…if I get their credit card and use that instead of getting dinged $3/month for using my debit card.
That’s what John said when I stopped by to get a money order and have my contact information updated. When I told him that my own branch manager and I had run my numbers twice now and I am very far away from qualifying for one, he then reminded me that WF has a secured credit card.
Right. So I can pay higher fees than what they already want to charge to use my own money. Still.
They still don’t get it. I don’t want to pay to use my own money, especially when so much of bank business is done online these days. There are new articles I ran across about firing your bank. Here’s another one. Of course, most of the people in the comments section talk about opening credit union accounts. For a lot of folks that will be a solution. We saw how well that worked for someone with poor credit when you followed me on my quest to get a credit union account opened.
I did find a solution out of desperation when I got my SSDI backpay. There was a good deal of money, and since I have an addiction to debting and spending, I freaked out! I didn’t want that much sitting there available. So I transferred a large portion of it to an account at Ally Bank. They’re an online bank, with no physical branches anywhere. That would freak me out, except that just like any other bank, they’re FDIC insured, and they were around physically since 1919. This is not a fly by night company.
Now I have a savings account and 2 year CD with them. I feel more grown up and solid, and the best part is that not only am I not being charged fees, my CD gathers daily interest at a rate higher than what Wells Fargo could ever offer me.
Yep. Daily interest.
And I’m not the only one. Apparently these extra fees are causing a lot of people to turn to online banking. Check out these articles. And this one. And this one. I could go on and on, but you get the point. :-)
I would encourage everyone to look into online banking, especially if you have issues that stand in the way of getting a credit union account. If your major worry is ATM access, Ally Bank reimburses all ATM fees you pay at the end of each month.