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Wells Fargo Raises Minimum Balance Requirement for Fee Waiver, Prompting Consumer Reevaluation
Wells Fargo Raises Minimum Balance Requirement for Fee Waiver, Prompting Consumer Reevaluation
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BTCCSquare news:
Wells Fargo has tightened requirements for its Everyday Checking accounts, more than tripling the minimum balance needed to avoid monthly fees. Customers must now maintain $1,500—up from $500—beginning with statement cycles after October 25. The monthly fee itself will jump from $10 to $15 starting November 29, potentially costing account holders $180 annually.
The policy shift forces depositors to choose between parking more cash in low-yield accounts or exploring alternatives. Free checking options at digital banks or credit unions may become increasingly attractive as traditional institutions escalate fee structures. Wells Fargo's MOVE reflects broader banking sector trends toward monetizing basic services.
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