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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

  • http://fourbluehills.wordpress.com Four Blue Hills

    It is still about those who make money getting stuff for free. I don’t make that much a month, yeah, let’s make me pay more money.

  • Choice

    One word says it all: GREED

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