Wells Fargo continues to phase out its free checking offerings, tacking on a $7 monthly fee in six states. Even existing customers whose free checking had been grandfathered in will have to start paying up. Oddly, the bank declined to name the six states affected.
CNNMoney, which identified New York as one of the states in which the fee will be implemented, reports the bank stopped offering free checking to new customers in 2010. Last year the bank started peeling back free checking in many areas, and now it’s thrown the six mystery states into the pile.
If you’re a Wells Fargo customer who faces the new fee, you can maintain your “free” checking by keeping $1,500 in your accounts every day or direct-depositing at least $500 monthly.
Or you can just use this as motivation to send Wells Fargo a message by moving on to another bank or credit union.