I’ve enclosed the words new and free with quotation marks because this account is not actually new and while it does not have a monthly fee, it does require that I transfer at least $100 each month into my savings, so it’s not really free either. Well, with regards to actual money it is free, but there is an action tied to it that must occur each month, or I will be changed a fee. I can move that money back the next day if I wish but it has been my habit for some time now to automatically transfer money to savings to fund my sinking accounts.
The deed is finally done. Thursday, after completing the banking deposit for my employer, I took the time to finalize the process of switching my checking account.
I first heard about Wells Fargo’s plan to eliminate all free checking accounts at the end of July. Oh, and by the way, I finally received an email on August 15th to let me know this was going to happen. So I guess Wells Fargo did plan to give us all about a month’s notice. I am grateful to the teller who first pointed out this change to me as it gave me a couple of extra weeks to figure out what I wanted to do.
Initially I had a different plan, and that was to close my long standing checking account with Wells Fargo and use our secondary checking account. But then I changed my mind, realizing it was going to necessitate some changes; for example, my checking account is tied to PayPal and my ING Direct accounts. Little things that would need to be changed, but I have enough to worry about without taking on a bunch of little unnecessary tasks.
I am actually very pleased with the experience that I had at my local branch, and it helped to ease my discomfort for the situation I encountered there when opening my business account. In a nutshell, when I opened my business account, two of the bankers were super nice to me, acted very friendly and seemed genuinely interested in my business. Now it appears since they got what they wanted from me – a commission – for setting up a credit card for my business when I specifically declined a credit card – they act as if they don’t know me. Truly stunning. And I also feel embarrassed for thinking they were being nice to me just because. It’s just so weird how they act like they don’t know me at all. There’s a part of me that wants to go up to them and ask them why they were so friendly when I opened the account, and now treat me like a complete stranger.
But as I said, this time I was very happy with the young woman who helped me make the changes to my accounts. I thought I was going to be opening a new savings, and closing the secondary checking plus the savings that went with it. But she was able to switch my old checking account to Preferred, and link it to the savings I’d been using. I also discovered that basic checks are free with this account and I can get a box of 150 duplicates. Awesome. Designer checks are $10 from Wells Fargo, but I’m stoked with the free basic checks! Free is better than any deal I can get from Costco or newspaper inserts. I was really happy about that since Mr. A recently asked me why both our names are not on the checks? Oops. I never did get around to ordering more checks after we remarried in 2007. Mr. A doesn’t write checks anyway, he prefers to use the debit card. But now we’ll have checks with both our names.
Ah, speaking of debit cards, I ordered Mr. A a new one, since his expired and for some reason he did not receive a replacement.
And the nice young woman closed out the secondary checking account. So now I have one less account to maintain. Yay!
Do you bank with Wells Fargo? Did you have one of the “free” accounts? What did you end up doing?