WF is terrible now! Any good banks left out there with free checking?

Question

I've been with Wells Fargo for 12 years.  I have a free checking account, credit card and mortgage with them.  My wife has a separate checking and savings account with them as well.

I went to deposit a check yesterday and was told my account was "flagged" and that "something" would happen to my account in May because it is a "grandfathered free checking account."  They made me step out of line and meet with a bank representative (sales person) who kept referencing to this "something" happening in May that she had no details on and I "need to call Wells Fargo to find out" (I was IN Wells Fargo and being told to call them for details, arg).  The representative then tried to use this threat to have me open a new savings account, or open a new checking account where I had to keep a $1500 minimum daily balance or use direct deposit.  I told her to close the account as I didn't like her new terms and didn't like this vague threat to try to bully me into new products; she couldn't because of a pending transaction (my deposit)!!! She then got nice and told me to call the bank later.

I've done some research and WF is apparently not offering the free checking anymore and trying to bully their existing customers to phase out these accounts.  I have been loyal for 12 years and cannot believe this treatment.  I've done all my banking through WF, including my mortgage.  Is tens of thousands in mortgage interest a year not enough that they now need to try to bully me into more accounts and penalize me for not using direct deposit on my free checking?   

 BofA doesn't have free checking, but has a better system than WF.  

Any banks out there with some ounce of respect still where they treat their customers right instead of trying to strong arm them and rape them on crazy fees?  I was ambushed, wasted my entire lunch hour, and not how this threat of "something happening in May" hanging over my head.

Anyone know what this "something" is supposed to be that is negatively happening to free checking customers in May?

My employer does not offer direct deposit.

I need a good bank!

Water logged · Accepted Answer

Ah, people do not know what is going on yet LOL.  They will soon.

Banks are phasing out free checking because of the new regulations on the overdraft fees, etc.  They need to recover that lost income somewhere.  Expect to see more of this this summer when the programs are taking effect.

They cannot just change the terms of your existing account, and likely the May deadline is from an ATM card expiring or some other change to the account where they can notify you of the change in conditions.  Watch the mail as they are required to notify you of this change in writing.  When they can change it, they will.

They do have "conditional" free checking at many banks, but as you have seen, those conditions are high minimum balances, open a new savings account, or use direct deposit.  With a mortgage you are likely eligible for some other "free" checking.

For those giving thumbs down, pay attention!  It is reported that in June WF is doing just what this person is talking about.  His banker was giving him a heads up of things to come.

When government gets involved with banks and restrict certain historic practices like they are doing now, the banks find other ways to pick up the loss.  When they cannot charge high penalty fees, then they find other ways, usually picking up the loss in fees by spreading it around to customers who have never done anything wrong! Beware of these new policies as I've only seen negative impacts from them (20 year old credit card with a great interest rate jumped up when my card expired simply because these new regulations -never late, always paid balance in full).  I did have the option to "opt out" which is likely what you will be seeing.  Watch for fine print with your new card!

I use some of the local banks.  We have a local community bank that uses WF ATMs and offers free checking.  You can deal directly with a real persona nd not have to call some faceless person on a 1800 number, like you ran into with WF.  Credit unions or community banks are a great way to go just because they are local and have to look you in the eye ;)

Some references on the current storm going ot hit us soon (haven't referenced how it will impact existing customers, but likely when a card or account is up for renewal, they will discontinue the current program you are on like my credit card did to me):
http://www.businessweek.com/news/2010-07-09/wells-fargo-ends-free-checking-before-new-bank-rules.html
http://www.walletpop.com/2010/06/30/its-the-end-of-free-checking-almost-where-does-your-bank-sit/
http://www.tradingmarkets.com/news/stock-alert/wfc_wells-fargo-to-end-free-checking-offers-july-1-wachovia-will-continue-its-policy-until-fall-2011-994091.html

So those with free checkign accounts, be ready as it will eventually hit you too when your cards expire.

becky m · Answer

It sounds like you were being taken advantage of by a banker. Yes, WF does have free accounts still. If your account was a free checking you are grandfathered in and they CAN NOT make you change your account. You should also qualify for a free account with no balance minimum or fees since you have a mortgage with them. You do not have to have direct deposit. You should really call the manager and tell her your experience or find a new location. I promise not all are the same!!w

a9knomiss · Answer

Bank of America has free checking, i bank with them and have been for 3yrs now and never had a problem. i have the account called my Access Checking account. it offers free checking and a savings account with the minimum that has to be in your savings is 20.00 if im correct. There was no fee to open the account nor are there fees to cash or deposit anything. The savings account also helps you save without you really paying attention to it...its a feature called "keep the change" 

Say your purchasing something with your Credit/ debit card and the cost is 10.85, it will really only charge you 10.85 but it will actually round your total to 11.00 and put the .15 towards your savings, that way you are always saving money. :-) 

They also give you a Temporary card until your permanent one comes in the mail (which can also be personalized to your liking)

Anonymous · Answer

National City! They have the "points" program where you get points for every check you write, debit or credit purchase you make and free online bill pay. I just switched from Chase.......all they did was charge lots of fees, and didn't give anything back to the customer. National City is great!

Anonymous · Answer

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rtfm · Answer

Maybe no good banks, but plenty of good credit unions. Try one. You'll never go back.

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WF is terrible now! Any good banks left out there with free checking?

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