of "U" checks out of high school. I grew up in South Florida, but went to high school in Central Florida where 'Cane fans are scarce, but Gators and 'Noles were everywhere. This was in the late '80's when we ruled the state. I think I took one quick glance at the last book of checks I just got to make sure the name and address were right and then threw them in the sock drawer...

Re: Wells Fargo Legacy Checking Account Forced Conversions

FicoMike0 — Tue, 07 May 2024 04:08:51 GMT

@UncleB I'm lucky, paid off the mortgage on the homestead. When I did the passport I got a couple of free counter checks at my local, Huntington. They are walking distance, long walk. There's a restaurant near them, I make it a lunch walk. I keep them for cash transactions. I'm pretty sure I can order checks free from fidelity.

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Tue, 07 May 2024 09:43:34 GMT

@xiuxiuejar wrote:
I don't understand why anyone would want to deal with these monolithic banks which clearly don't care about your business. And then they say things like (and I quote from the Wells Fargo link above):

"We’ve updated our checking accounts to better meet the needs of our customers."

The last time a banker told me something like that my reply was, "Don't p!ss on my leg and tell me it's raining! Close my account."

It's the 21st century. There are a ton of options out there. There are small local banks which have no fee checking without having to jump thru 80 hoops to get free checking. There are credit unions which do the same. There are fintech banks/neo banks which pay a lot more than the 0.01% Wells Fargo and BoA are paying in interest. And there are brokerages like Fidelity or Schwab which offer everything a bank offers (with the exception of local cash deposits and other local services). Sometimes you just have to get creative to maximize the amount of value you get. It's fair for banks and other financial institutions to make money off your money. It's not fair for them to charge you for the "priviledge" of using your money to help them make money.

Love it, absolutley love it. Says it all

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Tue, 07 May 2024 09:46:37 GMT

Aw yes ... checks from Fidelity Investments are available and work well. Will add, I write maybe five checks a year. Us young at heart are "digital" and probably light up at night

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Tue, 07 May 2024 09:54:20 GMT

Oops! Help UncleB ... getting so engrossed I updated before writing anything ... not guud? Any ways, like has been posted I too used to buy the cool checks. But, when you write only five checks a year what difference does it make. Every where I shop people use smart phones, Tap & Pay or once in awhile the Chip so why write a check? Truth the modern age makes it so easy and I have the hand writing of a physician.

Found the comment about checking the address on the checks of interest and I laughed. Until, I just checked and guess what, the address was from a previous residential dwelling unit I used to own. Yeah ...

Re: Wells Fargo Legacy Checking Account Forced Conversions

TrapLine — Tue, 07 May 2024 20:42:12 GMT

@UncleB wrote:
@AndySoCal wrote:
@UncleB I was about to say I have not ordered checks from a bank in years. I would have lied Discover does not charge for checks but you have your choice one style and one color. When I was with US Bank and now Ally I order my checks at fraction of the cost from Walmart checks.
I have used for years never a problem.

https://www.walmartchecks.com/

There are other companies that print checks but I have never used them.

Yeah, it's nuts. I guess since people are no longer writing a pile of checks each month the printing companies (who am I kidding, it's almost always one company - Clarke Harland) have to gouge those of us to do still order checks.

Last fall I paid Amex/Clarke-Harland ~$20 for two (!) books of checks - they didn't even throw in a vinyl cover. I doubt I'll have to ever order more, but if I do I'll definitely use a company like Walmart Checks.

A funny aside: Years ago, I would pay extra for the fancy designs. These days as long as they 'work' I genuinely don't care what they look like, haha.

You nailed it. Just paid $21 for two books of checks from Harland. Note, checks from Delux Corp are still available too.