Does wells fargo charge ACH debit fees ?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
rex
Posts: 72
Joined: Sun Nov 04, 2012 2:58 am

Does wells fargo charge ACH debit fees ?

Post by rex »

Hi Folks,

I want to transfer some money from wells fargo checkin to my vanguard account. From what i understand, the money for buying mutual funds is debited from my other bank acount as an ACH debit. Will i have to pay any fees to wells fargo for this kind of transaction ?

Thanks,
Rex

P.S. Wells fargo seems to have a fee for even basic things - i would not have my account with them if i did not need to keep my locker with the branch !!!
livesoft
Posts: 85972
Joined: Thu Mar 01, 2007 7:00 pm

Re: Does wells fargo charge ACH debit fees ?

Post by livesoft »

If one logs in to their Vanguard account and sets up ACH tranfers, then their bank (including Wells Fargo) charges no fees.

That's also how it works with my other brokerage accounts: Login to your brokerage account and pull money from your checking account or push money to your checking account all without fees.
Wiki This signature message sponsored by sscritic: Learn to fish.
LifeIsGood
Posts: 1239
Joined: Mon Feb 11, 2008 7:43 pm
Location: Atlanta, GA

Re: Does wells fargo charge ACH debit fees ?

Post by LifeIsGood »

I've been doing this with my Wells Fargo account for years and have never been charged a fee.
User avatar
swong
Posts: 143
Joined: Tue Nov 13, 2012 6:51 am
Location: NYC

Re: Does wells fargo charge ACH debit fees ?

Post by swong »

I have Wells Fargo for my major holdings and due to the fact all my family members use the same financial rep we are able to leverage our holdings to completely eliminate 90% of our fees and annual maintenance charges. Won't go into details, dollar amounts but yes, our whole family do NOT pay any fees for electronic fund transfers. The Wells Fargo IRA accounts of ours are another story however. The past 10 years I've finally been buy and selling equities especially the ones which have performed poorly (HPQ and AOL for example) and our assigned Wells Fargo rep mentioned he cannot eliminate the costs for trading equities and has even suggested we do such trades via the discount brokers (eSchwab, eTrade, etc). We also get charged a annual maintenance Wells Fargo IRA maintenance fee however a quick call to him and he then quickly credits us the $annual $40/account.

I've had this one guy for over 25 years, have never met him but he's always just a phone call away in NJ (right across the river). Yes he's a full service licensed broker and almost always calls when he has NYC GO's which I especially like. He's never pushy and offers ideas when asked. At my age I only have two brokers ....Wells Fargo for my IRA/Bond account and eSchwab for my person trading account. Moving money is a joy with never any charges whatsoever. When funds on my MHT checking account go low I electronically move money from Wells Fargo and voila...overnight the funds appear on my MHT checking account to pay my everyday expenses
livesoft
Posts: 85972
Joined: Thu Mar 01, 2007 7:00 pm

Re: Does wells fargo charge ACH debit fees ?

Post by livesoft »

swong, I guess your advisor did not tell you that even WellsFargo has a no-fee discount brokerage called WellsTrade. You can search the forum about the WellsFargo PMA package with WellsTrade discount brokerage where basically everything is free.

We have paid no fees to WellsFargo in our IRA accounts (we have 4 IRAs at WellsTrade) ever. Period. Actually, we haven't paid any Wells Fargo banking fees either. So I wonder how anybody ends up paying any fees at WellsFargo?

And I guess your salesrep never told you that you can purchase most Vanguard products with no fees as well if you use the PMA package and WellsTrade. Of course, you would have to ditch him in order to do that.
Wiki This signature message sponsored by sscritic: Learn to fish.
Cash
Posts: 1572
Joined: Wed Mar 10, 2010 9:52 am

Re: Does wells fargo charge ACH debit fees ?

Post by Cash »

I would also note that one can have checking accounts at multiple institutions. Keep your account at WF for your locker, but use another bank, such as Alliant or Ally, for most of your checking activity. I am not charged a fee for any ACH transaction at Alliant, which also offers next-day ACH transfers. I have also never been charged a fee at WF, but I also don't think I've ever tried to push money from there.
User avatar
tfb
Posts: 8397
Joined: Mon Feb 19, 2007 4:46 pm

Re: Does wells fargo charge ACH debit fees ?

Post by tfb »

rex wrote:From what i understand, the money for buying mutual funds is debited from my other bank acount as an ACH debit. Will i have to pay any fees to wells fargo for this kind of transaction ?
No.
Harry Sit has left the forums.
Post Reply