I had a checking account with WellsFargo for
>5years and found it the worst banking
- There's a monthly fee ($14/mo as of March 2019) for not keeping a $7,000 minimum balance in an account, which is higher than any other bank. Most banks have a minimum balance, but the highest I've seen is $2,000 before charging fees. Even the fees with other banks are much lower, like $5/mo.
- Customers are charged for new cards when they lose old cards. Most banks don't do this.
- Customers are charged for new checks when then finished their old checkbooks. Most banks don't do this.
- When calling customer service, there is a long wait and sometimes multiple transfers, where the customer has to repeat their information with each new person, or even from the voice-automated system to a person.
- Customers are not refunded anything for out-of-network ATM charges. Most banks offer some reimbursement per month, as much as $20/mo, or are free of charge altogether (which is rarer).
These practices are hostile to the customer, and completely characteristic of WellsFargo when you read the news. There are so many other GREAT banks out there. Even ones that offer a cashback or small interest rate on your CHECKING account. Certainly, even the most average banks do not charge as many fees or demand such high deposits. I want to put my money to use. $7,000 in a checking account is too high. Most of that can go to a decent savings account or low-risk short-term equity. WellsFargo is the WORST. I'm going to close my business account with them as well.… read more
Reviewed by: @scrappykuo