Wells Fargo expands $7 monthly fee on checking accounts


Is your bank inventing new fees for your wallet? It’s up to you to take control.

It’s no secret that the big banks have been raising account fees on you. Wells Fargo, to its credit, has been pretty upfront about telling people that they’re going to be charging you $7 a month on the bank’s Essential Checking account in 29 states now. That’s $84 annually in checking account fees!

The big banks are basically saying you’re not profitable enough as a customer. If you don’t have big money, they only keep you if you pay them whatever fees they say. And let me tell you something, the $7 fee is the floor, not the ceiling. The fees could go higher and higher from here.

What happens now? Some people will pay Wells Fargo the money to save the hassle of moving their banking. Others will bail to a credit union or small local community bank where you don’t have to pay the fees.

Let me say this: This does not make banks evil just because they want in your wallet.  It’s just who they are and what they’re about. They look at you as a walking checkbook and they’re gonna get their share.

What are you options? In addition to the credit union or small local community banks, you also have online banks. I’ve been watching closely and ING Direct is still a good choice even though they’ve been acquired by Capital One. USAA Federal Savings Bank is another good option for military.

I want you to think about your wallet in making choices that work for you. What feels like an aggravation (moving automatic bill pays and all the rest) is actually pretty freeing. It doesn’t take as much time to do and is not as annoying as you think it is.

You decide. Give the big banks the bounty or don’t. The choice is yours.

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