Modern-day robber barons?

Wells Fargo notified me today that it will be charging a $15 fee on my checking account unless I have three additional linked accounts or services (such as another debit card, savings account, online banking or direct deposit) AND one of the following:

  1. Maintain $7,500 or more in combined balances in deposit or qualifying credit accounts
  2. Maintain a home mortgage through Wells Fargo.

At least they promised certain things won’t change, like:

  • My checking account number won’t change.
  • I can continue to use my check card and checks.
  • I can still visit the “more than 6,300 Wells Fargo locations and 12,000 ATMs”.
  • My account will continue to be FDIC-insured.

So, let me get this right: nothing is changing on their end when it comes to the services they provide, but they’re charging an additional $15… for the same services. That is, unless you’re rich (maintain at least $7,500 in your accounts at all times) and/or a homeowner.

To me, the big issue (and larger “so what” conversation) here is one of economic inequality and fairness to the thousands of loyal, long-term customers who just don’t have $7,500 to sit in an account. More significantly, this impacts those who live paycheck-to-paycheck: $15 a month is significant for some.

Additionally, something that is quite confusing to me is that the same people who like to gripe about taxes and the government having its hand in every aspect of American life will consider this monthly “service fee” (remember: no additional services found!) to be a corporate right, and that their services to we, the consumer, need to be paid for. Aren’t “service fees” just the corporate verbiage for “taxes”?

Lesson learned: Corporations = good. Government = bad. I’ve even heard it on cable news and the internet, so it must be true!!!!

I’m sure they’re just trying to make up for the blunders of Ye Olde Wild West. Heck, $180 taken from my account each year almost covers the $200 reward for this 1875 robbery!

Perhaps it’s really time to begin looking into the options I have in the credit unions, after all.

Stay safe, and be good to each other.

Advertisements

One thought on “Modern-day robber barons?

  1. Absolutely gross. You posted this 5 days after Wells Fargo released that they had a 13% profit increase: $4.2 Billion dollars. I dont even have an income right now, but out of necessity of needing someone to take care of my financials while PC’ing it up, have my dad on my account who just happens to have a mortgage with WF. I love Big Business. 😉

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s