Totally Random Rant

Wells Fargo is pissing me off today.

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:

What’s changing: 
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!


  1. Switch banks? The fees you'd pay for ATMs that aren't local would be nominal compared to $72 per year, right?

  2. @Oak – we never use ATMs, since my wages are basically paid in cash!

  3. Time to switch to the local bank! We did this when Citibank tried to pull this on us.

  4. yeah I would switch banks at least for checking. I bank with WF too and when it came time to get a mortgage the loan officer was awful–too little information, she wasn't there to meet me when we set up a meeting one day. DONE. we got our mortgage through somewhere else because of that.

  5. I'd switch banks, but truth be told, I'm not sure who doesn't charge anymore, ya know? Btw, I thought FICO scores only went up to 850?

  6. Our local bank (Alpine Bank) doesn't charge those fees and they have branches all through CO. Since I work a job that pays in cash, we don't honestly worry about ATM access anyway. @arkansasrunner – last time I did a free credit check I happened to use TransUnion which scores from 150—934… I didn't realize it wasn't FICO until afterwards. Still, the point is that I have great credit, and it's ridiculous that I'm getting charged!

  7. Our bank did this to us too! We switched, screw them!!

  8. Seriously, I would just plain drop them for personal checking. I had issues with WellsFargo too. I have a mortgage through them and wanted to refinance, but the closing costs were $10K. Seriously, I was better off paying the higher interest rate because it was cheaper.Definitely find a free checking account. That's ridiculous!I also had an issue with store credit card. I missed a payment because the statement was lost in the mail. In 10 years, I had never not paid my card off at the end of a cycle. When then called, i apologized and paid it immediately. Then they dropped my credit to $100. Seriously, a $100 credit limit? I was so embarrassed when I went shopping and they declined my card. I too have an impressive credit score. So I applied for an increase and they denied me. However another store card, with the same bank no less, increased my limit….IT MAKES NO SENSE!!

  9. I looove your money saving ideas. Super smart! I hate paying interest too and I hate being screwed by banks and financial institutions. We would love to have our truck paid off by the time we have a baby so we can save that extra $500 a month. Look at it this way, they were jerks about your checking and they urged you to stop giving them money in other areas. They are so dumb. :)We were so almost debt free and now we are looking into more debt for IVF so I can do it while I'm still young. Sigh…

  10. I have Wells Fargo also and was so mad about that email. I actually am keeping my checking account with them for now but I also had saving with them that I'm closing and transfering to ING.

  11. Good girl, we are trying to refinance right now too. We can actually get a 15 year and only raise our mortgage about $300 per month right now which would be awesome. Paid off before Mac goes to college? YES PLEASE!

  12. We bank with USAA because of my husband's military experience. We love them, but I totally understand what you mean as I used Wells Fargo before we were married.

  13. Try citibank. I just called today to refi and got a3.122 percent loan!

  14. We were at a bank that is currently being sued for their stupid overdraft fee system. After they screwed us over in $600 in OVERDRAFT fees alone we left them and went to a credit union. We've never been happier and we've never looked back. Check those out!

  15. Look at you being all responsible like a mother and shit. 🙂 Seriously, good for you!

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