topic Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!! in General Credit Topics

WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Wed, 14 Sep 2011 15:38:50 GMT

A lovely email from Wells Fargo - I will be on the phone to find out if these fees can be waived or if I'll be changing banks.

______________________________________________________________________________

Upcoming change to your Complete Advantage ® Checking account

The August statement for your Complete Advantage Checking account included a message about changes to your account.

For your convenience, we've summarized the changes below.

What's changing Effective November 14, 2011, the options to waive your Complete Advantage Checking account monthly service fee will change.

You can waive the $15 monthly service fee when you have three additional linked qualifying accounts/services and one of the following: Maintain $7,500 or more in combined balances in deposit or qualifying credit accounts, OR

Maintain a linked Wells Fargo Home Mortgage

If you do not meet one of the above monthly service fee waiver options, this fee can be discounted by $2 per month when you set up and receive online statements for this account.

What you may need to do

Automatic transfers are no longer available to waive the monthly service fee. Please review the new monthly service fee waivers carefully as it may be necessary for you to take action to ensure your account is not assessed a monthly service fee.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Wed, 14 Sep 2011 15:58:47 GMT

So.... I called WF prepared to throw a huge fit, but it wasn't needed. It looks like all they changed was my "Complete Advantage" account - the interest bearing checking. That one no longer gets fees waived by auto transfers. But it can now get a fee waiver by either linking a WF mortgage, or having more than 7,500 total in deposits in all accounts. I have both of these, so no fee for me. Plus, if I didn't qualify, I could still change it to a different type of account that doesn't pay interest and avoid the fees.

The other accounts haven't changed.

Today's lesson: Read your statements, look closely at the terms, and make sure you don't get fee'd over.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

Anonymous — Wed, 14 Sep 2011 16:33:40 GMT

We went into Wells Fargo due to the fact that they are going to start charging to use the debit card if you don't have a certain account. While we were there, we found out that our free checking account was no longer going to be free for us. Neither one of our companies do direct deposit. We told them that we were thinking about switching to USAA due to the fees. We changed our account to the Complete Advantage to avoid the fees.

I guess that I would have found out in an email as well but I changed the account before the date of my statement on the old account. Very sneaky way of letting people know.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

demi — Wed, 14 Sep 2011 16:43:17 GMT

I also received a letter from Wells telling me that they are discontinuing the Rewards program on the Debit cards...effective October 7th. The program gave you rewards if you used the debit card as a credit...costs 10 a year, but I usually ended up with about 50 dollars worth of rewards each year...they even say its because of the lower revenues they will get because they have been limited on what they can charge on debit cards. Cry me a river.

I do have my mortgage, and all accounts linked, so I have totally free checking, etc...cannot complain about that, and I have to say, I have banked with them for almost 30 years, and really do not have any complaints...other than when they used to call trying to sell me EVERYTHING!

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

John060675 — Wed, 14 Sep 2011 20:25:29 GMT

Yeah, I was bummed to hear they are cancelling the rewards feature on the debit card. I made out well on this, but now my Cap 1 rewards CC is my new best friend.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

demi — Wed, 14 Sep 2011 21:09:34 GMT

Another thing Wells offers (and I have) is mortgage rewards on their visa...every $2500 pays $25 down on mortgage...every little bit helps!

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Thu, 15 Sep 2011 15:06:28 GMT

I have gotten kind of used to getting everything for free from my bank. I don't mind reconfiguring the hoops I jump through to get it. I'm happy as long as there is still a way for me to avoid the fees. As always, those who don't pay close enough attention will pay all the overdraft and service fees, and I'll still get everything for free. In the last few years I've only ever been charged a fee once. And WF waived it as a "courtesy" when I called.

I guess the lesson is the bank WILL make money one way or another. The government stepped in and limited what they could do, so they came up with more creative opportunities for fees.

I guess the lesson is PAY ATTENTION; don't let 'em get you, and if they stop working for free, fire them. I have my accounts at USAA just standing by waiting for the day WF isn't free anymore.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

Anonymous — Mon, 19 Sep 2011 23:02:47 GMT

@p- wrote:
I guess the lesson is the bank WILL make money one way or another. The government stepped in and limited what they could do, so they came up with more creative opportunities for fees.

Exactly. All banks are doing this. They're no longer able to collect fees with debit cards - which used to bring in billions of dollars a year - so they're finding other ways to make money. Some banks used to reimburse you for ATM fees incurred by other company's machines, and they've discontinued the reimbursement program. Other banks are lower interest rates on savings, or charging higher fees. Whenever the government gets involved like this, the smart companies will find a way around it.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Mon, 12 Mar 2012 15:31:27 GMT

UPDATE - changing again effective 4-2012. Had to restructure mine.

http://ficoforums.myfico.com/t5/General-Credit-Topics/BEWARE-Wells-Fargo-Fee-Hike/m-p/1280183/message-uid/1280183#U1280183

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

LS2982 — Mon, 12 Mar 2012 18:32:22 GMT

this is why i love my CU, no fees.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Mon, 12 Mar 2012 18:44:22 GMT

@LS2982 wrote:
this is why i love my CU, no fees.

Yup... I have accounts with USAA, Capital One, and a local Credit Union. The truth is, I really like Wells Fargo. I like that my Mortgage is instantly credited when I make an e-bill payment, I like the billpay interface, and the branches all over the place. They have also been pretty cool about correcting mistakes, crediting back fees, and reimbursing fraud.

Plus, it's a PITA to switch everything to another bank.

I'll stay with them as long as it's free, but as soon as they start to charge me a fee, they are fired.

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

LS2982 — Mon, 12 Mar 2012 18:47:51 GMT

+1 p-! btw congrats on all of your credit journey success!!

Re: WELLS FARGO NEW ACCOUNT TERMS - $15.00 FEE!!!

p- — Mon, 12 Mar 2012 20:10:38 GMT

@LS2982 wrote:
+1 p-! btw congrats on all of your credit journey success!!

Thanks...