Why I’m closing my personal Wells Fargo bank accounts

I’ve been banking with Wells Fargo for years. I’ve been really happy with them overall. Great customer service, great people, solid iPhone application, account access, services, etc.

But when a monthly account fee started popping up, I decided it was time to close my account and find one with zero monthly fees and zero minimum balance requirements.

Additionally, much like my experience with Key Bank, I had been frustrated at the requirement of monthly auto transfers. Those transactions muddied up my statements, took extra time while budgeting and using financial management software, and were just a mental burden all around.

After I noticed that my wife and I had been charged a $13 fee each month on our checking account, I took a look in my account and saw that the $100 auto-transfer in and out was no longer listed as a way to waive the monthly fee. I called in to find out why.

The customer service representative told me that it was “Not really your fault” and that the bank had changed its regulations.

Oh really? I wasn’t aware of that. It was probably emailed to me in one of those ‘We’ve changed our policies, please review this 20 page document do see what’s changed’ emails. I seem to get 3-4 of those per month and don’t take the time to read them. Should I? Perhaps. I just didn’t want to spend hours each month doing so.

She was able to reimburse me three of the four months ($39 in total), but couldn’t reimburse the fourth month back because she didn’t have access to more than three months. Hmm, sounds familiar. I was thankful she reimbursed those three months.

So now I’m researching a different bank account. One with no maintenance fees, no minimums. I don’t want muddied up statements and budgeting. And I want to spend less time on the phone with banks chasing down fees.

I’m currently considering either Charlse Schwab or Capital One. Both seem very good all around.


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  1. Brady,
    I’d recommend USAA if you had the ability to use them – not sure if Corrine’s family has any military in it or not to get it. Cap1 is okay, nothing special though. Have you tried a credit union? Mountain America’s been nice, and my friend loves UCCU.

    1. We don’t have any military connections that would allow us to use USAA unfortunately. I’ve tried two credit unions so far, one is based in Idaho (but with partner branches nation-wide) and I’ve had an account there for years and been pretty happy with it. The other was one here in Utah and had some problems with and ended up closing my account there. Maybe I should just start using my original credit union account as my main account.

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