SF-Based Wells Fargo Imposing $7 Monthly Checking Fee
SAN FRANCISCO (CBS/AP) – Wells Fargo customers in six states who had free checking accounts will pay $7 a month starting in May.
Those customers can avoid the fee by keeping a minimum balance of $1,500 or making direct deposits of at least $500 a month. They can also get a $2 break on the fee by opting for online statements.
The bank says it started moving customers in California and other western states to the $7 fee last year and is expanding to six more states. A bank spokeswoman couldn’t immediately give the six states Thursday.
Wells Fargo said it hasn’t offered free checking to new customers since 2010.
Banks have been adding and experimenting with fees. They say they need to make up lost revenue, partly because of regulatory changes.
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