Effective May 4, 2012, Wells Fargo will apply a $7 monthly service fee to all checking accounts that do not
1. Maintain a $1,500 minimum daily balance, or
2. Maintain qualifying direct deposits totaling $500 or more each statement cycle
These are Wells Fargo checking account customers' only recourses to avoiding these fees. The fee will appear on June statements after becoming effective May 4 in New York, New Jersey, Pennsylvania, Connecticut, Georgia and Delaware.
In these times, wringing money from your most financially strapped customers is tasteless and unfair. For many people, a $1,500 minimum is next to impossible and the many small businesses that employ them cannot afford to offer direct deposit. Not to mention workers (like servers, for instance) who are paid in cash.
Tell Wells Fargo that charging poor people to bank with them is just plain bad business. $7 a month adds up for a lot of us!