Wells Fargo Fees to Increase, $7 a Month Charge to Hit Customers in Six States

If you’ve currently got free checking through Wells Fargo and reside in Georgia, New Jersey, Delaware, Connecticut, New York or Pennsylvania, keep a close eye on your balances.

Wells Fargo fees for checking do vary from state to state, but as more banks try to recoup fees outlawed by last year’s Dodd Frank bill, free checking is becoming a thing of the past for many account holders. The $7 fee per month hitting customers in the six states mentioned adds up- it will cost a whopping $110 a year just to let Wells Fargo hold your money in the states mentioned, and Wells Fargo branches in several other states have already slapped customers with the fees.

As is often the case with banks, customers with the lowest balances are the ones being hit the hardest- free checking remains for those with a balance of over $1500, or with $500 a month in direct deposits. (So if you have to cash your paycheck at the check cashing place in order to make sure you can pay your rent on time, you’re out of luck.) Bloomberg quoted Wells Fargo spokeswoman Lisa Westermann, who said that the bank is hoping to bring fees to accounts across the United States with alacrity:

“Free checking essentially went away in 2010,” Westermann said. “As time evolved, we have been introducing fees into other accounts, with a number of waivers for customers.” Most account holders will get the waiver, she said.

As news of impending Wells Fargo fees and fees at other major banks hit late last year, customers switched in droves to credit unions- and as most Americans are eligible for at least one type of credit union based on location or industry, the introduction of a new round of fees is the perfect time to switch over.