Wells Fargo converting FREE checking to FEE checking

[MojaveMoon]

My Wells Fargo checking account statement arrived today with this notice (below). While I'll try to call WF and see what they say, I wanted to check with the forum members and see if anyone is aware of some other free checking account that I can convert this to.

"We want to let you know of important upcoming changes to your Wells Fargo Free Checking account. Effective September 12, 2011, your account will be renamed Wells Fargo Personal Checking. A $ 7 monthly service fee will apply which can be waived with one of the following options:

- Maintain a $ 1,500 minimum daily balance

- The total amount of qualifying Direct Deposits each statement cycle into this account must be $ 500 or more. A qualifying Direct Deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited to this Wells Fargo Checking account by your employer or an outside agency. Transfers from one account to another, or deposits made at a banking location or ATM, do not qualify as a Direct Deposit.

If you do not waive the monthly service fee with one of the above options, this fee can be discounted by $ 2 per month when you set up and receive Online Statements for this account."

[MojaveMoon]

The statement specifies another upcoming change:

"Effective July 28, 2011, we will no longer accept deposits made at non-Wells Fargo STAR and Instant Cash Shared Network ATMs. To make an ATM deposit, please visit one of our 12,000 Wells Fargo or Wachovia (a Wells Fargo company) ATMs."

[Anonymous]

I got the same message. Its weird because I had just called in this week to get a new debit card and start using my account again. I guess I won't be now.

[Anonymous]

This is no surprise, they took away free check orders and two free non-Wachovia/Wells Fargo ATM transactions per month last year when I left them (actually I converted to free checking and left $1 in the account -- now I might close that).

[bichonmom]

I just called WF and found out that my acct. is the same. I can't believe they're doing this.

The rep did have a way to not pay the fee, which I'll post here in case it may help some:

Set up a savings acct. and an automatic transfer each month from ckg to savings. You don't need to leave money in svgs. You can take it out or trsfr it back to ckg. But he said if you have the auto trsfr there is no monthly fee (beginning in Sept.) The auto trsfr will also waive the monthly fee for the savings acct.

HTH!

[MarineVietVet]

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@bichonmom wrote:

I just called WF and found out that my acct. is the same. I can't believe they're doing this.

The rep did have a way to not pay the fee, which I'll post here in case it may help some:

Set up a savings acct. and an automatic transfer each month from ckg to savings. You don't need to leave money in svgs. You can take it out or trsfr it back to ckg. But he said if you have the auto trsfr there is no monthly fee (beginning in Sept.) The auto trsfr will also waive the monthly fee for the savings acct.

HTH!

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I did the same thing several months ago in order to waive any monthly charges. How long until WF might come up with other fees is anyone's guess. But for now I'll keep the account open.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[bichonmom]

I've been keeping my acct. open but haven't been using it for a while. I still haven't decided if it's worth jumping through their hoops to keep it open w/o a fee or if I'm going to close it. I guess I'll be thinking it over and decide in August. They seem to be very fee-happy and less customer-service oriented... at least compared to the local bank I use.

[Anonymous]

I decided to bite the bullet yesterday and end my 22 year 1 month long relationship with Philadelphia National Bank/CoreStates/First Union/Wachoiva/Wells Fargo.

It was kind of anti-climatic though, since I haven't used the checking account since last August and Wells Fargo is only sending me a check for $1.

I moved to PNC last year, and I got free checks back along with free AMT transactions (with fee credits) on every transaction, interest (thought it's only a few cents per month), and extended banking hours (to 6 pm M-F and 9 am - 4 pm on Saturday).

[MojaveMoon]

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@bichonmom wrote:

I just called WF and found out that my acct. is the same. I can't believe they're doing this.

The rep did have a way to not pay the fee, which I'll post here in case it may help some:

Set up a savings acct. and an automatic transfer each month from ckg to savings. You don't need to leave money in svgs. You can take it out or trsfr it back to ckg. But he said if you have the auto trsfr there is no monthly fee (beginning in Sept.) The auto trsfr will also waive the monthly fee for the savings acct.

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Thank you! What worries me, though, about me trying that are the requirements for their savings account:

https://www.wellsfargo.com/savings_cds/way2save

The savings account has a monthly service fee of $ 5 unless either you set up an automatic transfer of $ 50 each month from a checking account or you maintain a minimum balance of $ 300 in the savings account.

I don't have it in me right now to keep a close eye not only on their checking account but also on their savings account to make sure each that I'm not tripping a fee for either account.

[bichonmom]

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@MojaveMoon wrote:

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@bichonmom wrote:

I just called WF and found out that my acct. is the same. I can't believe they're doing this.

The rep did have a way to not pay the fee, which I'll post here in case it may help some:

Set up a savings acct. and an automatic transfer each month from ckg to savings. You don't need to leave money in svgs. You can take it out or trsfr it back to ckg. But he said if you have the auto trsfr there is no monthly fee (beginning in Sept.) The auto trsfr will also waive the monthly fee for the savings acct.

---

Thank you! What worries me, though, about me trying that are the requirements for their savings account:

https://www.wellsfargo.com/savings_cds/way2save

The savings account has a monthly service fee of $ 5 unless either you set up an automatic transfer of $ 50 each month from a checking account or you maintain a minimum balance of $ 300 in the savings account.

I don't have it in me right now to keep a close eye not only on their checking account but also on their savings account to make sure each that I'm not tripping a fee for either account.

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The rep said that the auto trsfr fm ckg to savings each month would waive the monthly fee for both accts.

ITA! That's my thinking, too. I've been w/WF since '99, but haven't used the acct. for probably the last 3 yrs. But my 10-plus-year "relationship" w/them didn't do a thing when I appd for a CC w/them.

I hate to close it, but I think I may. The other option would be to put $ in ckg and set up trsfr ea month, and then trsfr the $ back into ckg, since I"m not presently using the acct. This was actually suggested by the WF rep. He also said that all of the banks are starting to charge monthly fees again. I haven't seen that myself, but I sure hope he's wrong, or was just saying that to try and get me to stay w/them.