![]() The money was automatically transferred and I was covered. So eventually I did get overdrawn by like $12. Great! I parked 2k in the protection account and got a little loose with my check writing because, hey, why not? I'm protected. I was told it would link to my primary checking and in the event of an overdraw, it would automatically transfer from the overdraft protection account to the overdrawn account. I was talked into opening a new account for overdraft protection. They get rewarded for every account you open. They're trying to recoup losses from the account, not make profit. With the fees, they're basically saying that they don't want to pay for accounts that don't look like they'll lead to them making any money.Īs a consumer, you have every right to reject the fees and go to a different bank, but it bugs me when people make fees at big banks out to be like the rich squeezing the money out of the poor and middle class. When you magnify that to the scale of a Wells Fargo or a Bank of America, that is a massive amount of money for account maintenance. It costs Wells Fargo ~$150 per year to maintain a single checking account when you take everything into account. ![]() The bank holds onto your money, gives you access via your debit card/ATMs/online banking/branches, and hopes that this will lead to you taking out loans, credit cards, or other products that actually make the bank money. Checking accounts are the "loss-leaders" of banking. The existence of account fees is pretty simple to explain, though. If you don't need to go to a branch, then just get an online account or one with a credit union. That said, if you're actually going to be banking at a brick and mortar bank, I strongly recommend visiting local branches and seeing which bank's employees you like better. If you can get set up in the account that properly fits how you will use it and you avoid signing up for a ton of other ridiculous products, Wells is a decent company to bank with. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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