New debit card fee for Wells Fargo customers

[piglet33]

I'm not liking this. I used to have Wachovia and was very happy with them. Then Wells Fargo came along, and I've had nothing but grief since then. My line of credit that I have to protect me from bouncing checks now has a $40 yearly fee, they won't give me any info on our mortgage, because I'm listed second and my husband is first (Wachovia always talked to me about anything as long as my name was listed) and they took away the 3 free atm card transactions at a non-Wells Fargo atm. Now this! Guess it's time for me to start checking out the credit union at work since they don't charge for these things. I just hate having to deal with switching banks, changing my direct deposits and automatic withdrawals, which is why I haven't switched yet!

Thanks for the info. I'm in NJ and no messages in my account yet either.

 

[uromac]

Hi!

Here in NJ we started with an account with Meridian Bank which became Corestates, then First Union, next Wachovia, and finally Wells Fargo - I think I've now had enough of these revolving banks and their new rules!!! -

BTW, we haven't heard a thing about the new fees regarding our WF debit card, but I'm wondering does anyone know if this is a per account fee or per card? I just opened a new joint Bank of America account with my daughter, as she is going to Syracuse, NY and there are branches here in NJ and near her school - and it was painless, but moving our other accounts to other banks might be a different story!

Thanks!

 

[Swimalie]

I'm not liking this. I used to have Wachovia and was very happy with them. Then Wells Fargo came along, and I've had nothing but grief since then. My line of credit that I have to protect me from bouncing checks now has a $40 yearly fee, they won't give me any info on our mortgage, because I'm listed second and my husband is first (Wachovia always talked to me about anything as long as my name was listed) and they took away the 3 free atm card transactions at a non-Wells Fargo atm.

This is something I have noticed about Wells Fargo. My husband and I are joint account holders but all notices about the new account are coming to my husband only. Um.. I'm in charge of where we bank. It would be nice if they addressed me or I'll make the move a new bank.

 

[MnMomtoboys]

In MN Wells is charging a monthly fee. I think its $7 per month. We just moved everything over to a credit union. 3% interest on it but we have to used the debit card 15 times every month or there is a fee. Haven't had any problem with it though.

 

[njmom47]

NJ is included in the same group as Georgia (as well as a few other states...if you click on the link OP provided and scroll to the very end it will list them). I have been a customer since 1977 (and stayed with all those changes as well, pp!) and don't really want to change banks. However, my only saving grace is that I'm linked to my mom's accounts (which should cover any minimum balance necessary).

 

[cookingqueen123]

I am with Suntrust and also got the notice for $5 a month. Luckily, my father was accepted into USAA recently and I was able to get an account as well. I think I am going to switch everything there. Does anyone else use USAA.

 

[Free4Life11]

They must have just rolled this out in a few states as it does not appear to be going into effect in Florida. If it does I'll just start using my credit card and cash.

 

[JB2K]

These new debit card fees which are being changed by Wells Fargo and others is part of an industry-wide reaction to new banking laws (as they pertain to the fees which Visa, MC, and the rest charge merchants) passed courtesy of the Senior Senator from Illinois.

And don't think about changing banks, as this is going to be far-reaching from the big guys (Wells, BofA) all the way to the community bank on Main Street (keep in mind these type fees are way more important to them than they are to the big banks).

Credit Unions? Uh-uh -- they will be in the same boat, too. Ditto for online banks (USAA recently made the decision to terminate their debit card rewards program for their customers).

And the irony of this? Those responsible for these new laws had good intentions of helping-out the mom-and-pop businesses, but ended-up being Wal-Mart's new best friend...

 

[vicki_c]

Thanks for the links above - I checked and looks like I will not be affected for now. I opened my account in Florida as a Wachovia @ Work, which is now Wells Fargo Value Checking, but it seems like my direct deposit and minimum balance would save me from any fees at this point. Who knows how long that will last?

I'm irritated with Wells Fargo because I don't like how early they are taking the payments for on-line bill pay- Wachovia seemed much better in that area.

 

[si-am]

Thanks for the links above - I checked and looks like I will not be affected for now. I opened my account in Florida as a Wachovia @ Work, which is now Wells Fargo Value Checking, but it seems like my direct deposit and minimum balance would save me from any fees at this point. Who knows how long that will last?

I'm irritated with Wells Fargo because I don't like how early they are taking the payments for on-line bill pay- Wachovia seemed much better in that area.

I am a former Wachovia customer, too. I also hate Wells Fargo billpay-- seems to take too long for payments to go through

I do have direct deposit and keep a good minimum balance, but the fee is hitting me anyway.

 

[seashoreCM]

While you may hate the billpay fees, don't forget that sending checks manually will cost postage.

I don't like autopay at all. Usually I can do bill paying manually each month from the electric company etc. website as opposed to from the bank website, otherwise I still pay postage for checks via snail mail. I could change my mind and use autopay if the bank starts charging fees but reduces the fee for autopay users.

Start shopping around for new bank. You can set up the account in the new bank and gradually move the direct deposits and autopays over to the new account and, several months later, close the old account.

 

[Swimalie]

While you may hate the billpay fees, don't forget that sending checks manually will cost postage.

I don't like autopay at all. Usually I can do bill paying from the electric company etc. website as opposed to from the bank website, otherwise I still pay postage for checks via snail mail.

Keep in mind that if you are authorizing a company to pull money from your bank on a regular basis (not just the occasional one), you are granting them access to your account long term. They can pull more than is owed and you have to fight to get it back.

http://www.clarkhoward.com/news/cla...ccount-debits-not-good-paying-monthly-b/nFgX/

This may not be what you are doing. Consider it a word to the wise.

 

[Princesca]

BTW, SunTrust at least will offer free debit card/checking if you sign up for a type of account where you agree to keep a balance of at least $5k in it. So that's something, I guess, if you can afford to keep $5k just sitting in a non-interest-bearing account.

I agree with the PP who said this was going to affect everyone, though. Banks are competitive, and even if the regulation didn't force them to, you can bet that they will follow suit if one or two of them are making extra revenue this way. Their shareholders will demand it.

I have no problem with providing a bank with SOME kind of restitution for keeping my money safe. But I really think that could be covered by the interest they earn on investing it when I'm not using it.

 

[piglet33]

Thanks for the links above - I checked and looks like I will not be affected for now. I opened my account in Florida as a Wachovia @ Work, which is now Wells Fargo Value Checking, but it seems like my direct deposit and minimum balance would save me from any fees at this point. Who knows how long that will last?

I'm irritated with Wells Fargo because I don't like how early they are taking the payments for on-line bill pay- Wachovia seemed much better in that area.

That is exactly why I don't use their bill pay anymore. I loved the way Wachovia did it. It takes me more time, but I go to each biller's website and pay my bills there.

 

[piglet33]

Keep in mind that if you are authorizing a company to pull money from your bank on a regular basis (not just the occasional one), you are granting them access to your account long term. They can pull more than is owed and you have to fight to get it back.

http://www.clarkhoward.com/news/cla...ccount-debits-not-good-paying-monthly-b/nFgX/

This may not be what you are doing. Consider it a word to the wise.

That is not true. It is against the law for them to pull out any amount other than what you signed up for them to take out on the date they are supposed to take it out. That article you posted says they can continue to take money out after the contract is up and not that they take out more money than they should. It's like everything else, you have to remember to cancel the direct withdrawals when cancelling a contract.

 

[Swimalie]

It's like everything else, you have to remember to cancel the direct withdrawals when cancelling a contract.

And this is what companies hope for. But when you do a bill pay directly from the company, you are giving them access to your account. What if they make a mistake and instead of paying the $220 you asked for, they get $2200. Then what do you do? You have given them access so then you have to fight to get it back. Just a lot easier and more control if you pay from your bank.

 

[heathernfrankie]

I will be looking more into this and if that's that case, I'm gone. I only opened the account to help a friend out who worked for Wachovia and now she quit, so it doesn't matter. We have a ton of banks around here, it just sucks b/c I have my gym membership and my business stuff coming in/out of of that account.

 

[Dr.Girlfriend]

This really annoys me. I had free checking and free debit card use along with Wachovia Rewards for years. Now with Wells Fargo I have to pay $5 a month for my checking account, and an additional $3 a month for my debit card? Why in the world should I pay $8 a month to a bank to hold my money?

Apparently you have to do something different for the Wells Fargo version of Wachovia Rewards and I am pretty sure I read there was an annual fee to do that.

 

[Free4Life11]

Wells Fargo Debit Card Rewards was $12 a year and then you'd earn 4 pts / $1, but I got an email saying they are discontinuing it.

 

[JB2K]

Appearantly, this is a test program for WF customers in GA, NM, OR, and NV.

Full details here.