Wells Fargo Rant

[Sally]

I have had an account with Wells Fargo (Wachovia) for almost 20yrs, in fact I was with them when they were First Union. Today I get an email from Wells Fargo( who took over Wachovia last year) beginning on August 7, 2012 they will begin to charge a $5. fee for online statements or $7. fee for paper statements, unless you maintain a $1500. minimum balance or $500. in direct deposits each month.
Granted that this account my child support account and never has more than $200. in it at any given time, since she uses it for her needs each month, so it is very active each month with her debit card..
I am just annoyed that I feel like either I have to close the account and move on to another bank or pay a fee.
If I deposit money it isn't direct deposit so it doesn't count
and if I deposit $1500. my daughter will have the opportunity to spend it with her debit card ( her child support, she uses it her way)
Feel Better now, thanks for listening!!

 

[mks18412]

I also have WF accounts and havent heard of this. Maybe I didnt get that memo.

 

[Judique]

I also have WF accounts and havent heard of this. Maybe I didnt get that memo.

I got a Wells fargo memo some time back. I had some stock shares at a small local brokerage and it was bought out by WF.

I didn't have enough to meet WF criteria so they charged me a maintenance fee.

Had to sell my shares which included a few shares of Disney stock and close the account.

My agent was very nice about helping me out but I haven't got the assets to stay in WF's league.

Us small potatoes don't fit the WF model.

 

[Sally]

I also have WF accounts and havent heard of this. Maybe I didnt get that memo.

My husband, and son-in-law didn't get the email either, so it may not be an across the board fee.

 

[starry_solo]

I haven't got that yet, but I only have a basic savings account with them (solely for the purpose of using their currency exchange service)

 

[Tink-aholic]

I'm just a little shocked that a) you give your child support to your child and b) that you seem to think that this child would steal from you if you kept a larger balance in that account.

Legally, child support is meant to reimburse the custodial parent for expenses paid out during the month on their behalf. However, you are free to do with it what you wish.

If you want to keep the account, just start having your paychecks (or only $500 per month of them) direct-deposited into it, or just deposit in the minimum balance. It would be a perfect segue to bring up budgeting to your child, too.

Good luck.

 

[bumbershoot]

Is this set up as an account for a minor; do they know it's a child's account? If not, maybe they have a different sort of account without fees that she can use?

I keep my Chase account open (for Disney purposes since they have Chase ATMs) and free by having $505 deposited into it from DH's paycheck each month, then I just transfer it right out again into our main bank. You could do that, too, if they don't have any special accounts set up for minors.

Otherwise, sounds like a new bank is in order!



I kinda like how you're doing the child support, though I thought it was more for necessities, not just whim type stuff. Then again, we were living close to the bone when hoping child support was sent; needed clothes and shoes, not just whatever brother and I wanted! Different situation for us.

 

[tar heel]

My son, who will go to college in the fall, opened a Wells Fargo account last week. I was surprised they no longer offer a free college student account, but the person he worked with gave him several options for not having fees. I can't remember the details, but I know he ended up with related accounts, checking and saving. He needs to use his debit card 10 times a month after the first three months -- don't believe that will be a problem for a college student. The savings account required $100 to open, but there was no minimum balance after that. He did do the Way2Save thing -- don't remember whether that was required or not.

My advice is that you sit down with someone at the bank and see what your options are.

 

[tasha99]

I had to leave Wells Fargo because their fees were so frustrating. There were ways around the fees, but it was so exasperating to have to move money between accounts that I got sick of it. Basically, I think they're the most fee hungry bank I ever encountered, and I have never regretted moving to a local credit union.

Also, to a PP--Giving a kid their child support directly isn't that unusual. I don't do that with DD19, but it's only because her rent is more than her child support. If it came out to less, it would be a lot easier to have her pay her own rent. I'm guessing a kid with a debit card is in college and may not be in the same town as her parent.

 

[Tistal]

This is exactly why I left WF. I'm a teacher, and I do not have the option to not get paid 12 months where I work. They were going to start charging me $5 if I didn't have a direct deposit (maybe 2?) a month. I left them for a credit union and haven't looked back. I never had problems when my bank was Wachovia, but as soon as they were bought by WF it was nothing but fees and drama. I don't miss them or their poor customer service.

 

[aceys_h0ney]

I got the memo myself last night. Two months ago I opened a credit union account because it seemed Wells Fargo fees keep going up or getting added. Like the transfer fee to use your Way 2 Save if you overdraw checking. I had to pay them I think $12 once to move $3 from Way 2 Save into checking, when I complained about not knowing about these charges since it had been free in the past the bank manager said it was a very new charge they "snuck" in without much warning. Even he was disgusted with a lot of the changes. I closed my W2S account then and moved all that money to checking. I still have my account open but I think I will be closing it, just kept it open to make sure I like the credit union anyway.

 

[nmmom95]

I'm just a little shocked that a) you give your child support to your child and b) that you seem to think that this child would steal from you if you kept a larger balance in that account.

Legally, child support is meant to reimburse the custodial parent for expenses paid out during the month on their behalf. However, you are free to do with it what you wish.

If you want to keep the account, just start having your paychecks (or only $500 per month of them) direct-deposited into it, or just deposit in the minimum balance. It would be a perfect segue to bring up budgeting to your child, too.

Good luck.

I missed where the OP said that her child would steal. I took it as her DD spends the money in that account as she wishes and the OP did not want to make the account more complicated.

 

[tripletots]

My husband, and son-in-law didn't get the email either, so it may not be an across the board fee.

We're in VA and I got the messages a couple of weeks ago and one more last night. We have several accounts, on that is direct deposit, but the other two are not and I will have to close them.

My kids have accts also, they do not seem to offer free checking to students. It is a 3 dollar fee. How nice of them to lower the charge by $2.

 

[Marionnette]

I have had an account with Wells Fargo (Wachovia) for almost 20yrs, in fact I was with them when they were First Union. Today I get an email from Wells Fargo( who took over Wachovia last year) beginning on August 7, 2012 they will begin to charge a $5. fee for online statements or $7. fee for paper statements, unless you maintain a $1500. minimum balance or $500. in direct deposits each month.
Granted that this account my child support account and never has more than $200. in it at any given time, since she uses it for her needs each month, so it is very active each month with her debit card..
I am just annoyed that I feel like either I have to close the account and move on to another bank or pay a fee.
If I deposit money it isn't direct deposit so it doesn't count
and if I deposit $1500. my daughter will have the opportunity to spend it with her debit card ( her child support, she uses it her way)
Feel Better now, thanks for listening!!

Any child that is old enough to have unfettered access to a bank account is also old enough to understand that she needs to maintain a certain balance. It's her money, let her suffer the consequences if she overspends the account and ends up paying the monthly fees. It's amazing how quickly they catch on when we don't cover for them every time they make a mistake.

 

[Sally]

I'm just a little shocked that a) you give your child support to your child and b) that you seem to think that this child would steal from you if you kept a larger balance in that account.

First, its her money to use at college. Second, I am more concerned with a debit card with $1500. on it in another state with a college student who may lose the card or have room-mates who may not be honest, then I have to explain that to my ex-husband ... her spending the money is fine, she will be spending her travel money and she won't get to come home for breaks......so move on and take your flames with you.

Any child that is old enough to have unfettered access to a bank account is also old enough to understand that she needs to maintain a certain balance. It's her money, let her suffer the consequences if she overspends the account and ends up paying the monthly fees. It's amazing how quickly they catch on when we don't cover for them every time they make a mistake.

She understands she only has $200. for her extra spending money, since college is paid for and she gets a prepaid Visa for her trips home. If she runs out then she deals with it until the next month, there is no overdraft, if there is no money it will not allow the purchase. Budgeting was never an issue, a lost debit card with $1500. available is an issue, also my ex-husband has to make the choice of combining her prepaid Visa for travel with her child support. I don't get a lot of say in that.

I got the memo myself last night. Like the transfer fee to use your Way 2 Save if you overdraw checking. I had to pay them I think $12 once to move $3 from Way 2 Save into checking, when I complained about not knowing about these charges since it had been free in the past the bank manager said it was a very new charge they "snuck" in without much warning. Even he was disgusted with a lot of the changes. I closed my W2S account then and moved all that money to checking. I still have my account open but I think I will be closing it, just kept it open to make sure I like the credit union anyway.

I will move the account to my credit union as well, it was just easier to leave at WF since I had the account for so long for her. She didn't have the way2save and we missed having to deal with those fees. WF has only had control of Wachovia accounts for less than a year, and it has been fee after fee since they took over, we were grandfathered out of most of the requirements and fees due to the age of the account, but this time we won't be so lucky.

 

[nunzia]

It must be making its way across the country. At least a year ago I got this notice. Neither DH or my employers offer direct deposit, so I stuck the $1,500 in there to avoid the fees. Any miniscule interest I was earning elsewhere more than made up for not having to pay the fee. This wouldn't work for your daughter though, so yep..would close out the acct and move on.

 

[Sally]

It must be making its way across the country. At least a year ago I got this notice. Neither DH or my employers offer direct deposit, so I stuck the $1,500 in there to avoid the fees. Any miniscule interest I was earning elsewhere more than made up for not having to pay the fee. This wouldn't work for your daughter though, so yep..would close out the acct and move on.

I am going to talk with my ex-husband about what he wants to do, we can combine her travel money with the child support, but then I run into a lost debit card, or stolen, of course she could spend it and not be able to come home. Too many problems when the easy solution is close the account and move it to my credit union.

 

[Marionnette]

First, its her money to use at college. Second, I am more concerned with a debit card with $1500. on it in another state with a college student who may lose the card or have room-mates who may not be honest, then I have to explain that to my ex-husband ... her spending the money is fine, she will be spending her travel money and she won't get to come home for breaks......so move on and take your flames with you.




She understands she only has $200. for her extra spending money, since college is paid for and she gets a prepaid Visa for her trips home. If she runs out then she deals with it until the next month, there is no overdraft, if there is no money it will not allow the purchase. Budgeting was never an issue, a lost debit card with $1500. available is an issue, also my ex-husband has to make the choice of combining her prepaid Visa for travel with her child support. I don't get a lot of say in that.

That's not what you presented as your concern in your OP. You stated "if I deposit $1500. my daughter will have the opportunity to spend it with her debit card". That pretty much indicated to me that you were concerned that she would spend it down with no regard to the consequences.

I would be more concerned about lost gift cards vs. lost debit cards. You have very little protection when it comes to unauthorized purchases made with a gift card but you can recover the money from unauthorized debit card purchases.

Personally, I don't care what you decide to do with the account. I hate banks that make you jump through hoops in order to maintain a simple account. And Wells Fargo (formerly Wachovia in the Philly area) has been particularly difficult to deal with for my recently-graduated daughter. However, it would be a pain for her to make changes to her banking right now. So she is sticking it out with Wells Fargo until she gets settled into her career.

 

[Cruise]

I opened an account at Wells Fargo back in February and those were already the terms in place. It sounds like they're getting around to putting it into place for previously opened accounts as well.

 

[Tinkerbellie16]

My DH had an account with Wells Fargo for about 30 years. His mom opened it with him when he was younger and her name and his name was on it. WF is all over Montana so this was convenient for them as they lived there.

Well, fast forward to us getting married 11 years ago. WF wouldn't let him take off his Mom's name without rolling it over to some fee-based checking account! His mom is fabulous and would never do anything to his account anyway so he just left her on (I've got the pin codes anyway). They tried changing his account and even upped his minimum balance or we would have to pay fees and we kept up with the rules so we didn't pay fees.

Then a few months ago, fees started showing up on his account!!! They changed his checking account (and savings) anyway. He didn't want to give up his old account but they were getting ridiculous. No more small town niceness - just mean and greedy. He walked in and closed all three of his related accounts (after getting reimbursed for the fees).

And they DID offer him a fee-free account when they saw he was serious. It's like any negotiation - you have to be willing to walk away. Funny thing is, he was so fed up with the changes and the difficulty that he didn't care what they were going to offer.

We are happily parked at my credit union where I've had my account over 20 years - no fees, and a whopping $25 minimum needed in my savings.

Anyway - try negotiating - it can work on almost anything. And just be willing to walk away. If you are emotionally invested, they see it and won't budge.