Wells Fargo has announced changes to its fee waiver qualifications for Everyday Checking accounts. These changes, which will roll out before Wells Fargo increases its fees, may affect whether customers can continue to have their fees waived.
A new $15 monthly fee can add an annual value of $180 to your account. Understanding how to have this waived-or knowing when to switch accounts-can prevent this unnecessary expenditure. Wells Fargo customers must meet certain requirements to avoid these monthly fees. While the majority of requirements are unchanged, a significant change coming into effect on Oct. 25 could mean some customers will face fees they didn't previously have to pay.
Maintaining a minimum balance of $1,500 is one of the notable changes that will take effect from Oct. 25 onward. This increase in minimum balance means customers who were previously able to avoid the fee by keeping just a few hundred dollars in their account may now need to reevaluate their funds or anticipate a monthly account fee.
If maintaining the new waiver requirements of Wells Fargo isn't feasible, it might be worth checking out other banking options. The new $15 monthly charge comes up to $180 annually, while a majority of other banks offer free checking services.
Two alternatives include moving your checking and high-yield savings account to the same bank that offers a competitive rate, or opening a checking account in a bank or credit union that provides high interest rates on certain conditions and can help you earn more from your money.
Switching from Wells Fargo might not be suitable for everyone, but it’s beneficial to know what options are available. If the new waiver requirements are not a comfortable fit, it could be more advantageous to explore another account than to lose $15 per month due to fees.