This was the message I got from Wells Fargo the other day. I was not amused. Yeah, a $7 fee might not seem like a big deal. Hell, a $5 fee might sound amazing. But, like I’ve said on here many, many times, SSDI and SSI are not things that I get a lot of money from. I get about $460 a month. That’s $40 less than their waiver. If I didn’t spend it for 4 months, then I would meet their balance waiver. That isn’t possible, though. Why?
- As an individual (not a couple), my bank account is supposed to be under $2000 at all times or I lose my SSI.
- I have to contribute $200 a month for food. Otherwise, we starve for 1 or 2 weeks a month.
- I also have other things I need to pay for, so it is pretty much damn near impossible to save $1500.
I received your email inquiring about changes to your account fees and balance requirements. I understand your concern.
Fees are regularly reviewed as a normal course of business. Our goal is to provide competitively priced financial products and services that are both helpful and affordable.
They suggested I look into something that is affordable. The only thing that is slightly affordable for me is something that I would need a $125 minimum balance to set it up. Then, I would have to meet some other requirements in order to meet the waiver. It might be possible, but who knows how long they might keep that plan?
I mean, I signed up for free checking and am now being told that I have to pay these fees. I’ve already been pissed at Wells Fargo because of some of the things that have happened since I signed up with them, including when they did the garnishment against my parents’ account even though they can’t (legally) take Social Security payments. I don’t think that they ever got the money back that was lost in the garnishment, including the fee for setting up a garnishment. So, shady business practices is something that I should have expected, but I thought that maybe, just maybe things would get better. It doesn’t. So, I need a new bank. Any suggestions would be great.
Ugh. I hate banks and capitalism and financial crap.