Apparently Wells Fargo is making some changes. Last week when I did the banking for my employer, and deposited my payroll check, the teller informed me that Wells Fargo is no longer allowing free checking accounts. I have had this free checking account with Wells Fargo for almost twenty years. She told me starting on September 12th, 2011 I will be charged $7 a month for my primary checking account unless I do one of three things:
- Set up a direct deposit during each billing cycle for $100500 or more
- Keep a minimum daily balance of $1500 in my account
- Open a savings account and set up an automatic transfer into that savings account*
The first two I can’t manage, since my employer refuses to do direct deposit. The second is impossible at this point in time. The third I’m not interested in because I already have too many accounts to track, I’m not opening another one.
I’d forgotten the amounts I was told by the personal banker who informed me of these changes, so I called Wells Fargo to find out the amounts. During this conversation I was informed that options one and two are available to me, but *option three is definitely not available.
So either the phone teller doesn’t know what he’s talking about, or the woman I talked to last week doesn’t know what she’s talking about. I will be stopping by the bank next Thursday and will ask her to double check her information. Maybe she knows something the guy on the phone doesn’t know, and if not, I would like to let her know she is giving out misinformation.
I don’t understand why Wells Fargo has not notified me of this change. I have looked through the email correspondence I’ve received, and not one word.
So now it’s time to make a decision. While talking to the personal banker, I already knew what I was planning to do: close this account. As I left the bank, I thought how it would be silly to open another savings account, and thought of how it would be great to have one less account to track. I would have liked to keep the account open because I have had this account for almost twenty years… I have the account number memorized and it would just be easier to stick with it, but I also don’t want to pay $7 a month.
So now I’ve decided to close this account there are some things I need to do. I’ll address that in a post tomorrow: How To Close A Checking Account You’ve Been Using For Years.