Wells Fargo to charge $7 monthly fee for checking

AP Photo/Paul Sakuma

(AP) NEW YORK - Wells Fargo (WFC) customers in six states who had free checking accounts will pay $7 a month starting in May.

The bank says it started moving customers in 23 states to the $7 fee last year and is expanding to six more - including Pennsylvania.

Customers can avoid the fee by keeping a minimum balance of $1,500 or making direct deposits of at least $500 a month. They can also get a $2 break on the fee by opting for online statements.

Wells Fargo says it hasn't offered free checking to new customers since 2010. The bank, based in San Francisco, has branches in 39 states. It will expand the fee to all 39, but a spokesman says the bank has not determined when.

[zythum279]

NOT TRUE!!!!!!!! NOT AT ALL TRUE!!!!!!!! I JUST CAME BACK FROM WELLS FARGO AND THEY TOLD ME THIS IS ABSOLUTELY NOT TRUE!!! AP AND CBS NEEDS TO CONFIRM THE TRUTH ABOUT THEIR STORIES BEFORE PUBLISHING AND CAUSING MASS HYSTERIA!!! BOTH ARE LIARS!! THIS IS WHY I HATE NEWS IN THE UNITED STATES. YOU NEVER KNOW WHAT YOU CAN TRUST!!

[Vetzero58]

Oh really ?

Thanks for the heads up. I'll see to it no money of mine gets put into a WF account, ever.

I'll stay where I'm at and if neccessary...a credit union.

Have about had it with these big banks and their actions.

[kevjustice]

every capitalist has a little bit of con man in themselves. some more than others some less than others.

[netjunkie1]

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." - Thomas Jefferson

[mrbucket2]

Wells Fargo must not of heard of the BoA fiasco.
People still doing business with a big bank are just as guilty fo9r not switching to a not for profit credit union.
These banks think they have you, and they do if you stay with them.
Wake-up people. You waiting for another switch your bank day? That will be $7 please.
What a joke.

[djseavy]

There have been several comments about WF, as a business, has the right to raise rates. That is very true. On the flip side, consider this: When banks build extravagant buildings; spend millions a year in advertising; pay their CEO 21+ million a year; etc., it's a good sign that they're operating like the government. That is spend spend spend and raise the rates so they can put on the dog. So long as they have a decent vault, I couldn't care less if they operated out of a shanty. And NO CEO is worth 21 million a year. They pay tellers wages that would send ditch diggers out on strike, and it's the tellers and other people you see actually WORKING that make the bank what it is. WF is isn't the only bank out there doing this. Go to a local bank. Your money is just as safe there as it is with WF, BOA and all the other robbers.

[cbsblogger]

The big banks are corrupt and greedy. Forget them. Find a local community bank or credit union and establish your account with them. Do not, REPEAT....DO NOT bite and support the thieves who have already stolen trillions from Americans

Big banks offer nothing except anonymous and poor customer service.

[realtimecoffee]

Totally agree about seeking smaller local options. They actually care about their customers.

[djseavy]

Wells Fargo is nothing but the most crooked bank there is. At one time they were caught running debits before deposits, then hitting people with huge overdraft fees. It was completely intentional. They pull many different tricks to overdraft their customers' accounts and collect huge fees. We left them years ago for a local bank, and have great service now. I wouldn't send my worst enemy to Wells Fargo.

[TJphoto]

HELLO WELLS FARGO...............GOODBYE WELLS FARGO. YOU MAKE 4 BILLION IN PROFITS (NOT GROSS) EVERY QUARTER.

[royalstar05]

This is an outrage!!

[Patriot0467]

Agreed. Wells Fargo is a cut-throat shameless company. From mortgage to banking, they have no concept of customer loyalty. I would love to see nothing more than for this bank full of loan sharks to be broken apart into seperate entities by the government. Typically, I oppose entrusion in the free market but I really dispise WF.

[Patriot0467]

hypnotoad72, What are you talking about?? Do you work for WF? My money in my bank is earning interest for the bank and there are no charges. Furthermore the world would not fall apart if WF dissolved. You are streching desperately to connect dots. Charging fees does not help everyone and to make that comment shows that you have no concept of "supply-side economics" during a downturn economy.