WF is terrible now! Any good banks left out there with free checking?
I’ve been with Wells Fargo for 12 years. I have a free checking account, credit card and mortgage with them. My wife has a separate checking and savings account with them as well.
I went to deposit a check yesterday and was told my account was “flagged” and that “something” would happen to my account in May because it is a “grandfathered free checking account.” They made me step out of line and meet with a bank representative (sales person) who kept referencing to this “something” happening in May that she had no details on and I “need to call Wells Fargo to find out” (I was IN Wells Fargo and being told to call them for details, arg). The representative then tried to use this threat to have me open a new savings account, or open a new checking account where I had to keep a $1500 minimum daily balance or use direct deposit. I told her to close the account as I didn’t like her new terms and didn’t like this vague threat to try to bully me into new products; she couldn’t because of a pending transaction (my deposit)!!! She then got nice and told me to call the bank later.
I’ve done some research and WF is apparently not offering the free checking anymore and trying to bully their existing customers to phase out these accounts. I have been loyal for 12 years and cannot believe this treatment. I’ve done all my banking through WF, including my mortgage. Is tens of thousands in mortgage interest a year not enough that they now need to try to bully me into more accounts and penalize me for not using direct deposit on my free checking?
BofA doesn’t have free checking, but has a better system than WF.
Any banks out there with some ounce of respect still where they treat their customers right instead of trying to strong arm them and rape them on crazy fees? I was ambushed, wasted my entire lunch hour, and not how this threat of “something happening in May” hanging over my head.
Anyone know what this “something” is supposed to be that is negatively happening to free checking customers in May?
My employer does not offer direct deposit.
I need a good bank!
I just checked and my card expires at the end of April! Can they really change the terms of the account when the card is renewed?
Water Logged, thanks! The articles talk about limits and fees exactly like the lady at the bank referenced. So far you make complete sense and fit with what I think she was trying to say.
To those giving thumbs down, why don’t you answer and clarify what is wrong with existing answers? Anyone have proof against what Water Logged is saying? How about the reference to Credit Unions, why thumbs down there???? Are they bad???
I cannot do direct deposit and will not be able to keep a minimum balance yet of $1,500. I’m not going ot open up yet another savings account either; if I have to open a new account I’ll do it at a bettter bank rather than keep doing business with a bank that wants to bully its customers.
Ah, people do not know what is going on yet LOL. They will soon.
Banks are phasing out free checking because of the new regulations on the overdraft fees, etc. They need to recover that lost income somewhere. Expect to see more of this this summer when the programs are taking effect.
They cannot just change the terms of your existing account, and likely the May deadline is from an ATM card expiring or some other change to the account where they can notify you of the change in conditions. Watch the mail as they are required to notify you of this change in writing. When they can change it, they will.
They do have “conditional” free checking at many banks, but as you have seen, those conditions are high minimum balances, open a new savings account, or use direct deposit. With a mortgage you are likely eligible for some other “free” checking.
For those giving thumbs down, pay attention! It is reported that in June WF is doing just what this person is talking about. His banker was giving him a heads up of things to come.
When government gets involved with banks and restrict certain historic practices like they are doing now, the banks find other ways to pick up the loss. When they cannot charge high penalty fees, then they find other ways, usually picking up the loss in fees by spreading it around to customers who have never done anything wrong! Beware of these new policies as I’ve only seen negative impacts from them (20 year old credit card with a great interest rate jumped up when my card expired simply because these new regulations -never late, always paid balance in full). I did have the option to “opt out” which is likely what you will be seeing. Watch for fine print with your new card!
I use some of the local banks. We have a local community bank that uses WF ATMs and offers free checking. You can deal directly with a real persona nd not have to call some faceless person on a 1800 number, like you ran into with WF. Credit unions or community banks are a great way to go just because they are local and have to look you in the eye 😉
Some references on the current storm going ot hit us soon (haven’t referenced how it will impact existing customers, but likely when a card or account is up for renewal, they will discontinue the current program you are on like my credit card did to me):
So those with free checkign accounts, be ready as it will eventually hit you too when your cards expire.
Help me on my accounting project! Stuck!?
Made mortgage payment to Byron State Bank paying $ 1,000 by issuing check No. 1301 -$300 of this payment is mortgage interest payable for November. (The $300 of interest was accrued at the end of November)
I am stuck with this entry. What Journal does it go in? and how do I set it up?
Dr Mortgage payable $700
Dr Interest payable $300
Cr Cash (or bank) $1,000
Can your mortgage company hold (not apply) payments until the end of the month?
I am a relatively new homeowner. I signed up for 2x monthly mortgage payments to be deducted from my checking account. I was surprised on my notice to see they are holding the payment for the 15th as “unapplied” until the 1st of the month. My question is as follows…
1. Can I call up to request that they apply this money immediately rather than hold it?
2. Does it make a difference in terms of reducing the amount of total interest applied to my loan?
They are KITING to your detriment!!!!
State in a certified letter, to apply the payments on the first
and the 15th. And state that you expect retroactive payment
assignations………or…you want them to change how past
payments that were APPLIED wrongly and to apply them correctly.
Math has shown that doing nothing else cuts one’s payments
on a 30 yr mortgage by 7 YEARS.
So, demand politely but demand!
I have a joint mortgage with my mother and she has made late payments. Can these be removed from my credit rep
The mortgage is for my mothers account (I have my own mortgage to pay). About a year ago I tried to refinance my mortgage and I got a crappy interest rate because there was a late mortgage payment on HER account. I confronted my mother and I was angry and asked her to get me off of her house. She refused to re-finance to get me off the mortgage, but promised me she would make payments on time. A year later, I check my credit repot and there are 5 more late payments!! Am I totally at her mercy on this? Can i take action to force her to refinance without me or can I file to have those late payments removed from my credit report? Any advice is appreciated!
Sorry to say, there is no way to get the late payments removed since the loan is joint. You are just as responsible as your Mother to see to it that these payments are made as agreed.
What you might do is contact the lender and have them mail the payment invoice to your address and then have your Mother pay you. That way you could make sure that the payments reach the lender on time.
Can i collect AirMiles by prepaying my credit card & use cash advances to collect AirMiles & not pay interest?
By prepaying my credit card and using cash advances i can use credit card cheques and use them to pay my mortgage and utility bills
By prepaying my credit card and using cash advances i can use credit card cheques and use them to pay my mortgage and utility bills. This way i can collect air miles faster.
For most cards, the points (like miles) are awarded for purchases, not cash advances.
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