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08-15-2011, 12:47 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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Wells Fargo $$ plastic
Rabid cheapskate consumer here.
Wells Fargo has decided that we need to have a $1500 minimum balance or auto deposit of a paycheck or SS check (neither apply to us) to avoid monthly fees of $7 on our FREE checking account. OK, they don't pay interest on a $1500 dead balance so that means the free account costs us maybe $22/year.
Today on the monthly statement I see that they will start charging $3/each month we use their debit card at other than their ATM. There is a warehouse food store that takes cash or debit only; I'd gotten in the habit of using the debit card there. Called a different bank we've an account with and they offer a free debit card, so ordered a couple up.
I like Wells Fargo because they are available down south and they have slick ATMs that will accept a stack of checks, read them, and do a deposit slip with images of the checks. Very cool. Niggle fees? Not so much
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08-15-2011, 01:37 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Is that minimum or auto-deposit a requirement of their PMA package?
I'm sure you are aware that you could stash $25,000 of your Vanguard ETFs or mutual funds at WellsFargo and probably not have to worry about any of that anymore. And you would reduce your commissions to $0.00 at the same time.
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08-15-2011, 02:07 PM
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#3
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Recycles dryer sheets
Join Date: Aug 2006
Posts: 478
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I dumped Wachovia before they were taken over by WF because they were going to charge $25/yr for not accessing a credit line often enough. Had been with them > 20 yrs. Went with a local bank. Scroom!
__________________
I still don't get it...
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08-15-2011, 02:37 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,361
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Quote:
Originally Posted by LOL!
Is that minimum or auto-deposit a requirement of their PMA package?
I'm sure you are aware that you could stash $25,000 of your Vanguard ETFs or mutual funds at WellsFargo and probably not have to worry about any of that anymore. And you would reduce your commissions to $0.00 at the same time.
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Actually thats the regular free checking package that has the requirement. For PMA the 25k is the ticket, that waves the otherwise $30 monthly service fee. For the Custom Management account (taken from their web site) it is a $1000 minimum balance or a direct deposit. But you do have not Wells Fargo ATM fees, but pay $3 for non Wells Fargo ATms. With PMA you get 2 free uses of a non Wells Fargo ATM per month. (Of course since I refuse to have an ATM card that is not an issue, I just cash a check to cash once a month)
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08-15-2011, 03:06 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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Quote:
Originally Posted by LOL!
Is that minimum or auto-deposit a requirement of their PMA package?
I'm sure you are aware that you could stash $25,000 of your Vanguard ETFs or mutual funds at WellsFargo and probably not have to worry about any of that anymore. And you would reduce your commissions to $0.00 at the same time.
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Wasn't aware of any of that - we do have some Vanguard ETFs. Haven't noticed - does VG charge a commission on VG ETF sales? Have made several calls to various WF people and they are enthusiastic about us coming in and being advised on their different products, and yes, $25k gets one to Preferred Platinum yadayada no fees status, but neither party has really had any idea on whether we would have to sell the VG and buy a WF product or how moving an ETF from VG to WF would work. Or what any annual fees might be.
A hundred free trades is overkill for us as we don't buy and sell many ETFs or such, but free is free. We do happen to have about $27k worth of VWO (maybe - depending on the market...).
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08-15-2011, 05:12 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Quote:
Originally Posted by calmloki
Wasn't aware of any of that - we do have some Vanguard ETFs. Haven't noticed - does VG charge a commission on VG ETF sales?
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For most account holders, Vanguard does not charge a commission on Vanguard ETFs sales or buys (I have a Vanguard brokerage account). But you would not need to sell to move the shares to WellsTrade. Simply transfer-in-kind about $27,000 worth to get all the free bennies.
Quote:
Have made several calls to various WF people and they are enthusiastic about us coming in and being advised on their different products, and yes, $25k gets one to Preferred Platinum yadayada no fees status, but neither party has really had any idea on whether we would have to sell the VG and buy a WF product or how moving an ETF from VG to WF would work. Or what any annual fees might be.
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If you go into the bank, the folks there will be clueless about the do-it-yourself WellsTrade brokerage account. It is kept secret from them. Open it up online AFTER opening the WellsFargo PMA package checking account. Find the "transfer-in-kind" forms online as well.
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