More ‘Hidden’ Fees from Wells Fargo…$7 Checking

Not cool…

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NEW YORK (CNNMoney) — Wells Fargo will start charging $7 a month for checking accounts in six more states, expanding on its efforts to do away with free checking accounts altogether.

While Wells Fargo (WFC, Fortune 500) stopped offering free checking accounts to new customers in 2010, existing customers were able to hold onto their free accounts. But then last year, the bank transitioned a group of existing customers — mainly in Western states — to the same $7-a-month accounts that it provides new customers. And now existing customers in six more states are about to be hit with the 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.

Full story HERE.

 

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