More Fees, New Fees, Undisclosed Fee Changes

· Checking and Savings, Wells Fargo

When Wells Fargo acquired Wachovia they did away with the “free” advance of your own money from savings or your line of credit to your checking account and instead began charging $10 for the privilege of moving your money around automatically.  It was a painful little fee but one that made sense and honestly, you should be able to move your money yourself and charging $10 for the convenience of not having to take two minutes to log into on-line banking seemed a legit junk fee.

Then all of a sudden this month we had an overdraft transfer kick and holy guacamole, there was a $20 fee!  We never got a notice or anything to tell us otherwise, just a big $20 fee where there was only a $10 back in May.  I thought there must be a mistake so I popped into my local Wells Fargo branch in a Washington, DC suburb today after making a deposit.  The “personal banker” that was on duty showed me his little screen and told me it “is what it is” and the fee had been in place for some time.  When I mentioned it had only been $10 recently he told me “things change all the time.”  I replied with something along the lines of, “I prefer stability with my bank and like knowing what to expect.”  His reply?

“Sorry, not in this day and age; things are always changing.”

Um… Wells Fargo, people want stability at their banks, not a rate structure that changes so frequently it needs to be written in pencil instead of ink.  The constant addition of new fees is NOT what I want to hear coming from my bank.

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