I received an email from them stating that my “Free Checking” account is changing and to please check for the secure message online. This is what I found:
Effective September 12, 2011:
- The name of your account will change to Personal Checking.
- A $7 monthly service fee will apply, which can be waived with one of the following:
- Maintain a $1,500 minimum daily balance, or
- The total amount of qualifying direct deposits each statement cycle into this account must be $500 or more
I’m a bartender, therefore I can’t do direct deposit.
I also can’t guarantee that I’ll have a minimum daily balance of $1,500.
In nearly 15 years of having an account with them, I have never had an overdraft.
In addition to my checking account, I have a credit card, investment account, auto loan, and mortgage with them.
I have an “excellent” credit score.
…yet they have zero free options for me.
How ridiculous is that?!
I called and talked to their customer service person, and after telling me what a “valued customer” I was (which I seriously interrupted her and said obviously I’m not), her excuse for this was that “all the other banks are doing it.” I told her my local bank doesn’t, and she replied that “xxx and xxx do.” I told her that was fine and dandy, but as I’m not customers with them I don’t give a shit what their policies are. All I know is that obviously they don’t value ME as a customer.
UGH. I get it. It’s $7/month…but that’s $72/yr that I am now going to have to pay them for NO DAMN REASON. WTF?!
Okay, so they’re frustrated me enough to get back on top of my finances. I’m getting a 0% intro APR card and transferring our two auto loans to that. It will cost us an extra $180/month in bills to pay off in time, but it means that by next October we’ll have BOTH vehicles paid off, an extra $930/month in our pockets after that, and we’ll have saved thousands in interest (that will not go to WF).
We also currently pay just over $1,000/month in interest on our mortgage… since rates are so low, I’m going to talk to WF about all of this and inform them that I’m probably going to try to re-fi the house and move our loan from WF. I mean, c’mon, they make $12k/year on me on that loan alone and they’re still going to nickel and dime me for my checking account?!
Finally, I’m going to talk to them about my ROTH IRA account (which I also just received notice of a $40 annual fee for having access to their financial people – who I have not once consulted in 11 years about the account). Time to make some changes!
It feels good to be working on getting a step closer to being debt-free!