Wells Fargo Discontinues Wachovia Free Checking
Wells Fargo discontinues Wachovia Free Checking as one of the changes for 2011. On February 5, 2011, the few remaining Wachovia Banks will stop offering free checking accounts for their customers. The new checking accounts that will be offered are the Value checking accounts. Until that time, the free checking accounts will continue to be offered at the branch offices and online from Wachovia Bank.
There are several differences between the two types of accounts. The opening balance for both is $100 and the non-ATM withdrawal fees will remain at $2.50, but all other fees and charges will be different. The new monthly service fee will be $5.00. To avoid this fee, a minimum balance of $1,500 must be maintained in the account.
There must also be a direct deposit once a month of $250 or greater to avoid the maintenance fee. The overdraft fee has been increased from $22 to $25 per occurrence. The charge for an outgoing domestic wire transfer is decreased from $25 to $20.
The parent company is Wells Fargo, who did away with their free checking accounts in the summer of 2010. Many of the Wachovia branch offices were converted to Wells Fargo branches, but not all of them. They operate as a separate branch of banking to take advantage of the strong customer demand for this brand name.
Access to your checking accounts will still be available at the Wachovia Online Banking websites during this period of change.
If you wish to have a free checking account, Ally Bank and ING Direct Bank are still offering free checking accounts at this time. But the other major financial institutions including Chase, Bank of America, and Citibank have done away with them, along with Wells Fargo, in a move to increase their profit margin.
As of February 5, 2011, Wells Fargo discontinues Wachovia Free Checking for the foreseeable future.