Consumer complaint received 2024-04-29 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Fee problem
Company: WELLS FARGO & COMPANY
State: OH

Complaint narrative:
I have an existing checking account with Wells Fargo that has been maintained for well over a decade and was well matched ( for a bank ) to my banking needs with minimal fees that I could readily avoid through my normal banking practices. Unfortunately Wells Fargo in an attempt to unfairly and unjustly obtain additional income through junk fees and financing charges has opted to convert my checking account to a different type, rather than grandfathering the account. The 3 other checking account options would cause me to incur even more fees than the one that Wells Fargo is forcing my account to be switched to, or I'm not really eligible ( not XXXX, or either $ XXXX or $ XXXX or more in linked accounts ). 

The biggest changes are around the fees increased from {$7.00} to {$10.00}, a 42 % increase along with changes to how the fee can be avoided. 

Additionally, their notice is one that can't be archived and auto expires. Presumably this is in an attempt to prevent affected individuals from finding/accessing the document after that date. The expiration also occurs prior to the effective account conversion date. 

-- -- -- -- -- -- - Subject : Upcoming changes to your checking account From : Checking XX/XX/year> XXXX XXXX  Contact Us Your Essential Checking account ending in XXXX is changing We're updating our checking account options to better serve our customers and no longer offer the Essential Checking account, so your account is changing to a similar checking option. 

On XX/XX/year>, your Essential Checking will become an Everyday Checking account. 

Your account statement has all the details on the change to Everyday Checking. You don't need to take any action on your account, it will be updated automatically. 

We think you'll appreciate all the benefits that come with an Everyday Checking account, but if you decide another account is best for you, you can easily switch to a different checking account by signing on to wellsfargo.com. 

Your day-to-day banking stays the same Your account number, debit card, and checks will remain the same. Your automatic bill payments will continue without interruption, and you'll still be able to use the Wells Fargo Mobile app1 as you do today. 

What's changing Your current Essential Checking account has a $ XXXX  monthly service fee, which you may already be avoiding. While the monthly service fee for Everyday Checking is {$10.00}, you'll have some new ways to avoid this fee. 

There is no monthly service fee if you meet any ONE of the following conditions during each fee period:2 Make {$500.00} or more in total qualifying electronic deposits.3 The account is linked to a Wells Fargo Campus ATM Card or Campus Debit Card.4 Your Everyday Checking account is linked to a Prime or Premier  checking account.5 New - Maintain a {$500.00} minimum daily balance. 
New - The primary account owner is XXXX years old.6 New - As part of the Wells Fargo Worldwide Military Banking program,7 make a qualifying monthly non-civilian military direct deposit. 

Some additional changes to be aware of - there will no longer be discounts on the monthly service fee for enrolling in online statements or discounts on reordering checks. 

To learn more about the change to Everyday Checking visit wellsfargo.com/essentialtoeveryday. 

Thank you for banking with Wells Fargo. 
The Consumer Account Fee and Information Schedule and Deposit Account Agreement, as amended, continue to apply. To learn more, visit Consumer Account Disclosures. 

1. Availability may be affected by your mobile carrier 's coverage area. Your mobile carrier 's message and data rates may apply. 

2. Locating your fee period and Monthly Service Fee Summary information : You can find the Monthly Service Fee Summary and the fee period dates used for your account : On your statement in the Monthly Service Fee Summary section Online in your account 's Activity Summary section On the mobile app in the Account Summary page under the Routing & Details section XXXX. A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is ( 1 ) a direct deposit made through the Automated Clearing House ( ACH ) network, ( 2 ) an instant payment processed through the XXXX XXXX ( real-time payment system ) or XXXX XXXX , or ( 3 ) an electronic credit from a third party service that facilitates payments to your debit card using the Visa or Mastercard network ( e.g. an Original Credit Transaction ). Transfers from one account to another, mobile deposits, XXXX, or deposits made at a branch or ATM are not considered a qualifying electronic deposit. 

4. Wells Fargo Campus Card program benefits : These benefits will take effect within 45 days following the linkage of your Campus Card to an Everyday Checking account. Benefits will end 60 days after your Campus Card is no longer linked, and the Bank 's standard Everyday Checking account terms and fees apply. Wells Fargo Campus ATM and Campus Debit Cards are available for students, faculty and staff of colleges and universities that participate in the Wells Fargo Campus CardSM program. 

5. ( A ) If your Prime Checking or Premier Checking account is converted to another checking product or closed by us or you, all linked accounts are delinked from the Prime Checking or Premier Checking account and effective immediately, benefits no longer apply, including benefits to your now delinked accounts. You'll no longer receive discounts, options to avoid fees on other products or services, or the Relationship Interest Rate ; for time accounts ( CDs ), this change will occur at renewal. Your delinked accounts will revert to the Bank 's current applicable interest rate or fee at that time. ( B ) If you or we delink an account from your Prime Checking or Premier Checking account but other accounts remain linked, the loss of all benefits and the other consequences described above in ( A ) will immediately apply to the delinked account. Benefits available to your Prime Checking or Premier Checking account and any remaining linked accounts will continue. 

6. Primary account ownership : When there is more than one owner of an account, we identify a primary owner. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and who, therefore, has tax responsibility for the account. For select checking and savings accounts, when an individual primary account owner reaches the age of XXXX, age can no longer be used to avoid the monthly service fee. Depending on the type of account you have, there may be other ways to avoid the monthly service fee. If the primary owner of an existing Everyday Checking account changes, it may take up to 45 days after the change is made to avoid the monthly service fee based on age. 

7. You will receive your Worldwide Military Banking program benefits 45 days after your qualifying non-civilian military direct deposit is deposited into your eligible Wells Fargo checking account. For more information on the qualifying non-civilian military direct deposit, program qualifications and benefits, please visit wellsfargo.com/military/worldwide-military-banking or wellsfargo.com/depositdisclosures. 

Wells Fargo Bank , N.A . Member FDIC. 
XXXX This message will expire in 12 days

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation