On my Wells Fargo account messages, I received the following.

"Effective August 7, 2012, your Essential Checking account will have a $5 monthly service fee with online only statements ($7 with paper statements). This fee can be waived with one of the following:

- Maintain a $1,500 minimum daily balance, or
- Maintain qualifying direct deposits totaling $500 or more each statement cycle*"

Does this mean they're going to start charging me a monthly fee for not having enough money?

If I could, I would turn off receiving statements cause I don't read them anyways, but the only options I have is for online or paper statements.

Yes. That is exactly what that means.

My account has the requirement to use our debit card 5 times a month or have X balance to get it "free". I asked why and it's because the bank owns the credit/debit company too and that makes them money for every swipe of their card holders.

- Alan

If ur military or a government contractor or servant look into usaa.com also for retired military gov't workers or veterans

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Wow...that's friggin BS. Looks like I'll be closing my account then. Guess I'll turn into one of those people who just hordes money somewhere. Thank god the games I want to play in the future are free to play.

Tried to get a PayPal card but I guess you have to have a job to get one of those.

Some of this is from CardAct that was passed by the government a few years ago that everyone heralded as a VICOTRY against the tyranny of big banks. Unfortunately all if did was change how they end up making money. Oh you have a low balance. We will now charge you. So instead of everyone getting if you've got enough money you get screwed less and if your broke like the rest of us you get screwed more. Thanks big gov...you bent me over again.

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The way I am reading it, it means that you need to maintain their required minimum balance, OR have a minimum of $500 direct deposited to the account each month to avoid the surcharge.

Without a job, I imagine Animus will have a hard time depositing $500 a month...

It's unfortunate but a lot of banks are starting to implement these types of fees...they need to make their money somehow. The issue is that they just implement them across the board without giving long time members any sort of discount or relief from them. Being a business major I understand that banks need to operate in this way to actually turn a profit to continue functioning, they are just going about it wrong.


Sent via the Force

Try moving to a credit union, I am a member at one instead of a bank, and I have literally never been charged a fee for anything. They even reimburse me for atm fees when I take cash out of another institution's atm.

^i used one years ago. Just need to find a public one otherwise you have to be affiliated somehow (police, teachers, union workers, religious)


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