BLOG: Wells Fargo New $7 Fee in PA, NJ, and DE

By Jim Donovan:  Wells Fargo has announced that beginning in May it will begin charging $7 per month to checking account customers in Pennsylvania, New Jersey, Delaware, New York, Connecticut and Georgia.    The bank already charges the fee to customers in 23 other states.  

Wells Fargo customers can avoid the fee by maintaining a minimum balance of $1,500, or by making direct deposits of at least $500 each month. They also have an opportunity to lessen the fee by $2 by opting for online statements.


One Comment

  1. Francis Graff says:

    Another slap in the face of those who don’t have $1500.00 to keep in their checking account. The little guy’s and gal’s suffer again.

  2. James C says:

    I have 3 accounts with Wells Fargo. if they charge a fee I will move my accounts to the Credit union down the street ok wells fargo.

  3. steve says:

    All this is courtesy of the Dodd Frank bill. Uncle Sam has regulated and mandated so much that the banks have to make up the costs somewhere. More unintended consequences courtesy of our overreaching and over reactive federal government.

  4. Matt says:

    For the past few years the four mega-banks have claimed they must eliminate free checking as they are losing money from these accounts. They need to start charging for checking accounts to replace the lost fee income from recent overdraft legislation, the rollback in debit card interchange, and the anticipated compliance costs of the Dodd-Frank law.

    Okay, so Wells Fargo replaces Free Checking with an Essentials account with a $7 monthly fee.

    Yet, Wells Fargo stated that the bank expects 80% of its customers to waive the monthly fee by keeping a minimum balance and taking other actions.


    If 80% of these formerly free checking customers won’t be paying the $5 or $7 monthly fee, then the “we need more fee revenue argument” appears to be false. It’s a red herring.

  5. Cindi says:

    These days, who can keep a balance of $1500 in their account? Times are tough for everyone! I am a lucky one whereas I do direct deposit more than the required amount, and I get online statements, but I still think this is ridiculous!!! I agree with Cynthia….. time to go Credit Union shopping!
    Thanks, Jim, for alerting us!!!

  6. Bret Walker says:

    Glad I left that bank when I did. After Core States became First Union we had all kinds of problems, so we switched to Commerce. There were issues when Commerce became TD Bank but they’ve all been ironed out and it’s still the best bank around. The slow march from First Union, Wachovia, and now Welles Fargo I’ve been watching with detached bemusement but this is just plain ridiculous. I was angry enough when TD Bank started charging for non-TD ATM usage (now we only use their ATMs, which I think is a scam so they can force us to watch their silly advertising on the ATM screens).

  7. ET says:

    I am closing my account, too! This is ridiculous!

  8. Jerry says:

    I cannot believe that they are doing this to the very people who bailed them out. It’s time to boycott the banking industry as well as the status quo in Washington… Remember, it’s the politicians that continue to allow this behavior to occur!

  9. Cynthia Petillo says:

    I agree Deborah. Time to go bank/credit union shopping.

  10. Deborah Butler says:

    Wells Fargo, I’m out.

Comments are closed.

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