BEWARE: Wells Fargo Fee Hike

p- · ‎03-12-2012

I received a message today in my email from Wells Fargo that I had "new account terms".

I have two checking accounts and three savings accounts with WF - But also have one direct deposit, and one mortgage with them. Today I will call and find out if they can figure out how to keep mee from getting a fee without giving up any of these accounts. If they can't accomplish it, today will be the day I move everything over to USAA.

I am NOT going to pay 25 bucks a month for something I can get for free somewhere else.

Here are the new terms:

Complete Advantage Checking:

Effective May 4, 2012, the $75 monthly automatic transfer is no longer an available option to waive the monthly service fee. The current $15 monthly service fee is not changing. You can waive the current $15 monthly service fee when you have three additional linked accounts or 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

Custom Management Checking:

Effective May 4, 2012, the $25 monthly automatic transfer, Save As You Go® transfer and daily automatic transfer of $1 or more are no longer available options to waive the monthly service fee. The current $10 monthly service fee is not changing. You can waive the current $10 monthly service fee when you have three additional linked accounts or services and one of the following:
• Maintain a $1,500 minimum daily balance, OR
• Maintain a qualifying monthly direct deposit of $500 or more, OR
• Maintain a monthly automatic loan payment from this Package checking account to a Wells Fargo home equity/personal loan or line of credit, or a Wells Fargo Home Mortgage loan

llecs · ‎03-12-2012

Seems like I saw that earlier. Crazy stuff. Reminds me of the Seinfeld episode with Cramer and his blood bank.

p- · ‎03-12-2012

@llecs wrote:
Seems like I saw that earlier. Crazy stuff. Reminds me of the Seinfeld episode with Cramer and his blood bank.

Yeah, they did it a few months ago, and just changed it all again. Last time I got a very nice rep who reviewed my accounts and auto transfers and confirmed I was still fee-free. This time I actually had to change my account types, and link my Mortgage to a different account. The first rep cut me off when she put me on hold, the second didn't seem to understand what I was trying to achieve, and the third was able to make the changes I needed.

What a PITA.

Now, one checking account gets a fee waiver for having a linked mortgage, and the other gets it waived for having a direct deposit. I had to switch both account types from one to the other, and link the mortgage to a different account.

Net result - I am still a WF customer... for now. Let's see what the next change will bring.

Anonymous · ‎03-21-2012

@p- wrote:
I received a message today in my email from Wells Fargo that I had "new account terms".

I have two checking accounts and three savings accounts with WF - But also have one direct deposit, and one mortgage with them. Today I will call and find out if they can figure out how to keep mee from getting a fee without giving up any of these accounts. If they can't accomplish it, today will be the day I move everything over to USAA.

In my opinion, there are several catches to depositing money into a USAA checking account.

First catch. If you need to deposit cash in the form of a money order, I don't believe any of USAA's check depositing technologies like scanning your check at home with a scanner or scanning your check with a smartphone or scanning your check at a UPS store are compatible with a money order. That leaves mailing the money order into USAA. The address on the prepaid envelopes from USAA is Nevada. From Arizona to Nevada my average turnaround time from the day I mail the money order to the day when the deposit is posted to my account is around 5 business days. Every once in awhile I get lucky with a turn around time of 3 business days. And on a good day I might get lucky and have a wait time of a few minutes at a grocery store or Walmart to get a money order. On a bad day I might have a wait of 10 to 20 minutes.

Second catch. Unlike many of the credit unions, USAA still doesn't have an arrangement with any of the ATM networks that would allow you to use an ATM network to deposit a check or money order. The rare USAA branded ATMs I believe are the only ATMs that you can use to deposit funds.

Third. I don't know how common or uncommon this is. But sometimes it can take about a day or two after my money was withdrawn from the USAA account from a credit card company (for payment to the CC company) before the USAA account shows that the payment was withdrawn.

Fourth. Sometimes when I've paid for a purchase with my USAA ATM card the USAA account shows only an address and not the name of the merchant. That's is a situation shared by a small number of the customers who've posted reviews at USAA's website.

#1 and #2 are finally such a pain in the neck to me that down the road I want to make some other entity (such as Alliant Credit Union) my primary checking account.

In addition, based on the customer reviews at USAA's website, too many (IMO) of the customer reviews for depositing a check at a UPS store state that they've had to wait several business days before finally all of the check was posted to their checking account.

Repo-ed · ‎03-21-2012

@Anonymous wrote:
@p- wrote:
I received a message today in my email from Wells Fargo that I had "new account terms".

I have two checking accounts and three savings accounts with WF - But also have one direct deposit, and one mortgage with them. Today I will call and find out if they can figure out how to keep mee from getting a fee without giving up any of these accounts. If they can't accomplish it, today will be the day I move everything over to USAA.

In my opinion, there are several catches to depositing money into a USAA checking account.

First catch. If you need to deposit cash in the form of a money order, I don't believe any of USAA's check depositing technologies like scanning your check at home with a scanner or scanning your check with a smartphone or scanning your check at a UPS store are compatible with a money order. That leaves mailing the money order into USAA. The address on the prepaid envelopes from USAA is Nevada. From Arizona to Nevada my average turnaround time from the day I mail the money order to the day when the deposit is posted to my account is around 5 business days. Every once in awhile I get lucky with a turn around time of 3 business days. And on a good day I might get lucky and have a wait time of a few minutes at a grocery store or Walmart to get a money order. On a bad day I might have a wait of 10 to 20 minutes.

Second catch. Unlike many of the credit unions, USAA still doesn't have an arrangement with any of the ATM networks that would allow you to use an ATM network to deposit a check or money order. The rare USAA branded ATMs I believe are the only ATMs that you can use to deposit funds.

Third. I don't know how common or uncommon this is. But sometimes it can take about a day or two after my money was withdrawn from the USAA account from a credit card company (for payment to the CC company) before the USAA account shows that the payment was withdrawn.

Fourth. Sometimes when I've paid for a purchase with my USAA ATM card the USAA account shows only an address and not the name of the merchant. That's is a situation shared by a small number of the customers who've posted reviews at USAA's website.

#1 and #2 are finally such a pain in the neck to me that down the road I want to make some other entity (such as Alliant Credit Union) my primary checking account.

In addition, based on the customer reviews at USAA's website, too many (IMO) of the customer reviews for depositing a check at a UPS store state that they've had to wait several business days before finally all of the check was posted to their checking account.

^^^^All of this is why I only use USAA to stash my vacation fund and my insurance. I LOVE (and will miss) doing my banking at several BoA ATMs.

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891

p- · ‎03-21-2012

@Anonymous wrote:
In my opinion, there are several catches to depositing money into a USAA checking account.

Food for thought - thanks. I am a member of a credit union as well... I may end up using some combination of USAA and a credit union in the future. For now it looks like I can still stay with Wells Fargo.

We'll see how long it stays that way.

Anonymous · ‎03-23-2012

All of the banks are doing this and it will stick regardless of how people get upset about it. Thankfully, all the ones i have read about exclude the fees if you have direct depost and or a mortgage, car loan etc.

The banks, while i do not feel sorry for them, have lost billions in revenue with the changes on the debitt and card card use fees.

The federal govt makes the mandates and then we all get ticked off becuase they are going to get that revenue back, one way or another.
!it is just like corporate taxes. Corporations do not, for the most part pay taxes - the customer of that product or service pays those taxss in the form of higher prices.

Anonymous · ‎03-30-2012

@Anonymous wrote:
All of the banks are doing this and it will stick regardless of how people get upset about it. Thankfully, all the ones i have read about exclude the fees if you have direct depost and or a mortgage, car loan etc.

The banks, while i do not feel sorry for them, have lost billions in revenue with the changes on the debitt and card card use fees.

The federal govt makes the mandates and then we all get ticked off becuase they are going to get that revenue back, one way or another.
!it is just like corporate taxes. Corporations do not, for the most part pay taxes - the customer of that product or service pays those taxss in the form of higher prices.

Not so black and white though. They do not HAVE to make up that lost revenue. Most of these banks are still very profitable. Either way, the solution is simple. If PNC Bank ever tries to charge me a fee, I will immediately move all of my banking over to PSECU. To me, no fees are worth the small difference in service between PNC and PSECU. I can understand in some situations it may be worth it to people though, so that's a choice you have to make. If the banks lose too many customers due to imposing these fees, they will remove them. If enough people pay it, they won't.

Anonymous · ‎04-02-2012

@Anonymous wrote:
@Anonymous wrote:
All of the banks are doing this and it will stick regardless of how people get upset about it. Thankfully, all the ones i have read about exclude the fees if you have direct depost and or a mortgage, car loan etc.

The banks, while i do not feel sorry for them, have lost billions in revenue with the changes on the debitt and card card use fees.

The federal govt makes the mandates and then we all get ticked off becuase they are going to get that revenue back, one way or another.
!it is just like corporate taxes. Corporations do not, for the most part pay taxes - the customer of that product or service pays those taxss in the form of higher prices.

Not so black and white though. They do not HAVE to make up that lost revenue. Most of these banks are still very profitable. Either way, the solution is simple. If PNC Bank ever tries to charge me a fee, I will immediately move all of my banking over to PSECU. To me, no fees are worth the small difference in service between PNC and PSECU. I can understand in some situations it may be worth it to people though, so that's a choice you have to make. If the banks lose too many customers due to imposing these fees, they will remove them. If enough people pay it, they won't.

So in other words, you expect the banks to make your financial life much easier and more convenient out of the goodness of their heart. They shouldn't charge for the services they provide. I don't know what industry you're in, but I can only hope that your customers don't feel this way about you.

Anonymous · ‎04-02-2012

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
All of the banks are doing this and it will stick regardless of how people get upset about it. Thankfully, all the ones i have read about exclude the fees if you have direct depost and or a mortgage, car loan etc.

The banks, while i do not feel sorry for them, have lost billions in revenue with the changes on the debitt and card card use fees.

The federal govt makes the mandates and then we all get ticked off becuase they are going to get that revenue back, one way or another.
!it is just like corporate taxes. Corporations do not, for the most part pay taxes - the customer of that product or service pays those taxss in the form of higher prices.

Not so black and white though. They do not HAVE to make up that lost revenue. Most of these banks are still very profitable. Either way, the solution is simple. If PNC Bank ever tries to charge me a fee, I will immediately move all of my banking over to PSECU. To me, no fees are worth the small difference in service between PNC and PSECU. I can understand in some situations it may be worth it to people though, so that's a choice you have to make. If the banks lose too many customers due to imposing these fees, they will remove them. If enough people pay it, they won't.
So in other words, you expect the banks to make your financial life much easier and more convenient out of the goodness of their heart. They shouldn't charge for the services they provide. I don't know what industry you're in, but I can only hope that your customers don't feel this way about you.

No, you are completely twisting my words. I expect them to do it to earn my business, and thus make money off of me. If they are trying to charge me for something that someone else offers for free, why the hell would I choose the bank? They are not losing money. That is where you seem to be confused. BoA trying to charge for debit cards is the best example of this. Like a CC company, the bank collects swipe fees when you use your debit card, yet they thought they would also charge people for the privelage of earning more swipe fees for the bank. Don't count me in on that one. I will choose any number of banks or credit unions that don't charge for these services.

Many banks still make money the old fashioned way, by earning interest on loans they issue. They use the money I store in their bank as the means to issue these loans. So I expect them to provide me with free services to store my money, in exchange for giving them my money to lend out and earn interest. This is how banking has worked for hundreds of years. Charging outrageous fees for basic services like writing checks and using a debit card are relatively new and just an example of greed. Again, the banks are NOT losing money without these fees, they just want even more. I am happy to take my business and my money to another institution that does not have this issue.