Wells Fargo To Charge $7 Monthly Fee For Checking

By: KKTV/AP
By: KKTV/AP

Ready to pay $7 a month for your checking account?

Wells Fargo customers in six east coast states will be hit with the fee on previously free accounts beginning in May.

The states affected are: Georgia, New Jersey, New York, Pennsylvania, Delaware and Connecticut. Customers in these states can avoid the fee by keeping a minimum balance of $1,500 or making direct deposits of at least $500 a month.

California and other western states were transitioned to the $7 fee last year.

"This has been a gradual change -- we've notified many customers that this change would be happening, and this is another extension of that," a Wells Fargo spokeswoman told CNN. "We want our customers to come in and talk to us and make sure they are in the right account and getting the options they need."

The bank refused to comment on whether more states will eventually be included in the fee rollout.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Lisa Location: Colorado Springs on Mar 12, 2012 at 09:59 AM
    As part of our opportunity as citizens of this community, we can make decisions to not only bank for less, but support our local businesses by banking with solid community banks that have very competitive fee structures. They are usually right in your backyard, have customer centric attitudes and compete with the big banks. Switch today!
  • by Ken Hoyt Location: Grand Junction Colorado on Mar 10, 2012 at 08:05 PM
    Wells frago is one of the most corrupted banks in the nation. It is one of the banks that ought to be charged with economic terrorism as what Wells Fargo and the other banks have done to not only the U.S. economy but that of the world has done far more damage than towel heads in airplanes ever thought about doing. And still no meaningful prosecutions of these miscreants.
  • by DoubleCheck on Mar 9, 2012 at 03:31 PM
    The last 2 months I have found a $15 "service Fee" on my Wells Fargo free checking account. I called and they claimed on both occassions that it was "a mistake" and that it wouldn't happen again. They credited it back to my account. Last year they pulled the same thing but I didn't notice for 3 months and they would only credit the current month. They have yet to give me a clear answer on why they mysteriously add these and leave it up to us to find THEIR MISTAKES.
  • by Anonymous on Mar 9, 2012 at 12:32 PM
    what, again this joke? I thought we settle their has about six months ago...I guess I can go back to WF, cancel my accounts (to move the money to Chase), and turn my debit card back in....
  • by since 1978 Location: colorado springs on Mar 9, 2012 at 08:58 AM
    I have been with wells for 30 years. I do qualify not to be charged for the fee. But if wells decides to start charging in this state, "READ AND HEED Wells" I will be leaving and move everything to ENT
    • reply
      by don't wait on Mar 11, 2012 at 10:16 PM in reply to since 1978
      just move everything today. Been with ENT for decades and never had this type of a problem.
  • by bron on Mar 9, 2012 at 04:56 AM
    Part greed, part burdensome federal regulations whose cost is passed to the consumer. To show your unhappiness with the greed - change banks. To show your unhappiness with the control freak government - vote them out.
  • by becingul8r Location: Florida on Mar 8, 2012 at 08:51 PM
    Well you all could always go to TCF Bank and pay a 9.95 monthly fee & now get this, TCF Bank will charge you a $28.00 fee each and every day you are in the negative. If you try to close your account, they will not let you til you get a positive balance. I will continue to stay with Bank of America.
  • by Cody Location: Colo Spgs on Mar 8, 2012 at 08:18 PM
    Was the bail outs not good enough for the banks? Yet they won't give loans out to people........I guess I will hold on to my own money!
  • by Dexter on Mar 8, 2012 at 04:06 PM
    Seems to be a big fuss over nothing. If you like being with WF, pay the fee, I don't make all that much money and maybe its just me but $7 isn't that big of a deal. If you do not like WF don't pay the fee and move your money. Next.
    • reply
      by Ashley on Mar 8, 2012 at 05:55 PM in reply to Dexter
      $7.00 is a big deal for me, I drive a fuel efficient(35mpgs on a low average) car and $7.00(even at $3.00 a gallon) will get me about 70 miles. That is back and forth to college(2 days a week, 20 miles a day)for a week. And then taking that away ever month, is way to much for me to lose.
      • reply
        by jazzcat on Mar 9, 2012 at 07:04 AM in reply to Ashley
        To be fair, if your margin is so tight that $7 makes that much of a difference, you may have bigger issues than a bank fee.
        • reply
          by Dexter on Mar 9, 2012 at 09:31 AM in reply to jazzcat
          Well said
        • reply
          by Ashley on Mar 9, 2012 at 11:27 AM in reply to jazzcat
          No actually I don't. I live at home....go to college all school year and last summer and will this upcoming summer. I only work during the summer so all my money goes to gas and school supplies, like text books(mostly). $7.00 X 12 months is $84.00, I can buy at least one text book maybe two with that money, or gas. I am not taking out extra loans to live off of or pay for gas or books. And guess what 4 years of college will be done with under $20,000 of loans. I don't have an issue I am good with money and what is mine and I work for, I am keeping not giving it to some greedy bank that got bailed out with tax payers money and now just wants more.
        • reply
          by jazzcat on Mar 9, 2012 at 02:44 PM in reply to jazzcat
          @Ashley: It seems your first comment was a misrepresentation of reality. If you live at home and only pay for school supplies and gas, then $7 each month is not a big deal for you. There's no need to convey the impression that you're struggling in order to justify not wanting to pay the fee. You can simply say you're not paying the fee on principle.
    • reply
      by Ethan on Apr 19, 2012 at 06:46 AM in reply to Dexter
      It isn't so much the amount that's the problem, it's the whole principle of introducing these chargers that is. Wells Fargo has an office on my campus, and the past several years, they have been pushing a "Free Student Checking" campaign. Now all of a sudden, they introduce a fee, and every college student that signed up for the convenience of an on-campus bank with free student checking and isn't qualified to be exempt is being charged $7 a month. So it isn't a lot of money, but it means that WF and other banks can rewrite any of their policies to benefit them.
  • by Happy Credit Union Customer on Mar 8, 2012 at 03:40 PM
    Quit the banks and go to a credit union!!!! I've been with Air Academy Credit Union for 20years, and they're great! They don't charge fees for normal banking, and even refund up to $25 in ATM fees per month!
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