Wells Fargo to Charge $84 Per Year for ‘Small’ Checking Accounts
According to PhillyDeals, Wells Fargo bank is set to impose a $7/month fee on checking accounts. The fees are set to begin in June, specifically for customers using their “Essential Checking.” The only way not to get nailed by the fee: Have at least $1,500 in your account at all times or deposit at least $500 during the month. Or, if you do all your bill paying online, they’ll cut it down to $5.
Several banks have imposed new fees over the past few years, they often say, to combat new congressional legislation meant to stop them from going hog wild, placing bets, then getting bailed out by the government. Last year Bank of America announced it would begin charging a $5 fee for using debit cards. After a large public outcry, in which many customers dropped the bank, it decided against that idea.
Wells Fargo was the source of much rage on behalf of the Occupy movement last fall, which included sit-ins and protests at the branch at 15th and Market. The bank also participated in the controversial ’school swaps’ deal, in which the school district lost $331 million dollars in interest-rate swaps. City Council has planned hearings to see if the city can get at least some of that money back.