I have a Wells Fargo account which I don't use much, but today I got my monthly bank statement and noticed some fine print attached. It seems a bit strange to me, but perhaps some of you might wonder why a bank wants to charge for somebody putting money into their bank. Below is my typing of their fine print:
We want to let you know of important upcoming changes to your Wells Fargo business checking account. These changes will be effective starting March 2, 2013. [ Note, this notice was received March 7, 2013]
Your account includes, at no charge, up to 140 transactions per month. The fee for transactions over 150 per month will change to $0.50 each. The definition of "transaction" will change to include each deposit transaction in addition to any combination of paid items and deposited items, including paper and electronic. "Transactions" do not include purchases and payments made using a Wells Fargo Business Debit Card or Wells Fargo ATM Card.
Your account also includes, at no charge, up to $5,000 of cash deposited per month. "Cash deposited" will change to include cash deposits made in ATMs and branch locations. The fee for cash deposited over $5,000 per month will change to $0.30 per $100 deposited. [note: I bolded this. It was not bolded on statement].
Now, I know it is a pain in the rear to count every dollar bill and every nickel and dime, but I also doubt Wells Fargo counts anything by hand these days. It seems more than passing strange that a bank wants to charge for depositing money that it can lend out and charge interest on.
I imagine that one of these days, there will be a small charge for a teller smiling at us or saying "hello" instead of something like, "Would you like to sign up for a Wells-Fargo Debit Card today."
*** Stay tuned but don't listen for the sound of nickles and dimes bouncing out of a collection plate here... wonder if banks consider churches "business"?-- Doug Wiken