Wells Fargo $$ plastic

[calmloki]

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

 

[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.

 

[BOBOT]

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!

 

[meierlde]

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.

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)

 

[calmloki]

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.

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...).

 

[LOL!]

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?

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.

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.

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.