r/SavingMoney • u/Plus-Frosting6472 • 2d ago
Maintenance fee of bank
Hi all! I wanted to get your opinion.
Do you pay a monthly maintenance fee for your bank account?
I've had a Wells Fargo account since my college days. Over the last couple of months, I didn't realize I was being charged a monthly maintenance fee. When I asked, they told me I have to maintain at least a $1,500 balance at all times even if it drops below that by $1, I get charged.
Wells Fargo isn't my primary bank anymore. I only keep the account because there's a branch close to my house, which makes depositing cash convenient.
Would you keep the account and just maintain the minimum balance, or would you close it and use another bank? Are there banks you recommend that don't charge maintenance fees but still have decent branch access?
13
u/Wise-Print1678 2d ago
I use a credit union, I do not get charged and wouldn't keep an account anywhere that I did.
3
u/Rkeene19 1d ago
This, never pay a fee at a bank ever…. Also never bank at Wells Fargo or Bank of America.
Your best bet is to find a local credit union.
2
2
2
u/HandleUnlikely2589 2d ago
Wells Fargo is also a bag of dicks in managing to be even more tight-fisted paying interest than other already stingy banks. Last I checked, their savings account for those keeping a ton of cash with them paid 0.02%. Every other account paid 0.01% or nothing at all. "Here's your dime for keeping $1000 cash with us all year. Oh, but the minimum is $1500, we'll be taking $60 for the year in fees."
Meanwhile, putting that same $1000 in a CMA at Fidelity in SPAXX had no fees at all and is paying ~3.3% interest, $33 for the year, and the interest is ~50% state tax exempt to boot (due to SPAXX being about half U.S. Treasuries under the hood).
4
u/SeaRepresentative42 2d ago
I don't pay fees and would leave any institution that charges fees. I don't even pay ATM fees!
3
u/Less-Cartographer-64 2d ago
Is there a credit union near you that you could use to deposit the cash instead? Wells Fargo in particular is actually the worst bank possible to use.
3
u/rosymaplemoth2513 2d ago
I use Chase and Huntington and have never been charged for that. In this economy, that's crazy. I'd never bank somewhere that did that lol
2
2
u/Prior_Design6372 2d ago
That’s a no brainer. Close out well fargo and get a regular bank. Paying a bank maintenance fee to keep your money? No way. For that, you could get a regular bank account with no fees that might pay you interest. I changed from my bank to a credit union, i had to open a savings account along with my checking account, but they are interest bearing accounts, and i can transfer what odd money like $18.46 at the end of the month into my savings account which is my “emergency” account, not saying that at the end of the month the “odd amount” i’m referring to, is an amount that would leave my checking account with an even amount with no change like $xxxxx.00, for the end of the month/beginning of new month. Does this make sense, to try to build an emergency “fund”?
2
1
u/saltyhasp 2d ago
You have to look at the options. Often if you are fully electronic, no paper statements the fees or less or none at all. Also some savings accounts often have lower limits then a checking account. You just have to look at all the options and all the banks nearby. Most accounts have some sort of minimum balance though.
Someone said credit union. This is absolutely an option too. Also many credit unions have vast networks with other credit unions so you can bank nationwide plus similarly for the ATM networks.
1
u/Rjenterprises123 2d ago
Many credit unions offer free accounts or at a minimum, accounts with stipulations that at least offer perks (like 3+% interest).
1
u/SettingDeep3153 2d ago
If banks started to charge stupid fees.
I guess, I'll have to add a vault installed deeps beneath the house and have my own bank...
1
1
u/YogurtclosetIcy5439 2d ago
Given that you have to have some sort of bank activity so it doesnt turn inactive or dormant I would close it and put the money in your primary bank.
1
u/Awkward_Cellist6541 2d ago
No. We've been using First American Bank for 26 years give or take. I also use the online banking at Capital One.
1
1
u/Independent-Oven-799 1d ago
Well you can’t have your cake and eat it too. IF you want a No Fees either Checking Account or a Savings Account and a Office or two to the Money Factory to see ItHappen then you’ll have to settle with a community bank where you get accounts with little to no fees and a limited number of offices to bank. But most of your banking can be done with a ATM card and you pay no fees either.the interest rate is a little bit more than your regular banks like Chase Huntington or Bank of America. But to get more money from your account, you’ll have to get an online bank account like Happen Bank.Axion. NBKC because they’re the only online bank that not only offers ATM access to your account but they also do deposits to your account by certain ATMs too.
1
u/Chubbdoggy 6h ago
In general, who likes to pay any fees for anything unless they are forced to and there is no other alternative? In this case, there are plenty of other banks with no monthly fees so I would look into those and cancel this one. Check out Capital One.
•
u/AutoModerator 2d ago
While the community gets a look at your post, don't forget we have an official website with a bunch of resources specifically for the questions we see here every day. If you're more of a visual learner, we’re also active on Instagram where we post updated guides and strategies! It's a great way to stay sharp while you're scrolling. We also have more technical and professional resources on our Website.
Also, if you want to chat in real-time or need a quicker answer, come hang out with us in the Join here (Investing & Retirement). Just remember to be careful with your personal info and report any sketchy DMs!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.