Wells Fargo to charge $7 fee for check­ing

The Washington Times Daily - - Business -

NEW YORK | Wells Fargo cus­tomers in six states who had free check­ing ac­counts will pay $7 a month start­ing in May.

Those cus­tomers can avoid the fee by keep­ing a min­i­mum bal­ance of $1,500 or mak­ing di­rect de­posits of at least $500 a month. They can also get a $2 break on the fee by opt­ing for on­line state­ments.

The bank says it started mov­ing cus­tomers in Cal­i­for­nia and other western states to the $7 fee last year and is ex­pand­ing to six more states. A bank spokes­woman couldn’t im­me­di­ately give the six states Thurs­day.

Wells Fargo says it hasn’t of­fered free check­ing to new cus­tomers since 2010.

Banks have been adding and ex­per­i­ment­ing with fees. They say they need to make up lost rev­enue, partly be­cause of reg­u­la­tory changes.

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