Amid record profits, Wells Fargo to "test" debit card fee.

reply to post by burdman30ott6

and the truth here is that Wells Fargo is going to push this fee because they recognize that debit cards are the most convenient and quickest method of purchasing goods, thus folks will likely be willing to pay $3 a month for said convenience.

And that's the point of this thread, they are floating this idea less than 30 days after reporting record profits.
They're not even bothering with any excuse.
They made record profits, and they plan to break that record again at the expense of their customers.

reply to post by protoaz


Right pro, I too was notified yesterday that my 'free' Wells checking account is no longer, well, free (ex/conditional wavers).

There are important changes coming to your Free Checking account

What's changing:

Effective September 12, 2011:

•The name of your account will change to Personal Checking.
•A $7 monthly service fee will apply, which can be waived with one of the following:
◦Maintain a $1,500 minimum daily balance, or
◦The total amount of qualifying direct deposits each statement cycle into this account must be $500 or more*

But in defense of Wells, look at everything that isn't changing....

You'll continue to receive the same free benefits and services including:

•Access to more than 6,200 Wells Fargo and Wachovia banking locations and store tellers
•Access to more than 12,000 Wells Fargo and Wachovia ATMs
•Wells Fargo Online® Banking
•Telephone customer service available 24 hours a day, 7 days a week
•Direct deposit

In other words...as Wells account holders, we still have the privelage of banking with them free of charge

Thanks Wells Fargo...We Love You!

GL

reply to post by _BoneZ_

As far as the $3 fee, PFFFFTTT!!!!. That's ten cents a day or seventy cents a week.

I guess that congratulations are in order for passing their test!

Originally posted by Oaktree
They made record profits, and they plan to break that record again at the expense of their customers.

Um, that's called "good business." Banks are for profit institutions. So long as there isn't some sort of collusion between the banks in regards to fees, like there is between the various gas stations that set prices the same for all the "different" suppliers, then I openly salute them for their desire to increase profits. Afterall, we are (allegedly) a capitalist nation and this is a fine example of capitalism in action, IMO.

reply to post by burdman30ott6


You are right,the proof is in the pudding.
I am very very cheap and feel sad i have to pay someone to allow me to do transactions.
A service is a service so...i have to pay something.....but
I actually pay them to collect interest on my money (if i kept money there) and i find that hard to take to pay someone to make money off of me.

As far as the debit card thing goes...I agree that alot of customers don't think about others behind them,whether its a card,or whether they can't figure out to use change or a bill.

As far as the speed of cash vs card...we might have to respectfully disagree.

Originally posted by DrumsRfun
As far as the speed of cash vs card...we might have to respectfully disagree.

That's all well and good, but I don't understand the logic of someone who thinks it's faster to count out your bills and coins, wait for the cashier to place those bills and coins in their proper locations in the cash drawer, then count out bills and/or coins back to you, than it is to take 1 or 2 seconds to swipe my card, grab my stuff and go.

I mean, really?

reply to post by burdman30ott6

Um, that's called "good business." Banks are for profit institutions.

Yes, thank you for the Econ 101 refresher.
That is "good business" for a certain class of their customers, the stockholders.
More power to them.

Now, if enough people were to decide that this fee, small as it is, were an affront to any relationship, perceived or otherwise, and terminate all relationships with Wells Fargo, that would be called informed purchasing.

Business only profits when purchasers allow them to.

Whether or not this is "good business" remains to be seen, thus the roll out in five "test" states.

reply to post by Oaktree


Well guess who has two thumbs and is finding another bank to go to....

This guy!

Originally posted by burdman30ott6

Originally posted by Oaktree
They made record profits, and they plan to break that record again at the expense of their customers.

Um, that's called "good business." Banks are for profit institutions. So long as there isn't some sort of collusion between the banks in regards to fees, like there is between the various gas stations that set prices the same for all the "different" suppliers, then I openly salute them for their desire to increase profits. Afterall, we are (allegedly) a capitalist nation and this is a fine example of capitalism in action, IMO.

Yeah and I agree and that is why I have the right to find another bank. One that doesn't charge for MY money.

Whoever is still at Wells Fargo deserves it.

Wells Fargo received bailout money. Just for that, you shouldn't be doing business with them.

Yet another of the nation's top banks is flirting with the idea of charging a monthly fee to customers who use debit cards.

Wells Fargo (WFC, Fortune 500) said Tuesday it will start charging a $3 monthly fee for debit card usage to customers in Georgia, New Mexico, Nevada and Oregon beginning Oct. 14.

money.cnn.com...

I live in Georgia, so I'm going to call them and verify this as I was with Wachovia and never asked to be a Wells Fargo customer. If it's true credit union here I come!!!

ETA: Just called and verified. It's true $3 a month withdrawn automatically out of the checking account the debit card is tied too.


ETA2: I called back and these these type of accounts get the fee waived:

PMA Checking
Premium Checking
Military Checking
Student Checking (tied to student/campus debit card)
Teen Checking
Analyzed checking