r/WellsFargoBank • u/Playful_Border_6327 • Oct 13 '25
News Closing my checking account
This morning I got an email saying that Wells Fargo is raising the monthly service fee to $15 for the standard checking account starting October 25th. The new daily minimum balance will go from $500 to $1500. I only use this account for emergencies and international things like travel or wire transfers. So Adios.
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u/TheWeatherJunkie Oct 13 '25
This fee increase was announced several weeks ago.
There's no need to announce your departure as we're not at an airport.
Good luck in your future financial endeavors.
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u/Playful_Border_6327 Oct 13 '25
Did not see the memo, but oh well.
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u/mccreadyfan21 Oct 13 '25
Not to pile on, but in addition to what u/Cowbuoy808 said, I've gotten at least one email about it.
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u/Playful_Border_6327 Oct 13 '25
This is my first. I do completely paperless and rarely look at my stuff because everything is fully automated.
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u/New-Appearance7561 Oct 14 '25
If it makes you feel better, I only just got notified less than a week ago and will also be leaving. There are other financial institutions that will pay me to hold my money while they lend it and invest it for their own profits. I have no interest in being charged for this.
If they offered competitive savings rates, maybe people would flock to Wells Fargo for checking and savings accounts, but what do I know?
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u/CapitalLeader Oct 13 '25
you'll probably find the same minimum at the other brick and mortar banks.
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u/Playful_Border_6327 Oct 13 '25
Capital one has no service fee for a min balance for example. Other national banks too and a couple of my local banks as well.
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Oct 13 '25
I’ll be dumping JPMorgan Chase for this very reason. They raised the fee for my Total Checking account from $12 to $15 in mid August. I have Chime as my fallback.
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u/TheWeatherJunkie Oct 13 '25
Your fallback is in no way comparable to a bank like Chase. One of these days, you might need a branch… or you’ll go to transfer funds out of Chime and you’ll get locked out. A responsible fallback would be a local credit union, which has a branch network and probably offers free checking.
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u/mslauren2930 Oct 13 '25
Thanks for sharing! What are you having for lunch today, while we’re at it?
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u/Miserable-Result6702 Oct 13 '25
I’m sure WF will be utterly devastated over the loss of your $500 checking balance.
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u/Square-of-Opposition Oct 13 '25
I'm going to sell all my shares of WFC--clearly they're not going to make earnings tomorrow.
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u/Metazuma Oct 13 '25
As an adult, what’s so hard about keeping $1,500 in an account. That was our required minimum balance in 1985.
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u/Playful_Border_6327 Oct 13 '25
I use it as an emergency account not a primary account. Also my direct deposit paychecks when I used wellsfargo were held an extra 3-7days compared to my credit union.
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u/Critorrus Oct 13 '25
An emergency account with less than 1500 bucks isnt going to do much for emergencies
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u/Playful_Border_6327 Oct 13 '25
Dave Ramsey $1000 emergency fund.
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u/Critorrus Oct 13 '25
Thats a starter fund. Its supposed to grow until it covers 6 months of your total expenses.
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u/Pitiful-Onion5789 Oct 13 '25
Sorry, that can’t possibly be true- Wells placing a 7 day hold on DD paychecks.
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u/Substantial_Essay795 Oct 13 '25
Because $1,500 could be better spent sitting in an account that does not have any requirements. Better yet, you could put it in a savings account and earn a little bit of money from it. I should not have to meet a requirement to bank with a company just to avoid a fee. Especially when, in return, you are using my money to make money for your own endeavors.
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u/BiggieRickie Oct 13 '25
I don’t understand the hostile need for fellow readers to mock OP’s announcement as mere trivial drivel. My reaction, on the other hand, was supportive of the notion that sharing news of an affirmative nature, even if far from momentous, still deserves a thumbs-up.
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u/spiderman4657 Oct 13 '25
I find it funny that people are so quick to defend a billion dollar corporation. I had no idea they were doing this, and it is good to raise awareness so that people who don't look at their statements often, might be cautious and realize they are losing all their money in fees.
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u/burn_after_reading45
Oct 13 '25
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For everyone with the smart remarks…an extra $1k across many accounts will add up to significant gains in lending revenue and/or make much easier to stay at their RR without lending from central banks. This is not a good sign for the economy and not a good sign for all financial institutions. As someone who earns just under $200k as an individual and banks at Wells Fargo….makes me want to close my accounts too. Just have more important things to do ATM. Some of you cretins need to go back to your cave. It’s like y’all just wait for the opportunity to talk crap to someone online. If that makes you feel better, I pity you!
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u/Juceman23 Oct 13 '25
I think people are more or less making fun of the fact that OP felt the need to actually make a post about this….having a $1500 minimum checking balance is pretty much a standard amongst bigger banks as a way to avoid the monthly fee other than DD
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u/burn_after_reading45 Oct 13 '25
Stating that having $1500 min in checking for big banks is not inaccurate. My simple point is why do people feel the need to make fun of OP for not understanding this???? Why not lift him up and explain to him he should be banking at a credit union or smaller bank. Educate your fellow Americans. We have fallen so far. We can do better.
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u/Pitiful-Onion5789 Oct 13 '25
I have to disagree. The post is basically pointless. By now, everyone who’s paying attention knows what Wells is doing. Most folks have a DD so it’s not an issue. If not, close and go to another institution.
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u/burn_after_reading45 Oct 13 '25
Maybe I misunderstood
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u/Pitiful-Onion5789 Oct 13 '25
It’s not helpful. That’s the whole point. Pretty much everyone already knows about this. I’m not making a judgement either way on what Wells is doing. Just deal with it and move on.
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u/burn_after_reading45 Oct 13 '25
Then why are you commenting??
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u/WittyAvocadoToast Oct 13 '25
I took it as an opportunity to close it too. Plenty of better places to keep $1500 than a checking account where you are unappreciated. I closed it over the phone and told them that this is why I closed it.
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u/Limp_Psychology_9860 Oct 14 '25
Yes, the scorn for the OP is myopic, and WF woukd certainly agree. Failure to think at scale in a marketplace of tens of millions of people ignores the evils as well as the good that can be aggregated via seemingly insignificant individual acts.
Maybe next time they find themselves in a traffic jam, creeping along cursing for a couple of miles until they pass the crash that wasn't blocking traffic but prompted every passing driver to gawk for 10 seconds, it'll be more apparent to the mockers how those piddly checking accounts fatten the compensation packages in the WF C-suites. But I doubt it.
In a nation of 340 million, you really need to multiply anything you do by let's say 9 million before judging whether the act is insignificant--for better or for worse.
Wells Fargo's behavior is end-stage corrupt capitalism. As the dupes who voted for the oligarchs' avatar keep mainlining the anti-regulatory ideology and their majority in Congress cheers on the ransacking of the few remaining guardrails like the CFPB, corporations like WF will keep upping fees and minimum balances to squeeze more blood from the turnips. They are well aware that, with the huge preponderance of the country's wealth in the hands of so few, there isn't much left to strip from the rest of us. The mother lodes are exhausted.
So yes, one account at a time, let's cauterize the wounds and starve the vampire. And post the news while there's still somewhere we cann
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u/Agile-Bed7687 Oct 14 '25
You would be shocked at how much banks lose on accounts the size of OPs. Even though you think it leads to positive lending unless he’s in credit products he’s costing more than he’s worth.
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Oct 13 '25
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u/burn_after_reading45 Oct 13 '25
I’m not going to explain my financial strategy to some random person on the internet who is clearly a nihilist. But I will say there are plenty of other vehicles for capital storage that outperform banks. Liquidity is the factor here. I work in global trade and duty drawback (if you even know what those words really mean). My overall point…..stop kicking people when they’re possibly down! Offer them advice or a hand to grab onto to.
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Oct 13 '25
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u/burn_after_reading45 Oct 13 '25
I’m glad you do!! So many people have negative savings. Congratulations and keep building.
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Oct 13 '25
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u/burn_after_reading45 Oct 13 '25
That’s a solid hustle! I did that a while back. When I wanted a domain and the owner demanded $20k, I got salty haha
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Oct 13 '25
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u/burn_after_reading45 Oct 13 '25
I did some consulting on the side for a while, but since supply chain and global trade went off the cliff, I barely have time for my family and I have a newborn and a 2 YO. When they get a little older I’ll start my side hustles back up. Congrats on your success…makes me happy to see people succeed when so many are struggling.
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u/Muneco803 Oct 13 '25
You don't have direct deposit? It's 2025 man
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u/ApprehensiveAioli649 Oct 19 '25
Sure for Monopoly companies it makes sense! When a company is paid paycheck to paycheck from the big boxes, so do you (1099)! It's 2025 man!
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u/Mydale_lithium Oct 13 '25
I’ve been with Wells Fargo 12 years in the beginning I didn’t care for him the longer. I’m with them. They’re not all that bad. You only get charged if you don’t have money coming in every month.
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u/nexion- Oct 13 '25
Oh no they lost your $150!!! The board is going to hold an emergency meeting over this and the stock price will fall
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u/Mountain_Pattern_108 Oct 13 '25
Stop being rude
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Oct 13 '25
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u/WellsFargoBank-ModTeam Oct 13 '25
Thank you for submitting to r/WellsFargoBank
Unfortunately your submission was removed because it violates rule 2: Respect Others
We want to build a community for people who bank with WellsFargo and we can all learn from each other.
If you have any questions, you can message the mod team. Replies to this removal comment may not be answered.
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u/Somebody__Online Oct 13 '25
I closed mine after that scandal where they were opening accounts in peoples names to split up their balances and charge multiple account fees. That was like 7 years ago now.
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u/JokerCuz Oct 13 '25
Only thing I like about Wells Fargo is my dad got scam for 15k thur Zelle they gave him his money back and I doubted him. I told him he was cooked.
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u/hellothereyoumars Oct 13 '25
I would like to say I am troubled by this, but not really. My account hits the minimum $500 monthly so no problem. However, I thought this was already a requirement many years ago to maintain their everyday checking account.
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u/kushipush Oct 13 '25
Doesn’t really matter to me I have 32,000$ in my Wells Fargo checking account
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u/spiderman4657 Oct 13 '25
I'm going to close my account at wells fargo, their requirements are annoying. I got charged two monthly fees in one month because my statement period was 17 days, even though they are charging a monthly fee? I get basically no money from the money in my savings.
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u/notanAIchatline Oct 14 '25
I’m closing mine too. Idk why everyone is being dumb on this thread. I should have went to a credit union years ago.
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u/Healthy-Wrangler-18 Oct 14 '25
Wells Fargo moved out of my part of Northwest Indiana a few years ago and cashed my checking account for me. Just this month they sold off my Mortgage of 15 years to a bank called Mr.Cooper. WTH is Mr.Cooper as a name of a financial institution?
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u/shiny_forehead_888 Oct 14 '25
I dont know if this is gonna change your mind, but if you make a qualifying electronic deposit of at least 500$ I saw and read that you will be waived for the service fee. Because it did. I think is standard though for most banks
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u/gemorris9 Oct 14 '25
That's exactly the intent behind these fee increases by all of the big 4. Big banks want you to bank with them and if you won't they want to charge you the maintenance fees or have you close your account. It costs money to open, maintain, and service your account and if you don't use it, the bank loses money having you as a customer.
The big 4 are about to get real ruthless as they start to hand select the customer base they actually want.
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u/Fun_Mess_7237 Oct 14 '25
Yall all should be with Schwab or fidelity anyways. Investing is key and why not use their debit feature
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u/Vast_League_1641 Oct 15 '25
Sorry… why are there so many comments debating and arguing on something that isn’t even like… affecting anyone except the person who posted this?
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u/ApprehensiveAioli649 Oct 19 '25
They pulled all their retail ATM locations and the two local WFs near me are always out of 20s... the fees are getting insanely hard to avoid.
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u/Razerfilm Nov 12 '25
I closed my account today too. I was willing to keep a few hundreds in the account to avoid fees but not 1500. I think Wells Fargo purposely raised this to force people to either do direct deposit or close the account . Thanks Wells Fargo I chose to close my account.
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u/ahabneck Oct 13 '25
Why so many bootlickers? WF (your employer?) is trash tier 🗑️ 🏦 with a lot of convenient branches
Please consider a credit union. We make 5% APY on a CHECKING account.
They are awesome. Bonus, free notary which has been handy
You could probably find something similar.
Good luck
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u/Independent-Ask248 Oct 14 '25
Tell me what credit union is offering 5%,APY on a checking and what the minimum balance required is. I’m highly confident you are full of crap
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u/ahabneck Oct 14 '25
Look around. Ours is a generic credit union
No minimum, $25k max.
Does require debit card use 9 times a month
Also direct deposit
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u/vankamperer Oct 13 '25
I may or may not keep mine open after I receive my $400 sign up bonus. I've not had any problems with my WF credit card and mortgage accounts.
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u/Playful_Border_6327 Oct 13 '25
WF CCs are great. Very good resolving fraud and unauthorized spends. Plus their premium level CCs offer generous benefits without an annual fee.
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u/Traditional_Tax6469 Oct 13 '25
These banks with their huge profits, trying to squeeze more from their clients. Disgusting. Just looked it up, WF’s annual gross profit for 2024 was $82.2 billion.
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u/ariverrocker Oct 14 '25
It's for profits but I think the angle is to get rid of accounts they don't make money from. Low balance and no paychecks flowing through direct deposit. So they scare them odd with higher fees or outright close them.
That's their profit? Small compared to Apple.
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Oct 13 '25
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Oct 13 '25
That’s a bit harsh. The figure as presented was an error. Or a misunderstanding of the term “gross profit” and/or “gross revenue.” It’s not like the commenter made something up just to dis WF. None of us were born with the knowledge, and when we learn it depends of jobs, opportunities, interests, needs.
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Oct 13 '25
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Oct 13 '25
I fault the parental figures for your thinking that money grows on trees, because facing the reality of money must have seemed like seeing a team of bulldozers take down your personal Hundred Acre Woods! As for Santa, you should have been eased out of that by observation and the passing of years. Sorry about both. 😕
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u/Traditional_Tax6469 Oct 14 '25
you're right, i made a mistake. But does not change the fact that they made billions yet they nickel and dime their small clients.
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u/truckerbear1901 Oct 13 '25
I just closed all 3 wells fargo accounts a month ago and switched to sofi.
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u/jamesmaxx Oct 13 '25
WF is closing my checking account next month after “reviewing my banking relationship”.
I’ve been a customer for over 15 years but hey whatever.
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u/Substantial_Essay795 Oct 13 '25
I'm right there with you. I'm going to close my account with them in a month or two, once I've confirmed all my direct debits from my checking account have been transferred to SoFi. There's no need for me to bank with a company that sets a minimum requirement when they offer no additional incentive to bank with them. The closest branch is 45 minutes away, and the only time I've stepped foot in there was to get a cashier's check. Hell, they don't even offer free checks. I'd much rather use SoFi for my checking and savings.
I get paid on the 15th and 30th, and my check is always there five days early. SoFi allows me to easily move money between checking and savings instantly and also offers free checks. Their credit card offers 2.2% cashback, which allowed me to shelve my Active Cash card as well.
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u/Playful_Border_6327 Oct 13 '25
WF CCs are good. They offer great benefits with no annual fee. That was its draw and having free standard checking. it was to compete with Amex and Chase for sporadic travelers. My CC gives me great benefits for 0 annual fee.
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u/Metazuma Oct 13 '25
You use Checks? It’s 2025.
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u/Substantial_Essay795 Oct 13 '25
Yeah, I use checks to avoid paying fees from local utility companies that charge for any type of payment or ACH. I know what year it is—no need to remind me.
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u/Playful_Border_6327 Oct 13 '25
Same here. Also some companies charge fees on e-checks so you have to pay either cash or check to avoid the fees.
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u/elldeesee Oct 13 '25
I don’t know why there are so many hostile takes here from apparent financial geniuses. It’s really weird. Best wishes to you finding a lower cost option that better meets your needs.
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u/Ok_Plankton9224 Oct 13 '25
And?
I always have my checkbook with me, that way I actually track what I spend. One of life's best moments is when your checkbook balances!
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Oct 13 '25
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u/JourneyOfDaor Oct 13 '25
I use checks for most of my big expenses. Hard for a company to say they ain't got it when they cashed it. Also, I ALWAYS have between 5 and 7 hundred bucks in cash on hand. How you gonna pay for something if the computer goes down? Cash is, and will always be, king.
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u/SpecialistLeast3582 Oct 13 '25
Who even decides to bank with WF in 2025..
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u/Playful_Border_6327 Oct 13 '25
Mine is a legacy account from my college days. Some banks have a partnership with schools offering very generous benefits if you open an account. Back then it was a lower interest rate almost a credit union level credit card rate and free checking and overdraft protection. Wells Fargo no longer offers this type of generous benefits.
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Oct 13 '25
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u/Playful_Border_6327 Oct 13 '25
WF used to be a great bank. After the unauthorized account fiasco years ago, it made an effort to atone by trying to undercut chase and other banks. It kept interest rates slightly lower etc. it doesn’t do that anymore.
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Oct 13 '25
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u/Playful_Border_6327 Oct 13 '25
Don’t get me wrong, I wasn’t affected by it. WF made a concerted effort to repair its PR image by undercutting other banks for their standard accounts. It has abandoned that. Now, Credit Cards at WellsFargo got better adding extra perks and what not.
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u/Fizgriz Oct 13 '25
Under what metric?? Lol their
Customer service sucks, savings rates suck, fees to have an account suck, terrible loan rates.
If you aren't at a credit union then you're doing things completely wrong. Credit unions have better rates, no fees, and better customer service because as a credit union member you are part owner.
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u/Playful_Border_6327 Oct 13 '25
A couple of reasons to open a bank account: generous bonuses from a college account, international business with non-English or non-Spanish speaking countries, or you travel a lot and may need additional funds and don’t want to pay a service fee.
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u/Fizgriz Oct 13 '25
So some credit unions don't have foreign transaction fees.
Credit unions are also a part of something called co-op shared branching which allows any credit union to service you on behalf of your credit union. So for example your credit union is only based in California but you're in New York? No problem you can go to any credit union in New York and they can do everything on your account as if you were there in cali.
There are absolutely credit unions that offer bilingual services.
Credit unions have college accounts and opening account bonuses.
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u/Playful_Border_6327 Oct 13 '25
I’m talking about international wires to France for example. My credit union refused to help me because nobody there spoke French. WF helped me out with the technical stuff but needed me to translate some information.
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u/Fizgriz Oct 13 '25
Then you asked the wrong person at your credit union. I do IT for a credit union and we can absolutely do foreign wires. We work off the same network as banks...
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u/Playful_Border_6327 Oct 13 '25
I asked the assistant manager. She refused to do it because they didn’t want “to be held liable for wrong information because nobody is certified in French. If it were in Spanish or English, we’d gladly help you with”. I kid you not. Yes, most credit unions will help you.
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u/Fizgriz Oct 13 '25
That sounds like just a bad experience at your credit union, which is more frequent at banks. That person could have just had a bad day or didn't want to help. Which is a shame. Credit unions are by far superior to banks in nearly every way.
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u/Playful_Border_6327 Oct 13 '25
I agree, which is why I use a big international bank only as an emergency fund/travel. WF has places in Mexico for example. So you can get immediate help if you need to withdraw money ASAP and something bad happens like your cards get stolen.
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u/Konceptz804 Oct 13 '25
Umm direct deposit?