NWR: Wells Fargo Checking Fee

cwaggoner07 · June 2012

Yesterday I got a fee labeled 'Monthly Service Fee' for the first time. It was $13. Did this happen to anyone else? I did a little bit of research and I know most accounts are ending their free checking, so I guess this is what that is?
Was anyone able to circumvent this?
TIA!

angelsong21 · June 2012

Yuck. I stopped banking with WF back in college. I wouldn't be surprised if that's what the $13 is, but honestly, that's why I bank with a credit union. When I started my checking account, the rate on inteterest was also 4% -- no monthly fees, no ATM limits, no fees at other ATMs, and a $2.50 overdraft fee. The stuff that BOA and WF do is just ridiculous.

cwaggoner07 · June 2012

Blah. I have a savings account and IRA at a credit union, so getting a checking account there really wouldn't be a huge deal.
My problem is that I have had WF since 2002 (checking, savings, and credit card), and for credit's sake I would like to keep them open just to show a long history with one bank. Is is more important to keep the credit card open or the checking?

RamonaFlowers · June 2012

DH is a bank manager, he said that pretty much everybody's doing away with free checking now ... and it's mainly because the banks don't make any money off of free checking.

Some banks are trying to skirt around it by not charging if you keep a minimum balance in the account every month ... I have no idea if Wells Fargo offers anything like this though.

[Deleted User] · June 2012

I work for one of those big evil banks... unfortunately, we've (big banks) all done some crazy stuff to try and recover the income we're no longer getting from higher debit card fees - which largely impacted retailers and not consumers - and the lack of free checking is one of them. I know my bank won't charge fees if you have certain features set up... like auto draft protection and direct deposit. You could call WF customer service and inquire as to how to avoid fees in the future. I'd also ask them to refund the $13.00 as you should have been informed about it in advance.

From a credit score POV, moving your banking relationships (checking and savings) won't have any impact on your credit score. You can keep the WF credit card active without having other relationships with WF, how long have you had that credit account? if its been a couple years, closing it shouldn't impact your score much at all.

cwaggoner07 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:6a95533d-7e07-4f13-a935-33abcc85b635">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]I work for one of those big evil banks... unfortunately, we've (big banks) all done some crazy stuff to try and recover the income we're no longer getting from higher debit card fees - which largely impacted retailers and not consumers - and the lack of free checking is one of them. I know my bank won't charge fees if you have certain features set up... like auto draft protection and direct deposit. You could call WF customer service and inquire as to how to avoid fees in the future. I'd also ask them to refund the $13.00 as you should have been informed about it in advance. From a credit score POV, moving your banking relationships (checking and savings) won't have any impact on your credit score. You can keep the WF credit card active without having other relationships with WF, how long have you had that credit account? if its been a couple years, closing it shouldn't impact your score much at all.
Posted by harmony0417[/QUOTE]

I've had the credit card since 2003, and I'd really like to keep it. I just use it to auto-pay my cell phone bill and my toll tag, so I pay it off each month. I want to keep it 'active' though, since my only other credit card I've only had for about a year.
I may just move everything over to the credit union that I already have a relationship with.
Why does all this type of stuff happen right before the wedding??? I'm also dealing with a speeding ticket (oops, my bad) and some medical insurance stuff as well. Oh well... first world pains. :)

cwaggoner07 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:4500db50-a961-47ec-92e0-91bba570ccea">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]SWAG! Did you get your egg thing?
Posted by edielaura[/QUOTE]

Shhhhh FI will hear you! He's quite upset that we haven't found anything. He just sits on the couch and drowns his sorrow with a big bowl of egg salad.

cwaggoner07 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:30bcc318-7e12-4f58-9bb7-b3d77a9e499f">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]<strong>What is this egg thing of which you speak? </strong>Call the bank and ask if they'll reverse the charge. They might not do it but it can't hurt to ask.
Posted by LingerLonger1[/QUOTE]

<a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_very-specific-egg-question?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:04bc6d58-897e-4667-a3ca-e4926d883478Post:1baf39bd-d1b1-45b7-8f6b-56658774c2c1">This</a> post that got out of hand real quick a few weeks ago. I still laugh thinking about it:

annie912 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:98bf10f0-6667-4c20-b5ce-77b1c84f8e38">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]In Response to Re: NWR: Wells Fargo Checking Fee : I've had the credit card since 2003, and I'd really like to keep it. I just use it to auto-pay my cell phone bill and my toll tag, so I pay it off each month. I want to keep it 'active' though, since my only other credit card I've only had for about a year. I may just move everything over to the credit union that I already have a relationship with. Why does all this type of stuff happen right before the wedding??? I'm also dealing with a speeding ticket (oops, my bad) and some medical insurance stuff as well. Oh well... first world pains. :)
Posted by cwaggoner07[/QUOTE]

Aside from the length of time you've had the credit card, closing it also impacts your score because it reduces your available amount of credit. A large part of your score is based on the ratio of available credit to debt. As frustrated as you are with WF, move your checking/savings over to the credit union, but leave the credit card alone.

Also, many of the banks will waive the fees if you have things like direct deposit, use your debit card x times per month, etc. I would call the bank and ask.

cwaggoner07 · June 2012

Sorry... I linked it a few posts up! Here it is:

http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_very-specific-egg-question?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:04bc6d58-897e-4667-a3ca-e4926d883478Post:1baf39bd-d1b1-45b7-8f6b-56658774c2c1

It was tucked away in the registry board.

Also - ok obv my last name is waggoner (for the next 2 weeks). FI's name starts with an S so I keep trying to convince him to take my last name so his email address can be Swaggoner.

cwaggoner07 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:ebe0e52a-b150-4475-8afb-9b9d67070e94">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]In Response to Re: NWR: Wells Fargo Checking Fee : Thanks for the link. Can we keep calling you Swag after the wedding?
Posted by LucyHC[/QUOTE]

Yes please!!! I'm the oldest of 5 (together we are the Waggs) and the first to lose my last name, so this is truly tragic (um aside from marrying the most awesome man ever).

MrsL2014 · June 2012

I just checked my wells fargo account and they charged me $8 for a monthly service fee. I have never seen this before.

MrsL2014 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:0fcf7a41-c4f0-459f-87e8-87e17355d8f7">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]I just saw a $14 maintenance fee for the last three months on my checking account with BofA. I called them two days ago and said I was calling about it as that is an excessive amount. Without me saying anything more, the guy refunded all three charges to me, said it was the bank's mistake and said he would make sure that they would not be doing that again. Then he also credited me for a check order fee for the trouble. I would call Wells Fargo and complain and see what they do. Usually if you just ask they will reverse the charges. It is so easy to just switch banks these days I am sure they will do something to continue having you bank there.
Posted by spikeinc[/QUOTE]

I had just called them about my $8 service fee, they told me that what I would have to do is come in the the branch office and they have to change the name of the checking account (no idea why) and then they will refund my $8.

Hopefully you can call your branch and they will do the same thing!!!

LiLe422 · June 2012

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_nwr-wells-fargo-checking-fee?plckFindPostKey=Cat:Wedding%20BoardsForum:14Discussion:1b7040ea-46f3-4512-bd74-03e9e02f010aPost:1756efea-6250-4085-829a-0116178c1c31">Re: NWR: Wells Fargo Checking Fee</a>:
[QUOTE]In Response to Re: NWR: Wells Fargo Checking Fee : I had just called them about my $8 service fee, <strong>they told me that what I would have to do is come in the the branch office and they have to change the name of the checking account (no idea why) and then they will refund my $8.</strong> Hopefully you can call your branch and they will do the same thing!!!
Posted by MrsL2014[/QUOTE]

Yep, they told me the same thing. My accounts (personal, joint and business) were all charged $5 each.

divinemsbee · June 2012

A friend of mine posted an article about this a month or so ago, I'll try to find it. Basically, unless you have a minimum balance of something like $1500, and you have at least 2 direct deposits of $500 every month, you will be charged a checking account fee. That's what I remember. I was supposed to get something from WF detailing the changes but I never did.

roseofdeborah · June 2012

I got an e-mail about this too a month ago. They will start charging fees unless you have an account balance of 10,000. Since my account is still linked to my parents that is the only way I was able to circumvent this. Before, the fee was still there if you didn't have a transfer of $75 into your savings every month but the e-mail I got stated that wasn't going to be the case anymore.

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