According to CNN, Wells Fargo is trying to put another nail in the coffin of free checking accounts. However, if you have a lot of money or are willing to jump through hoops you can avoid the new fee.
The $7 monthly service fee will be assessed on the bank’s Essential Checking account. Customers can waive the fee by maintaining a $1,500 minimum daily balance or making direct deposits of $500 or more each month. They can also get a $2 discount on the fee by opting to only receive online statements.
You can probably expect to see more and more of these kinds of charges as banks try to make up for reduced profits after being reined in on swipe fees and unfair overdraft charges. If you live in Georgia, New Jersey, Delaware, Connecticut, New York and Pennsylvania the new fee will go into effect May 4th.
Sick and tired of the Big Banks nickel and diming you yet? It may be time to exercise your consumer power and start shopping around for a bank that best serves your needs. Here is a video to help get you started.