I thought about linking an earlier version of this story yesterday in a post about nickel-and-diming poor people, but, anyway, this headline is not quite accurate: "Wells Fargo To End All Free Checking Accounts By August."

People who maintain a minimum balance will still get free checking. We'll still be able to get penalties for our own dumb mistakes reversed, too -- I just did it last week at Wells Fargo. Fees are for people who can't afford them. (I guess one could argue that my account isn't really free, as it requires me to park funds with the bank, but the money has to go somewhere so it feels free to me.)

So, yeah, this (NSFW):

Comments

[Mad Dog]

I find it very interesting that when BOA dipped in the same type of pond, the villagers stormed the castle and there were riots in the streets. Yet, when Wells Fargo does this sort of thing, it seems to be "Ho, hum..."

Hey, Lucy, can you 'splain this to me?

MD

[Ed Cone]

Different parts of the pond, for one thing. The debit-card fee proposed by BoA was in addition to whatever other fees it charged, and it seemed like a new species of fee, as opposed to this, which is an extension of an older one.

Also, it may be true that BoA, along with Citi, has worse brand image than the other megabanks. Which is saying something.

And, too, people get used to unpleasant things over time.