Wachovia Bank Checking Account Fees

Wachovia Bank Checking Account Fees

According to the latest facts and figures regarding the actual costs to use a non-interest baring checking account, there are dismal predictions for the future. Bankrate.com, and other sources, are reporting the following new statistics. Only 45% of non-interest checking account are really free. That rate of free accounts is steadily declining. Only a year ago the rate of free accounts was 65%. According to sources, banks have added fees for usage of accounts to try to circumvent lost revenue to the banking industry, due to new Federal regulations. The average monthly fee for a non-interest checking account is around $5.00 per month. That figure is up 75% from last year. In just a few days on October 1st, according to new federal guidelines, banks can only charge debit cards 0.21 cents per transaction. The maximum allowed fee prior to new guidelines was 44 cents. The regulations no longer allow banks to automatically charge customers an overdraft fee, unless the customer signed up for that service. A lot of banks will waive the monthly checking account service fee, if a customer has their pay checks directly deposited into their checking accounts. The fee can also bee avoided if a minimum balance is kept in the account. The amount varies from bank to bank, but an average amount is $500.00.

Wachovia Bank has merged with Wells Fargo, giving customers a lot of access to it’s ATMs and Branches. Wachovia advertises completely free checking accounts. According to some past and present customers, there are a lot of hidden fees Wachovia charges. Setting up an account is very easy and can be done online, with the actual debit cards being mailed a few days, after the account is set up. When the checking account is first set up, if a person elects to receive even the most ordinary checks, the charge for the checks is $19.95. Typical checking account bank statements of customers that use their accounts by withdrawing cash from ATMs or pay bills will be faced with miscellaneous and or convenience charges on their statement.

The fees for these charges varies from transaction to transaction. Here are some of them for your convenience. There is currently a $1.00 charge, for every time you use a non Wachovia ATM, past four times in a billing cycle. For example if you use a non Wachovia ATM twelve times in a billing cycle, you will be charged eight dollars in fees. If you transfer funds from another bank into your Wachovia checking account, the fee for that is $3.50. Wachovia also offers a ‘mini statement’ feature when customers make a transaction at a debit machine. If a customer elects a print out on a debit slip of their account balance, there is an additional fee of $1.00 in addition to the $1.00 debit fee. These fees are charged to checking accounts that are listed at Wachovia as ‘No Fee’ accounts. There are some features that are totally free. If you do any online banking, for example you pay a bill online, using your Wachoiva checking account, there is no fee for that. Wachovia like most other banks, charges a service fee of $10.00 per month just to have the account. You may avoid the fee if you can have your paychecks directly deposited into your account every month or every paycheck.

If a customer does directly deposit paychecks into their checking account, and their checking account balance drops below $500.00 they will be charged the $10.00 service fee. Any other service that is used in conjunction with a Wachovia checking account is charged a fee. There is even a 25 cent fee for a deposit slip. Apparently other fees like certified checks and money orders, can vary from branch to branch, but the average fee for those services is $3.00. If a customer opens a ‘No Fee’ account at Wachovia and they are in good standing for over 90 days, you can be switched to a ‘Plus Account’. That account will alleviate the ATM fees, but anything else will still incur fees like money orders, and checks. There is also a termination fee of $20.00 to close an account that is less then 3 months old.