Wachovia is charging customers a $5.95 monthly fee to access their accounts through Quicken or Microsoft Money. The fee, which took effect April 1, aligns Wachovia with the 27% of banks that penalize consumers who access their accounts through money management software.
A Wachovia spokesman explained the change by saying, “This helps us offset some of the costs to our business for managing the access to the account information through the account software.” The Atlanta Journal-Constitution rightly responds that the fee “underscores what has been a continual sore point for bank customers: seemingly being charged fees and surcharges for almost every little thing.”
To avoid the monthly fee, either download your records directly from Wachovia’s website, maintain a combined balance of more than $5,000, or take your business to one of the 73% of banks that doesn’t penalize the use of money management software. — CAREY GREENBERG-BERGER
Banks charge to download info through Quicken, Microsoft Money [The Atlanta Journal-Constitution] (Thanks to Matt!)