Starting in June, some Wells Fargo customers with free checking accounts will have to a pay $5 to $7 a month. The bank started moving customers with basic checking accounts in 23 states to the fees last year and is now expanding to Georgia and five other states.
Wells Fargo spokesman Jay Lawrence says the fees are a result of recent regulatory changes and the competitive banking environment. He says customers can avoid the fees if they have a minimum balance of $1500 or make direct deposits of at least $500 a month.
“So 80% of our customers will be able to avoid the fee, just like 80% of our customers avoid any monthly service charges.”
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