I just received a message from Wells Fargo. The $25/month that I had automatically transferring from checking to savings will not longer qualify me for a free checking account. Though I’m a former employee, and respect the bank on some levels, I’ve long wanted to leave. However, there’s no great alternative. Local credit unions are great in almost all areas except their online banking and billpay, which are extremely important to me and my business.
However, with this change is just too much. Because I’m self-employed, I can’t do direct deposit. A $1500 balance?!?!?! Are you kidding? I have a family. Oh, OR I can setup autopay on a WF loan or mortgage. Well I don’t have one of those, and I’ll never get one. Not for WF at least. That means I can pay $80/yr for my account (I do use electronic statements), or I can leave WF permanently.
When I used to work for WF, they would talk about “sticky products.” Those were various services or accounts the bank provided, that made it hard for a customer to leave. Well, Wells, after 13 years of banking with you, you’ve finally made it more painful for me to stay, than to go. Well done. Maybe we need to start abbreviating WF as WtF instead?
Upcoming changes to your Custom Management® Checking account
The March statement for your Custom Management Checking account included a message about changes to your account. For your convenience, we’ve summarized the changes below.
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 (such as a Wells Fargo debit card, savings account, online banking or direct deposit) and one of the following:
- Maintain a $1,500 minimum daily balance, OR
- Maintain a qualifying monthly direct deposit of $500 or more1, 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 Wells Fargo Home Mortgage® loan
If you do not meet the new criteria for the monthly service fee waiver, the monthly service fee will appear on your account statement on or after June 4, 2012.
Effective June 4, 2012, if you are assessed the monthly service fee, you can receive a discount of $2 per month when you set up and receive online only 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.
What isn’t changing:
- The monthly service fee on your checking account will remain the same and there will continue to be options to waive this fee.
- Your qualifying automatic transfer will continue to waive the monthly service fee on select savings accounts.
- Your account number will remain the same.
- You can continue to use your existing debit card and checks.
- Your automatic payments, transfers, scheduled online bill payments and direct deposits will continue uninterrupted.
- Your account will continue to be FDIC-insured up to the applicable limits.
- You will continue receiving the same benefits and services including:
More than 6,300 Wells Fargo locations and 12,000 ATMs
Free access to Wells Fargo Online® Banking with Bill Pay
Telephone customer service available 24 hours a day, 7 days a week
If you have questions, or would like to receive a free financial review to see if you have the right accounts and services to meet your financial goals, please contact your local banker or call us at 1-800-TO-WELLS (1-800-869-3557), 24 hours a day, 7 days a week.
Thank you. We appreciate your business.
Wells Fargo Consumer Deposits Group