Bank fees

How many of you banking with Wells Fargo, Bank of America or Chase are going to continuing doing so even with their newly imposed fees for basic checking?

I ask this question because I'm trying to get a feel for what the everyday consumer/citizen feels about these new charges. Are you keeping your money with these banks? Are you heading for a credit union? What's your reaction? 

I sat down with a Wells Fargo banker this week for a little "interview."

He asked me questions about my renter's insurance and if I had any. I didn't. 
He asked if my employer offered direct deposit options for my paychecks. They don't. 
He asked me what my savings goals were. I politely told him that it wasn't his business to know.
He asked how long I'd been with Wells Fargo. I told him that I was with Placer Savings before they were swallowed up by Wells Fargo and didn't have much say in the matter, but that, for the most part, I was happy with the bank. 

Great, he said.

He assured me over and over again that he really wanted to save me money. I nodded and waited patiently for the bad news. He told me that I qualified for a discounted checking account costing $8 a month. I receive paperless statements so I get a $2 discount. Yay for me. 

The tough thing to swallow is the fact that one day I pay nothing for this bank to invest and profit from interest off of my money and then, suddenly, I'm paying them to do this. 

I understand that they're hurting like every other business, company and individual in this economy, but being charged to give someone my money seems like a foolish financial decision.  

There must be other ways for them to keep afloat. Maybe they should consider making cuts or downsizing rather than plugging holes in a sinking ship and making their customers pay for the plugs. 

Back to my original question; What are you doing about these fees? Is it annoying enough to make you switch banks? Are you fine with the additional service fee? 

The feeling I get about these new bank fees are similar to the feeling I have at the box office when I notice that another 25 cents has been added to a movie ticket price. I complain about it and then pay anyways. The difference with this situation, however, is that I'm not sure I'm going to go ahead and pay this extra charge. I don't want to get used to paying a bank to play with my money just how I never wanted to get used to paying $10.25 for a movie ticket. 

If we complain about these things, but take no action then we deserve the treatment we're getting. 

...ramble on...


  1. Um. Okay, full disclosure, I am not exactly financially savvy. So, take the following and do what you want with it. I left Wells Fargo when I was 18. I do not like them at al. I don't like paying for them to invest my money either. I have been a loyal member of Golden One Credit Union ever since. I love them. They helped me solve an international financial problem when I was in Costa Rica when I was 20, and they have fabulous customer service. I never experienced the lines and bureaucracy that I had to deal with at WF. So I am a fan. I highly recommend them. I know nothing of these new fees, as I have been living abroad for nearly two years, but it annoys me none the less. So why don't you give Golden 1 a try? The only downside is that they are a Northern and central California Bank so you can't get to a bank outside of the area, however there are no fees to take out money at other member credit unions... that is my two cents.

  2. I refuse to deposit my money into a financial institution that charges me a monthly fee and then invests "my" funds where I see zero profit. With that said, I do have automatic deposit so US Bank does not charge me on a monthly basis. I have considered moving my banking and my HUGE life savings ($21 and some change) to the local credit union as it keeps the money local and I tend to trust the local homeboys more than the Wall Street executives (just for the record, I am not one of the so called 99%, I am pro-capitalism and fiscally conservative).