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Forum Post: Wallsfargo Bank will start charging monthy fees as of August

Posted 6 years ago on May 23, 2012, 1:19 p.m. EST by zoom6000 (430) from St Petersburg, FL
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Those bastard need to be Nationalize



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[-] 1 points by PeterKropotkin (1050) from Oakland, CA 6 years ago

I took my money out of wellsfargo and put it in a credit union. I'm no friend of the banks and I agree that they should be nationalized but if you still have your money in these corupt and destructive institutions then that is on you.

[-] 1 points by penguento (362) 6 years ago

How shocking. They actually want to start charging for the services they provide. The nerve.

Where do you suppose the money comes from to pay for all of those gigantic computer systems they run, or all of the ATM machines and branch offices and payroll for all of those tens of thousands of employees? Do you go to the grocery store or the book store or the movies and expect to get things for free?

[-] 1 points by writerconsidered123 (344) 6 years ago

they pay for it through financial dividends they make off of their customers bank deposits

[-] 1 points by penguento (362) 6 years ago

They do indeed make some of their money off of interest charged on loans. But like any business, they charge various fees for various services. Would you go into a restaurant and expect to see a menu with one item being charged for and the rest free? I doubt it. If you told them "You're greedy -- you make plenty of money on the chow mein, everything else on the menu should be free" do you really think they'd change their business model? I don't think so here either. Why on earth does everybody expect financial services to be different?

[-] 1 points by zoom6000 (430) from St Petersburg, FL 6 years ago

And what they doing with cutomers money deposit in the bank with no interst?do`nt you think should provide free service

[-] 0 points by penguento (362) 6 years ago

There's no such thing as free anything. The cost has to be recovered someplace. When it looks like its free, it's just hidden someplace.

Obama and the congress eliminated a lot of the other fees that banks were charging; and they're too stupid to figure out that if one source of profit is denied to a business, it has to find other ones, otherwise it'll go out of business. Interest rates on loans are so low that banks aren't making much money if any on them, so they have to look elsewhere. So, instead of the fees charged to particular users for the services they were actually using, you now will have a general fee to cover the same costs.

The fee's not for using your own money. It's for using their facilities and their computer system and their ATM's and their employees. If you want to use your own money free of charge, don't put it in a bank. If you don't want monthly fees on your bank account go to a bank or S&L where they don't charge them. But be prepared to pay fees on other things, or higher interest on loans, because they have to make money someplace too.