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Wells Fargo checking account fee in N.J.: How to avoid it

dollar101011_optBY TERI GATTO
NEWJERSEYNEWSROOM.COM

Looks like there is no such thing a free lunch or free checking account!

New Jersey has been added to the list of states where Wells Fargo is imposing a $7-a-month fee on checking accounts, reports the Associated Press. Fees will also be imposed on costumers in Georgia, Delaware, Connecticut, New York and Pennsylvania.

“We’re rolling it out region by region,” said Wells Fargo spokeswoman Lisa Westermann in an e-mail to Bloomberg. “We plan to roll it out through all the regions eventually.”

Wells Fargo has branches in 39 states and Washington D.C.

Wells Fargo costumers can avoid the fee if they keep a daily balance of $1,500 or if they have monthly direct deposits totaling $500 or more. The bank has also offered to deduct $2 from the new fee if customers opt out of receiving paper statements in the mail in favor of online statements.

For more in finance, check out NJNR's Personal Finance Page.

In August of last year, the Associated Press reported that Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. had planned to charge for the use of their debit cards but cancelled those plans when customers expressed outrage.

 

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