Wells Fargo Bank Wachovia ripping off long time customers Internet, Nationwide

and 'death sweeps' are being done to see if any of these employees died?

So... uhhh, I'm an employee of Wachovia/Wells Fargo and I haven't heard anything about any $20 fees. It's also Oct. 25th 2010, and no one I know has received this so-called "fee". Also, it's going to take at least another YEAR before Wachovia and Wells Fargo are fully merged, if not more. I dunno where you got these "facts" from, but they are incorrect, sir.

..you have to be selective and check out the terms with all financial institutions. There are a fair amount of reports lodged here and elsewhere, of credit unions being just as heartless, ruthless and greedy as the banks.

I have already replied a few posts back..how not only am I NOT getting ripped off by a BIG bank (Chase)...but I am actually making out BIG time.

The trick? No trick. I asked them when I signed up...and MADE SURE it was in writing...that this is 100% FREE checking..NO MINIMUM balance, and I took personal PRIDE and responsibility by saying "NO" to ANY kind of overdraft protection.

The result. 100% FREE checking, and not a SINGLE fee. Am I screwing over Chase this way? I certainly hope so. It has to be costing them something to send me checks (which I DESTROY), and keep the account active..heck just what they spend on postage and stationary sending me all kinds of lame and USELESS offers...proves there is not any way they are NOT losing by having me as a customer.

YET..they have not requested I close the account..they continue to LOSE..and I continue to have free checking and debit card services. No complaints here. If I can cost them any loss in profit, and it cost me nothing...my job is done.

But, as I stated previously, I do not expect a free ride forever (although I will take it if they are willing to provide it), it seems there is more then one bank and credit union to choose from..so, choose wisely. DO NOT FEAR the banks...just be AWARE. Or...work SMART..not HARD.

Your best bet is to go to a credit union; I had a regular bank account for several years about 15 years ago, not only was my bank bought out several times during that period which resulted in having to buy new checks/new atm cards with new account numbers to remember, but I was also being charged a fee for nearly everything I did. I have now had a credit union account for the past 13 years, never a fee, I can go to "sister" branches throughout the county and not have to pay a fee; no minimum balance, free online banking, free money orders, transfers, etc. I honestly don't understand why anyone would willingly pay someone for a bank account. You should be earning interest, not paying fees. Good luck with your credit union, I think you'll find it to be a welcome change.

Banks are a business whose main goal is profiting from the poor, since it is the poor that worry about their credit reports. I find that the responders have offered some great advice. I have been working my way slowly out of this system, one I know one can never quite be free from, and have gained an education along the way. There are great documentaries about the financial crisis one can easily access so that you can follow the news, something that must be a habit if you wish to take charge of your financial health in this most treacherous of times. I have been stung by the QUICKEN LOANS deposit scam, and the paying over the limit through CITIBANK, and ironically CITI has been the most fair to me during my financial meltdown by freezing the APR and offering a payment plan, which now will soon end. All other lending institutions have been rouges. I am over a year paying away my credit card debt, and will soon be free at last. From my vantage point $20 is not a lot of money. I agree with you a CREDIT UNION is your best bet, as is paying cash instead of using any credit cards, and as one person mentioned banks are in business to make a profit. What is not right is that we are being charged for the people that default as banks set the hounds onto those customers. Many have lost their jobs and cannot get loans to help them out of their deadlock. So lending institutions have become a dangerous business structure working against our right to pursue happiness guaranteed in the foundation provided by the democratic social architects at the inception of our great nation. In this way capitalism (profit for the few) has been usurping democracy and has run havoc when deregulation was passed into law. There was no longer the balance created by work and labor that stabilized our society. The greed of Wall Street has damaged many lives and ruined creative thinking in business for too long. Labor must come before work, or the system breaks down. Please consider writing a detailed report and then send to this government watch-dog agency:

http://www.ftc.gov/reports/index.htm

You stated that Wells Fargo/Wachovia "will begin charging existing customers $20 a month for the privilege of remaining one of their customers."  Can you please direct me to the source of that information?  I've searched on-line, including Wachovia's & Wells Fargo's websites and haven't been able to find anything which confirms they will begin charging existing customers such a fee.

Everything I presently see on their website (regarding my free checking account - referred to as "Access Fifty"), states there are no minimum balance requirements, no monthly maintenance fees, and no direct deposit requirement.  (The only requirement for someone first opening this type account is the minimum initial deposit is $100.00).

Thanks for any info!

Good for your leaving Wachovia and Wells Fargo.  I left Wachovia a year ago for a local credit union.  I have never looked back.  I swore never to use a national bank again.  They are too for the common man.  They get rich on fees, fees, and more fees.  At least with a local credit union one can talk face to face with the manager.

I can not say they have a history of ethical behavior. But I have been with them around a year now. I only have a free checking account with them..no other service, I did not sign up for any overdraft protection. I do not need it since I have no intent on overdrafting.

I keep a very low balance, I mostly use this account for wire transfers and a small emergency fund.

Oh, they try and try to get me to sign up for overdraft protection and other services..and I can't blame them. I am really making out here. So far..not a SINGLE fee. The checking account and debit card have been 100% free. Actually they paid my room mate 100 bucks for signing up. Neither of us have direct deposit with them.

Even the check books were free but I destroyed those. I don't give anyone a piece of paper that can allow them access to my account number. Common sense these days goes a long way..and making sure you are with a bank that suits your needs.

If they ever start to charge me for this account, I will look for a better deal. If I can not find one, I will stay with them. They have a right to charge for services, they are a business, not a charity. I do not see how they are currently doing anything but losing money with me as a customer...but they have not charged me a dime, or ever requested I close the account. Their choice... so take advantage and don't be suckered in to signing up for overdraft coverage. Do not use the debit card as a credit card, and do not use checks. Always make sure you know the account balance with your own records, not the online statement. Chase does not manipulate the times of transactions which is good..but deposit post times can sometimes take a day..and that can be an opportunity for them to get you.

It seems to be 100% free as far as I have noticed. Not to say a credit union will be better or worse, just make sure you know what you will be charged for before signing up regardless of who you decide to bank with.

I'm not sure if you meant the bailout in general was a rip off (blame fed government) or Wells specifically. But since they repaid the loan and interest their part of the bailout didn't cost taxpayers anything. Except the money still held by the fed government, again blame them not the bank.

BANKS HAVE TO MAKE A PROFIT.

BUT BECAUSE THEY ARE RUN BY INCREDIBLY GREEDY, ARROGANT, RUTHLESS SPECULATORS WHO WANT TO GAMBLE WITH OTHER PEOPLE'S MONEY, THEY NEED A LOT OF MONEY COMING IN.

WHEN THEY LOSE IT OR HAVE STOLEN IT SO THERE IS NOTHING LEFT, THEN THEY DEMAND A BAILOUT.

WHERE DID ALL OF THAT MONEY GO IN THE FIRST PLACE AND WHY DID SO MUCH  FROM THE FIRST BAILOUT END UP GOING OVERSEAS TO KEEP THOSE BANKS SOLVENT?

I DO NOT DO BUSINESS WITH BANKS.

MY FATHER AND GRANDFATHER TOLD ME SOME HORROR STORIES ABOUT WHAT HAPPENED TO FAMILIES WHO WERE NOT ABLE TO GET THEIR MONEY OUT OF THE BANKS BEFORE THE "BANK HOLIDAYS" IN THE 1930S. THEY LOST IT ALL!

NOW WAS THAT THEFT, OR WHAT?

I THINK THEY DID THE SAME THING FOR BOTH BAILOUTS ALMOST 70 YEARS LATER.

SO THIS IS WHY I DO NOT DO BUSINESS WITH BANKS.

I THINK THE PLACE WHERE I CASH MY CHECKS FOR 1 PERCENT IS A LOT BETTER AND I GET THE SAME CONVENIENCES I WOULD IN A BANK SO WHY DO I NEED THE DRAMA AND BLUFFING AND ARROGANCE AND IDIOCY OF DOING BUSINESS WITH ONE WHEN THEY ARE PROBABLY TOO BUSY LAUNDERING DRUG MONEY TO CARE ABOUT LITTLE DEPOSITORS LIKE ME.

WHO NEEDS THE HASSLE?

I DON'T.

YOU WILL BE BETTER OFF IF YOU PAY CASH.

  Free checking accounts were invented when banks found out they could pay for them with outrageous overdraft charges.    Since the bank rules have changed and they can no longer make big bucks on overdrafts, banks will be going back to the old practice of charging low balance customers a monthly fee to cover the costs.  This was common in the days before debit cards were invented and a majority of people did "pay for the privilege" of having a checking account.  

  If you think changing banks will help, go ahead.  My guess is that most banks and credit unions will have to revert to fee based checking within the next year or so (if they haven't already).   Exceptions will be made for those who keep a lot of money in the bank, but the average paycheck-to-paycheck folks will end up having to pay.