If You Bank With Well's Fargo You Might Want To Read This! Starting in April You Will Be Charged $5 For Each Foreign Deposit [Data Corrected]

If you have a checking or a savings account with Well's Fargo Bank you'd better listen up! Know anyone who does? Share this with them.

http://www.stevequayle.com/index.php?s=604

Quote :

Wells fargo now charging for deposits!

Mr Quayle,

Monday, 1/13/14, I got a notice from my bank, Wells Fargo. It was a notice (see copy below) to inform me of changes with my checking & savings accts with them. Ive attached 2 pic of the letter so you can see. It reads: "Effective April 7, 2014, the fee for deposited U.S. or foreign currency denominated international items, including drafts, will be $5.00 per item."
I called their 800-869-3557 texas call center to make sure I wasnt seeing things and the customer service rep Adelina informed me that whenever I will make a deposit of my paycheck or anything.. I will be charged $5.00. This was a fear back in Nov I see, but now we can add it to one more fear come true. I closed my account. I cant afford to be charged to deposit money. Guess I'll be doing my banking at Amscott? I am a single woman working at temp jobs when they come & living with my newly "retired" mother who was laid off her job as well. Thanks to the grace of God we have what we need in these times though. Thanks for keeping us all up to date and God bless you & yours.
Jennifer in Florida

The fee only applies to bank deposits overseas. That means that if you are out of the country and make a deposit internationally, you will be charged $5. It does not apply to transactions made in the united states.

You might want to call that toll free number and verify that. If I'm reading this correctly this Jennifer in Florida person did just that and verified it for herself. Ask pointed questions about DOMESTIC deposits and deposits from foreign banks or drafts DOMESTICALLY deposited, then get back to us. If what you say is true I will modify my posting to reflect the corrected information.

Well's Fargo 1-800-869-3557

researcher, the letter itself explains what it is. The person she talked to either didn't know what they were talking about....or the lady that got the letter didn't get it. Obviously I don't think she herself understood, because the letter states what the fees are. It's not an added fee. it's a change in their current foreign transaction fee from $1.50 to $5. This is a fee that is so rare that it won't impact 99% of customers to begin with.

Read the sentence that is highlighted.

"the fee for deposited U.S. or foreign currency denominated INTERNATIONAL ITEMS."

The letter spells it out plainly. I'm a wellsfargo customer, and I know what she is saying is not correct.

"the fee for deposited U.S. or foreign currency denominated INTERNATIONAL ITEMS."   

OK, here is my rub. The sentence above makes absolutely no sense to me. It might as well be written in Chinese! If what you are saying is true, and I have no reason to think otherwise, then Well's Fargo needed to be very clear (for us dummies) on what exactly they are saying. See MY VERSION below.

Starting April 7th the fee changes to $5 for any currency or draft, foreign or domestic, for a foreign deposit transaction.

Now even I could understand that. You make any deposit in another country and you incur a $5 processing fee. Easy-Peasy-Japaneesy

This "obscure language" gripe is just number 3,467 of many more that I have on-going with the banking, lawyer, gub'mint, and business world in general.

SECOND INSTANCE OF WELLS FARGO CHANGING THEIR STORY--BILLINGS MONTANA
Verifying what Jennifer in FL said: I got the same notice from wells fargo.
ANY deposit made will be charged $5.

people who don't carefully look over their full statement, such as myself
who get statements online to "save paper", will miss this info - since it's
located at the very end of the monthly statement, way past the info about
the deposits and withdrawals you've made during the billing period.

Also, wells fargo reps don't want to talk about it. when I called I
definitely got the run around. the rep said she didn't know anything about
it and proceeded to put me on hold for 5 minutes so she could go find some
info about it. when she came back she said "you definitely should not be
receiving any deposit fees but possibly some account charges could
occasionally be charged on your account." so I asked her,"why then does my
statement for this month say "Effective April 7, 2014, the fee for
deposited U.S. or foreign currency denominated international items,
including drafts, will be $5.00
per item." she said she didn't know and she would be confused by that also. SHELLI

It's obscure language that even the customer service people don't understand. Want to know why? Because it comes from a fee that already exists. These people aren't paid top dollar. They have no idea what the fee is because it is almost never incurred. I know it doesn't make sense to you guys...and you are getting bad information from people, but as soon as a bank does such a think...they will lose EVERY customer. Wells fargo would be done overnight if they charged a $5 transaction fee. That's absolutely ridiculous. I watch my accounts very closely. I make sure that I don't have transaction fees added to any of my accounts. I specifically have accounts that are free to maintain. As soon as they started charging a fee on every transaction, i'll be the first to let you know.

Bank of America would be much more likely to do something like this. In fact, they tried to...until EVERYONE threatened to abandon them. If this ever happens though, you won't see a $5 fee. It will start out as something VERY SMALL. It will be something like 25 cents. Something people won't care as much about. Then it will be slowly raised, just like our taxes.