Another Shitty Wells Fargo Fee

Quicken Wells FargoSo on Saturday, I was checking out some new investing apps for my iPad, when I started using Wikinvest – a cool little app that lets you track your portfolio.  Well, I input my information for my Wells Fargo PMA Account, and I got a warning that Wells Fargo may charge a fee for this.  Very odd, so I ignored it.  I figured that since I had been updating my Wells Fargo accounts with Quicken for ages, this didn’t apply.  Furthermore, my PMA Package gets me all sorts of freebies, so I didn’t really pay attention.

Well, apparently I was wrong to disregard the message.  About 20 minutes later, I received an automated email from Wells Fargo saying I was enrolled in Quicken or Quickbooks Direct Connect, and that fees apply.

 

Fees for Enrolling in Quicken or Quickbooks Direct Connect

Wells Fargo is now charging their users to access their online information from other programs and apps.  Basically, if you don’t use Wells Fargo’s system, you have to pay.

I went to this link to check out the details: Well’s Fargo Fees for Online Banking.

And guess what, Wells Fargo now charges $3 per month if you want to access your online balances and transactions through Quicken.  And that is just the personal level with no online bill pay.  If you want online bill pay, the fee goes up to $9.95 per month.

Heaven forbid you have a business – you start at $9.95 per month for Quicken, and jump to $14.95 per month for Quickbooks.

 

How To Avoid This Fee!

The worst part about this is that the only way to get out of this fee/service is to call a representative or go to your branch.  I decided to call, and it took exactly 10 minutes to get a hold of someone.  After that, they gave me a case number to reference in case I do get billed – since that apparently does happen as well.

I asked the representative when this started, and he said pretty recently, but it wasn’t announced to much.  I told him I’ve used Quicken for a long time, and never been charged, and he told me the following information about their services:

Direct Connect – Fee Based, so if you see this option, avoid it

Express Web Connect – Free Service, still gets you your balances and transactions

 

The bottom line is Wells Fargo is still out to gouge their customers, just like they tried to gouge me when I Fought Back Against Wells Fargo’s Dumb Fees.  May this be a warning to everyone who is considering using Wells Fargo!

What are your thoughts on this new fee from Wells Fargo?

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  • http://mymoneycounselor.com Kurt @ Money Counselor

    You probably explained this in a previous post, but given how Wells Fargo has treated you, I’m curious why you don’t change banks or move to a credit union? Competition is one of the best features of capitalism–consumers have choices and can ‘vote’ with their patronage!

    • http://thecollegeinvestor.com Robert

      Well, I originally moved to the PMA Package to take advantage of commission free trading – it really was the cheapest option. I’m now in the process of changing some things, and I won’t continue to do business with Wells Fargo.

  • http://www.moneylifeandmore.com Lance@MoneyLife&More

    My girlfriend had Wachovia which is now Wells Fargo and she absolutely hates them and all of their horrible service and fees. I avoid them at all costs and we’re moving her accounts to a credit union or different bank in the near future.

    • http://thecollegeinvestor.com Robert

      I wouldn’t use them for anything else than the PMA Package, but now this is ridiculous.

  • http://Economicallyhumble.com PB @ EconomicallyHumble.com

    OMG that fee is totally BS! I would leave them right away. WOW, a fee for being economically responsible, crazy!

  • David

    My wife had a checking account with them until this morning when that $3 fee appeared. I called them an challenged them because the fee is for “Quicken” users. Well I don’t use Quicken so the fee should not apply or the wording should be changed to say any direct connect software downloads. They actually removed the charge, but the damage is done.

    A $3 fee to pull your transactions into your personal finance software. Wells Fargo is horrible. I won’t even use their ATMs and my bank reimburses me for fees I’m charge by other banks ATMS.

    There are many banks/credit unions out there that do not charge a fee to access your online banking information. Wells Fargo is not the type of bank I would choose.

  • Phil g

    Just found out tonight about this after my quicken magically stopped working a couple of weeks ago. I agree with others who have said that we should find another bank. It is not as much about the money as the insult. I will take a net loss on the checks that I have left over just to show a little defiance.