Wells Fargo will begin charging $7/month for checking accounts in 6 more states, expanding on its efforts to do eliminate free checking accounts.
From CNN Money:
While Wells Fargo stopped offering free checking accounts to new customers in 2010, existing customers were able to hold onto their free accounts. But then last year, the bank transitioned a group of existing customers — mainly in Western states — to the same $7-a-month accounts that it provides new customers. And now existing customers in six more states are about to be hit with the fee.
The $7 monthly service fee will be assessed on the bank’s Essential Checking account. Customers can waive the fee by maintaining a $1,500 minimum daily balance or making direct deposits of $500 or more each month. They can also get a $2 discount on the fee by opting to only receive online statements.