- Report: #872529
Complaint Review: Wells Fargo - Internet
Reported By:
WheresTheBreak -
Sacramento, , United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Wells Fargo
Internet, United States of America
Phone:
Web:
www.wellsfargo.com
Categories:
Business Rating:
(0)
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Wells Fargo charges $10/mo fee for accounts under $500. Internet
After being a customer for the last 15 years I have noticed that my meager paycheck is not enough to nullify me from the $10/ mo "service fee". My question (to which in the branch I was given no real answer) is that what exact services am I being afforded that warrants a $10 withdrawl from my account. On top of that, are these not the same services being afforded someone who has more than $500/mo in the account. Why is it that the little guy always gets the shaft? $10 may not be a lot to some people, but my meager income is ALL accounted for and is just barely enough for me to scrape by on. That $10 is sometimes the difference between me having enough gas to get to work or not. I will be removing my business from this bank and although it may not mean anything to a huge company like this, I will feel better banking with a company that takes logic into consideration. As a manager of social media I will also be spreading the word about this legal practice of extortion. My one account closure may not mean anything, but 10 million just like me may.
3 Updates & Rebuttals
Karl
Highlands Ranch,Colorado,
USA
CREDIT UNION BOOM POEM...
#2Consumer Comment
Tue, April 24, 2012
is available at this website.
Just type in 558235 at this site and it appears in the consumer comments section at Ripoff Report #558235.
Thank You
***NATIONWIDE BANK ALERT: Make sure to stay at this site and type in- BANK, and read the Ripoff Reports from people all over America for important information if you have a bank account or a mortgage in the USA and spread the word all over the web at sites like Twitter and Facebook!
Ronny g
North hollywood,California,
USA
Consider a credit union..
#3Consumer Comment
Tue, April 24, 2012
The banks are a "for profit" industry. Some time ago they realized our economy is in distress so their profit center which was at one time "fair lending" failed due to all the defaults and bankruptcies. Then they found a new profit center ripping off customers that make mistakes, subject to un authorized charges and/ or do not keep an accurate register and were heavily encouraged by the banks promotions to depend on the online statement as a "better, safer, more convenient" way to manage our accounts. Nothing is further from the truth or more of a scam.
So once they lost this profit center due to lawsuits and public awareness..they have wisely determined there is no value for them to maintain a customer who does not overdraft with a free checking account since it is a loss to them .
So it is not a rippoff...but a choice. Keep more then $500 in the account and direct deposit, pay the 10 bucks a month, or find a bank/credit union that does not require a minimum balance to keep free checking. They still exist but are getting hard to find.
Flynrider
Phoenix,Arizona,
USA
Free checking.
#4Consumer Comment
Mon, April 23, 2012
Checking accounts with no service charges are disappearing. They were invented in the 90s when banks found that they could subsidize these free accounts with the overdraft fees generated by careless debit card users. Legislation that went into effect in 2010, greatly restricted those fees. As such, the era of the free checking account is coming to an end.
If you were banking before the days of debit cards, you might remember when most checking accounts were charged monthly service fees if a minimum balance was not maintained.
