Wells Fargo is going to nickel and dime themselves out of business

I signed up with Wells Fargo for a business account for RakNet. At first everything looked good – I got a bunch of free checks, the service was nice, and they told me there were no monthly fees. But it seems like their business model is based on tricking people with upfront benefits and then sticking it to them later.

Almost every month for the 6 free months I had to call to cancel charges. I got charged $3 for a ‘returned check fee’ where they send checks I wrote back to me – although I never wrote checks. I got charged for it again even though I called the month before to cancel it. Then again. Then at 6 months I get charged $13 (if I remember right) just to have the account, although I was previously told there were no monthly fees. I contact the business banker and get this waived for 12 months, which is great except I was told up-front there were no monthly fees to begin with.

So I sign up for and they charge me $150 for the priveledge of taking my money off each transaction, and a $30 monthly fee. I thought they were going to send me a bill but they direct debited my account. So now my Wells Fargo Overdraft kicks in and they bill my credit card instead. Although it costs them nothing to do so, the $100 charge turns out to be $120 because of 3 different extra fees that occured due to the overdraft.

I go to the website to sign up for bill pay so I can pay the credit card fee. It says it’s free, except in small print it says it’s actually not free – after 2 months they charge you $10 a month (if I remember right). OK but there’s a waiver to avoid that fee – all I need to do is keep $25,000 in my account. Thanks…

So let me see if I get this right: I give them my money, they get interest on my money, I get no interest on that money, and with all the monthly fees I’m paying $30-$40 so they can make money on my money. What am I getting here exactly? I’d be better off just keeping the money under my pillow.

A friend told me NetBank is good. I’ll probably switch to them.

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