8/28/2023 0 Comments Wells fargo open checking accountCustomers also have options to eliminate the low fees in those accounts as well.īankrate's McBride advises consumers who want to avoid fees to either seek alternatives at the same bank or at a credit union, community bank or online institution. The bank didn't make changes to the Wells Fargo clear access banking or its most popular everyday checking accounts. The 24-hour number for Wells Fargo is 80. "If an account no longer meets our customer's needs, we're here to help review options and make change."Ĭustomers can link and de-link qualifying accounts through online banking or through a banker, either in a branch or over the phone. "We want every customer to have the products that best meet their financial needs with relationship benefits they value," Kadletz said. The bank said it has waived the monthly service fee as a courtesy on prime and premier accounts opened before May 9 until their statement-ending qualifying balance is calculated on July 31. Wells Fargo says it's been communicating with customers and that the majority won't face fees during this transition. "They get more products and they have the potential to generate far more revenue the more money and business they bring under that one roof." The holy grail in financial services is the higher income, higher net worth consumer," McBride said. "In banking and every other business, businesses are trying to segment their customers in order to maximize loyalty and deliver appropriate value. The move to offer more perks to account holders with higher balances is common practice as banks compete for wealthier households, said Greg McBride, chief financial analyst at. Wells Fargo customers concerned about their ability to maintain those qualifying standards can shift to another account. Premier and prime account holders will incur a monthly fee if they dip below the established account level at the end of the statement period.įees for not having qualifying balances in the premier and prime accounts are $35 and $25 a month, respectively. The prime account offers some of these perks.Ĭustomers may not realize they've been moved into a new type of checking account - or what that means for fees. Perks of the premier include: No ATM fees charged worldwide 2% foreign currency discount no fee on stop payments, and an annual advisory fee discount on linked intuitive investor accounts. The bank says it is trying to simplify the checking accounts and add more perks for customers with the largest balances. That's the distinction at the $250,000 and above level." "The reason we're separating that out is we have a lot of features and functions that customers will really enjoy. But whereas customers could move between the two former levels penalty-free - so long as they didn't dip below $20,000 - the new accounts lock customers into one tier or the other.Įd Kadletz, head of the Deposit Products Group for Wells Fargo, said the real difference is at the $250,000-and-above tier. These new accounts replace the two former portfolio accounts. The premier checking account is for customers with $250,000 or more in "statement-ending-qualifying-linked-balances." The prime checking account requires a $20,000 end-of-statement balance. It is part of a larger banking trend of pursuing wealthy individuals. The move solidifies the line between its highest balance holders and everybody else by imposing penalties and adding perks. Wells Fargo has replaced its two portfolio checking accounts - the highest tiers - with two new accounts it's calling premier and prime. Heads up, Wells Fargo customers: Many of you have a new checking account and should make sure by July 31 that you have the qualifying balances to avoid future monthly fees.
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