Got an email from Wells Fargo regarding checking account.

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Caliscotsman
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Got an email from Wells Fargo regarding checking account.

Post by Caliscotsman »

I'm quite happy with my current checking account however they inform me that it's changing to a 'Premium Checking Account'.
They claim there are lots of additional benefits. It seem there's very little actually benefits me.

$35 a month fee waived if you keep $250,000 in linked accounts.

https://www.wellsfargo.com/checking/premier/

I don't know if it's mandatory. I've still to talk with my banker.

Anyone else had the letter?
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typical.investor
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Re: Got an email from Wells Fargo regarding checking account.

Post by typical.investor »

Caliscotsman wrote: Thu Jun 23, 2022 8:59 pm I'm quite happy with my current checking account however they inform me that it's changing to a 'Premium Checking Account'.
They claim there are lots of additional benefits. It seem there's very little actually benefits me.

$35 a month fee waived if you keep $250,000 in linked accounts.

https://www.wellsfargo.com/checking/premier/

I don't know if it's mandatory. I've still to talk with my banker.

Anyone else had the letter?
I just downgraded my portfolio account (which Premium Checking Account now replaces) since I moved money out and no longer met the $250,000 min.

I think my minimum is $500 now to waive any fee. Account number didn't change.
hicabob
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Re: Got an email from Wells Fargo regarding checking account.

Post by hicabob »

Equities in Wellstrade, which is Wells Fargo's very good discount brokerage, is what I used to qualify.
sandan
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Re: Got an email from Wells Fargo regarding checking account.

Post by sandan »

I got downgraded to prime checking because I have less than 250k in there. I think the only difference is support and reimbursement limits for domestic/international atms.

It seems like it is already in effect.
IowaFarmWife
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Re: Got an email from Wells Fargo regarding checking account.

Post by IowaFarmWife »

Yes, I received the same email a month or so ago. I went in and closed out my account as I have nowhere near that amount and I don't anticipate having the kind of money ever.
"A nickel ain't worth a dime anymore." Yogi Berra's financial wisdom.
gruesome
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Re: Got an email from Wells Fargo regarding checking account.

Post by gruesome »

I had "Portfolio By Wells" suite of savings/checking/brokerage accounts at WF for 15+ years (the main benefits being: 1) 100 free trades per year back when discount brokers charged for trades, and 2) a $30K balance requirement to avoid fees).

Very early in 2022 I got notified that program was being retired and I would be transitioned to "Premiere Checking" ($250K balance requirement to avoid fees) in May.

When I first got notified, I asked to downgrade the account to "Prime Checking" ($25K balance requirement to avoid fees -- and, for me, no significant difference in account benefits) but the phone-banker said I had to wait until the May transition completed.

In May, after getting the run-around by phone-bankers unable to downgrade my account without making me jump through hoops, I went into a branch.

Visiting a branch took longer than I liked (in a COVID-endemic world), but after ~30 minutes I accomplished the downgrade. Good luck to you!
AQ
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Re: Got an email from Wells Fargo regarding checking account.

Post by AQ »

Got a similar email. And I would be happy with a basic account so don't like they 'upgraded' my account.

When balances fall, will they automatically 'downgraded' to a lower tier account, or start to charge $35 monthly fee?
mary1492
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Re: Got an email from Wells Fargo regarding checking account.

Post by mary1492 »

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Last edited by mary1492 on Thu Sep 29, 2022 2:32 pm, edited 5 times in total.
mary1492
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Re: Got an email from Wells Fargo regarding checking account.

Post by mary1492 »

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Last edited by mary1492 on Thu Sep 29, 2022 2:31 pm, edited 1 time in total.
wander
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Re: Got an email from Wells Fargo regarding checking account.

Post by wander »

It sounds like a good reason to move money elsewhere. $250,000 balance for next-to-nothing benefits or $35 monthly is absurd.
gavinsiu
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Re: Got an email from Wells Fargo regarding checking account.

Post by gavinsiu »

My mom actually got the same email a few months back. I think the bank may roll these changes out region by region. I ended up moving her to Prime Checking.

I like to reiterate that I really dislike this bank. They keep screwing up the POA form. Recently I tried to get them to remove a POA that passed away but they said it would be easier if they just make me co-owner of the account because the forms for removing POA is hard. I ended up saying "Do your damn job" but in a more polite manner. I am with the other poster that they offer very little for $250K.
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galawdawg
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Re: Got an email from Wells Fargo regarding checking account.

Post by galawdawg »

I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
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winterfan
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Re: Got an email from Wells Fargo regarding checking account.

Post by winterfan »

galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
Momentum probably. The thought of changing account info at brokerages, updating all the autopay accounts, HYSA info, etc. is kind of overwhelming. Checking is free though, as long as there is a regular deposit.
NYCaviator
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Re: Got an email from Wells Fargo regarding checking account.

Post by NYCaviator »

Did people receive a separate email for every account Wells Fargo opened up in their name, or just the ones they knew about? :twisted:

All kidding aside, WF is a fee happy bank. If you're happy with the account and can meet the requirements of having $250k there to avoid fees, it may not be worth the trouble of switching. Otherwise, you're not getting a whole lot extra for the premium account. I'd talk to your banker about keeping what you have.
carolinaman
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Re: Got an email from Wells Fargo regarding checking account.

Post by carolinaman »

I have crown classic checking account with WF. Free checking if at least $1k in accounts. My savings and investments are at Vanguard and other places.
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retired@50
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Re: Got an email from Wells Fargo regarding checking account.

Post by retired@50 »

galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them.
+1
I would refuse to use a bank I couldn't trust. How many scandals, lawsuits, and huge settlements will it take? :shock:

Regards,
If liberty means anything at all it means the right to tell people what they do not want to hear. -George Orwell
gavinsiu
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Re: Got an email from Wells Fargo regarding checking account.

Post by gavinsiu »

You will be surprise how reluctant people are to make changes. In my mom's case, she rather deal with the devil she knows. In addition, Wells Fargo iis the closest bank. There is a chase bank, too. I don't know if they will be better.

I did however managed to convince her to move all of her retirement accounts from Wells Fargo after they charge her a bunch of fees that they refused to fix.
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8foot7
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Re: Got an email from Wells Fargo regarding checking account.

Post by 8foot7 »

I just took a quick look and the only notable difference I could discern between the $20k checking account and the $250k checking account was free online outgoing domestic wires for the 250k account and free stop payments. Oh, and no international transaction fee.

Contrast this with Schwab checking, which I don't think has a fee for anything anymore, overdrafts included. I think it's impossible to be charged a fee, in fact.

The $230,000 difference in required balances kept in an Amex savings account at 0.9% APY would earn $2,070 in interest over 12 months, or $172.50 each month.

While I suppose you could transfer in via ACATS some ETFs you already hold a la Merrill Edge and BofA, although I didn't check to see if there were any fees to hold those investments at WF, anyone else who signs up for the 250k checking account is most assuredly doing something very, very suboptimal.
RetiredAL
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Re: Got an email from Wells Fargo regarding checking account.

Post by RetiredAL »

galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
The old "portfolio" account had the same fee structure as this renamed "premier" account. Are there older grandfathered lower thresholds that will no longer be honored? Maybe!

When one already has a mid 6 figure brokerage with them, the fee structure becomes immaterial. A premier account is not something that in itself attracts new customers. It a package that is offered to high value customers. Yes, the benefits are mainly fluff.

My very elderly Dad has been WF "portfolio" for years. Today I handle all of his finances. I can move money to/from brokerage and his checking instantly, not next day ACH with a possible hold or some herky-jerk wire process. The brokerages services are as good as anyone's.
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Caliscotsman
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Re: Got an email from Wells Fargo regarding checking account.

Post by Caliscotsman »

I told my banker I may not always have $250,000 parked there.
After all I may spend it, strangely enough.

He told me I can change to Prime checking any time. ($20,000 ,minimum.)
I told him the new 'benefits' on Premium Checking amount to nothing for me.
He said they still offer the benefits though.

I'll just leave things as they are at the moment. I can always leave at anytime.

I feel the change has been imposed to make customers hesitate about transferring their portfolio.
I recently transferred my Solo 401K to Etrade and they contributed 2.5K to my 401K in return.
02nz
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Re: Got an email from Wells Fargo regarding checking account.

Post by 02nz »

AQ wrote: Fri Jun 24, 2022 9:30 pm Got a similar email. And I would be happy with a basic account so don't like they 'upgraded' my account.
Look on the bright side, at least Wells Fargo isn't opening new accounts without your knowledge anymore!
AQ
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Re: Got an email from Wells Fargo regarding checking account.

Post by AQ »

Caliscotsman wrote: Sat Jun 25, 2022 1:53 pm
He told me I can change to Prime checking any time. ($20,000 ,minimum.)
I told him the new 'benefits' on Premium Checking amount to nothing for me.
He said they still offer the benefits though.

I'll just leave things as they are at the moment. I can always leave at anytime.
The problem is that after a while people tend to forget to track things. So when your balance falls below 250K, you may not notice it right away until many $35 fees later.

That is why I usually still get my bills in papers, and never allow those automatic bill paying (i.e. allow firms to pull money directly from your banking accounts). One friend cancelled a phone service. Two years later, he found the phone company still billed him, and ACH money from his account monthly!
anonenigma
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Re: Got an email from Wells Fargo regarding checking account.

Post by anonenigma »

galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
Wells Fargo was the bank on campus when I went to college. I will have been with them for 50 years this fall, and they have lots of ATMs here in California. I pay no monthly fees; they have never messed with me and have only disappointed me a handful of times. If they had opened an account without my permission, I'd have left immediately. I understand that they're slimeballs, but I can't imagine having absolute trust in any financial institution.
mary1492
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Re: Got an email from Wells Fargo regarding checking account.

Post by mary1492 »

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Last edited by mary1492 on Thu Sep 29, 2022 2:31 pm, edited 1 time in total.
AQ
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Re: Got an email from Wells Fargo regarding checking account.

Post by AQ »

mary1492 wrote: Sat Jun 25, 2022 2:37 pm
AQ wrote: Sat Jun 25, 2022 2:19 pm
Caliscotsman wrote: Sat Jun 25, 2022 1:53 pm
He told me I can change to Prime checking any time. ($20,000 ,minimum.)
I told him the new 'benefits' on Premium Checking amount to nothing for me.
He said they still offer the benefits though.

I'll just leave things as they are at the moment. I can always leave at anytime.
The problem is that after a while people tend to forget to track things. So when your balance falls below 250K, you may not notice it right away until many $35 fees later.

That is why I usually still get my bills in papers, and never allow those automatic bill paying (i.e. allow firms to pull money directly from your banking accounts). One friend cancelled a phone service. Two years later, he found the phone company still billed him, and ACH money from his account monthly!
So you wait for your paper bills and manually pay all of them every month? Online or by mailing checks? Getting your bills in paper is a security risk. Anyone can open your mailbox and take your mail. The mail carrier may accidentally deliver your bill to the wrong address. The mail could be delayed and you don't receive the bill until after the due date.

Anecdotal evidence doesn't carry any weight with me. Your friend was negligent with his phone service - for two years he didn't review his checking and notice the phone company still billing?

Auto bill pay is one of the best things technology has done for us, and one of the worst for the postal service. How much time did folks waste writing checks, licking envelopes, paying for postage, having to mail a week or two before payment was due? That's all extremely inefficient compared to simply autopaying the full bill monthly. I have better things to do with my time.
I wasn't clear with my last post. What I don't like is to have a credit card or utility firm to automatically pull my funds every month from my checking account. So I insist on getting paper statements, review them, and then use online bill payments myself (I don't write checks any longer). I just don't feel comfortable to give a third party a 'blank check' in the sense they can pull funds without my prior permissions monthly.
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anon_investor
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Re: Got an email from Wells Fargo regarding checking account.

Post by anon_investor »

AQ wrote: Sat Jun 25, 2022 3:32 pm
mary1492 wrote: Sat Jun 25, 2022 2:37 pm
AQ wrote: Sat Jun 25, 2022 2:19 pm
Caliscotsman wrote: Sat Jun 25, 2022 1:53 pm
He told me I can change to Prime checking any time. ($20,000 ,minimum.)
I told him the new 'benefits' on Premium Checking amount to nothing for me.
He said they still offer the benefits though.

I'll just leave things as they are at the moment. I can always leave at anytime.
The problem is that after a while people tend to forget to track things. So when your balance falls below 250K, you may not notice it right away until many $35 fees later.

That is why I usually still get my bills in papers, and never allow those automatic bill paying (i.e. allow firms to pull money directly from your banking accounts). One friend cancelled a phone service. Two years later, he found the phone company still billed him, and ACH money from his account monthly!
So you wait for your paper bills and manually pay all of them every month? Online or by mailing checks? Getting your bills in paper is a security risk. Anyone can open your mailbox and take your mail. The mail carrier may accidentally deliver your bill to the wrong address. The mail could be delayed and you don't receive the bill until after the due date.

Anecdotal evidence doesn't carry any weight with me. Your friend was negligent with his phone service - for two years he didn't review his checking and notice the phone company still billing?

Auto bill pay is one of the best things technology has done for us, and one of the worst for the postal service. How much time did folks waste writing checks, licking envelopes, paying for postage, having to mail a week or two before payment was due? That's all extremely inefficient compared to simply autopaying the full bill monthly. I have better things to do with my time.
I wasn't clear with my last post. What I don't like is to have a credit card or utility firm to automatically pull my funds every month from my checking account. So I insist on getting paper statements, review them, and then use online bill payments myself (I don't write checks any longer). I just don't feel comfortable to give a third party a 'blank check' in the sense they can pull funds without my prior permissions monthly.
I do the same thing but use online statements. Physical paper statements are just more unnecessary clutter.
Blue456
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Re: Got an email from Wells Fargo regarding checking account.

Post by Blue456 »

winterfan wrote: Sat Jun 25, 2022 7:51 am Checking is free though, as long as there is a regular deposit.
That's still not free. You end up getting stuck with a fee when in between jobs...
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winterfan
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Re: Got an email from Wells Fargo regarding checking account.

Post by winterfan »

Blue456 wrote: Sat Jun 25, 2022 4:37 pm
winterfan wrote: Sat Jun 25, 2022 7:51 am Checking is free though, as long as there is a regular deposit.
That's still not free. You end up getting stuck with a fee when in between jobs...
Perhaps, but we do get a small pension.
sandan
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Re: Got an email from Wells Fargo regarding checking account.

Post by sandan »

anonenigma wrote: Sat Jun 25, 2022 2:33 pm
galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
Wells Fargo was the bank on campus when I went to college. I will have been with them for 50 years this fall, and they have lots of ATMs here in California. I pay no monthly fees; they have never messed with me and have only disappointed me a handful of times. If they had opened an account without my permission, I'd have left immediately. I understand that they're slimeballs, but I can't imagine having absolute trust in any financial institution.
Similar situation here. I've been with them for 20 years, moved across a few states, and my experience has been flawless.

I get "prime" checking for free by holding $20k+ in the brokerage account. I think this is about the same threshold as the old old PMA , so there is very little to complain about.
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Kevin M
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Re: Got an email from Wells Fargo regarding checking account.

Post by Kevin M »

Email I just got says "Welcome to your Wells Fargo Prime Checking account ending in xxxx".
After July 31, 2022, there is no monthly service fee when you have $20,000 or more in linked qualifying deposit and investment account balances; otherwise, a $25 monthly service fee will apply.
So it looks like they automatically downgraded my account and lowered the minimum for no fees. I think the minimum before was $100K.

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gavinsiu
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Re: Got an email from Wells Fargo regarding checking account.

Post by gavinsiu »

What is annoying is that a letter was sent indicating that the account was change to prime checking, except that the account was already prime checking. This caused a bit of confusion for my mom who thought they were changing her accounts.
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Re: Got an email from Wells Fargo regarding checking account.

Post by Kevin M »

gavinsiu wrote: Wed Jun 29, 2022 12:32 am What is annoying is that a letter was sent indicating that the account was change to prime checking, except that the account was already prime checking. This caused a bit of confusion for my mom who thought they were changing her accounts.
I didn't even remember what mine was called before, so I just assumed it had been downgraded. I just checked some statements, and mine was already Prime Checking too. I guess the other folks had a higher tier than we had.

Kevin
If I make a calculation error, #Cruncher probably will let me know.
dcop
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Re: Got an email from Wells Fargo regarding checking account.

Post by dcop »

I got the email but really didn't bother to try and comprehend it. I have well over 250K in WF brokerage and my checking fluctuates from 2k - 4k every month. About a month before I got the email WF started refunding ATM fees, that was nice surprise as I use ATM's in Mexico frequently. I have not payed any fee to WF since I've been with them since 1999. If I notice any checking fee they will refund it or else I'm moving to Schwab. I don't anticipate any issues however I check all my financials every morning so nothing will go unnoticed is threes hanky-panky.
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squirrel1963
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Wells Fargo made unsolicited change from Prime to Premier checking

Post by squirrel1963 »

We had premiere checking up until May 2022, at which point we moved almost everything from Wellstrade to Schwab.
We left 35K in Wellstrade to satisfy account minimums for Prime Checking, but it took multiple branch visits because right after changing to Prime they switched us back to Premium.

This week I just got a new email from WF saying that they changed (again!) our account back to Premium checking based on our previous balances:


Welcome to your Wells Fargo Premier Checking account ending in XXXX
As a follow-up to your recent statement notification of important changes, on May 9, 2022, your checking account ending in XXXX was changed to Wells Fargo Premier Checking based on your March 31, 2022, linked deposit and investment account balances.
.......
.......
....... there is no monthly service fee when you have $250,000 or more in linked qualifying deposits and investments balances; otherwise, a $35 monthly service fee will apply.

To provide you time to ensure Premier Checking is right for you, we are automatically waiving the $35 monthly service fee until your statement-ending qualifying balances are calculated on July 31, 2022. Qualifying balances include linked bank deposit account balances (checking, savings, time accounts (CDs), FDIC-insured IRAs) and investment account balances.


So they changed the account type without me asking for such change on grounds that in March we had a high balance.

Someone less paranoid than me might think Wells Fargo is hoping we don't notice this, and they are trying to get their $35 in monthly fees.
I am really not happy at Wells Fargo, and I am considering cancelling our account in favor of using Schwab checking, where there are no such gimnicks.
Last edited by squirrel1963 on Fri Jul 01, 2022 8:16 pm, edited 2 times in total.
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squirrel1963
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Re: Got an email from Wells Fargo regarding checking account.

Post by squirrel1963 »

galawdawg wrote: Sat Jun 25, 2022 4:41 am I don't know why anyone banks with them. The "Premier" account benefits which cost $35/month (unless you let them hang on to a quarter of a million dollars) are very much in line with what you can get from a number of other banks....FOR FREE!
We've had Prime checking with Wells Fargo for a very long time primarily due to laziness and also on account of having safe boxes with them.
Last year we moved substantial assets to WF to take advantage of a 0.25% discount on an already really good mortgage. Fast forward one year and we took most of the assets back to Schwab.

But yeah I hate Wells Fargo to be honest. Their WellsTrade brokerage platform is subpar, only really lets you buy individual stocks, ETFs and mutual funds. You need to call the broker for anything else (including buying T-bills). You also need to call the broker if you want to change the dividend reinvestment instructions on each security.

This week they just sent me a letter saying they are switching me back from Prime to Premier based on our previous balance being greater than 250K. Maybe they were just unhappy that we moved assets out. I've made a separate post on this thread about this.

I'm almost to the point that I'll be biting the bullet and switch completely to Schwab checking, who needs a brick and mortar bank if you don't use a safe box?
Last edited by squirrel1963 on Fri Jul 01, 2022 8:18 pm, edited 1 time in total.
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squirrel1963
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Re: Got an email from Wells Fargo regarding checking account.

Post by squirrel1963 »

typical.investor wrote: Thu Jun 23, 2022 9:09 pm
Caliscotsman wrote: Thu Jun 23, 2022 8:59 pm I'm quite happy with my current checking account however they inform me that it's changing to a 'Premium Checking Account'.
They claim there are lots of additional benefits. It seem there's very little actually benefits me.

$35 a month fee waived if you keep $250,000 in linked accounts.

https://www.wellsfargo.com/checking/premier/

I don't know if it's mandatory. I've still to talk with my banker.

Anyone else had the letter?
I just downgraded my portfolio account (which Premium Checking Account now replaces) since I moved money out and no longer met the $250,000 min.

I think my minimum is $500 now to waive any fee. Account number didn't change.
You should carefully monitor your WF account and make sure they don't switch you back to Premiere, which is what happened to me after I took assets out and downgraded the account just like you did.
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