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Wells Fargo Introduces New Monthly Fee

Basic checking customers will see a $7 monthly fee.

Wells Fargo said Thursday that it will start charging basic checking account customers in six states, including Pennsylvania, a $7 monthly fee, according to the Philadelphia Business Journal.

The fee will start in June and customers with a minimum balance of $1,500 or direct deposit of at least $500 won’t have to pay. The fee will be lowered to $5 for customers who opt to go paperless.

Many former Wachovia customers are now Wells Fargo bankers after the banks were all changed over last year.

Lower Southampton's branch is located in the Bucks Crossing shopping center on Street Road.

Matt Hughes March 11, 2012 at 08:42 PM
For the past few years the four mega-banks have claimed they must eliminate free checking as they are losing money from these accounts. They need to start charging for checking accounts to replace the lost fee income from recent overdraft legislation, the rollback in debit card interchange, and the anticipated compliance costs of the Dodd-Frank law. Okay, so Wells Fargo replaces Free Checking with an Essentials account with a $7 monthly fee. Yet, Wells Fargo stated that the bank expects 80% of its customers to waive the monthly fee by keeping a minimum balance and taking other actions. What? If 80% of these formerly free checking customers won’t be paying the $5 or $7 monthly fee, then the “we need more fee revenue argument” appears to be false. It’s a red herring. http://freecheckinginformation.com/consumers/is-dropping-free-checking-a-pr-blunder-for-wells-fargo/
Capt. Obvious March 11, 2012 at 10:47 PM
I don't know any bank that actually loses money. it's all a bunch of bull to squeeze every penny out of customers. They use our money to fund credit cards they charge people 12, 13, 14+ percent to use while paying us pennies in interest, and then pay upper management millions yearly in salary and perks. Maybe if they spent less on sponsoring nonsense, on tv ads, and on upper management salary and fringe they wouldn't need to charge us anything to hold our money. Sounds like a scam when they need to charge you a fee to borrow your money.

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