We want to share some good news about your Wells Fargo Crown Banking® Checking account.
Effective with your monthly statement cycle that begins on or after March 2, 2013, your account will have a $20 monthly service fee.
THIS IS GOOD NEWS???!!!??? For Who!?!?!?
The good news continues by listing five different ways that I can jump through hoops or otherwise manage my money to avoid the $20 monthly service fee.
I am also reminded that "As a valued customer, you will continue to receive Crown Banking benefits that include..." free money orders and cashier's checks, free Online Bill Pay, a check printing benefit (what's this? ), a $25 discount on a safe deposit box (the box used to be free), no fee for linked accounts ( how generous! ), and interest earned at the whopping rate of 0.01% subject to change at the bank's discretion. Boy, don't I feel special!!?!!?
Do you know how Wells Fargo Online Bill Pay works? On the day you request payment, they suck the money out of your account and hold it someplace special where THEY earn interest on the float, then they send your payment to your Payee in three to five business days. Other banks don't take the money out of your account until your Payee deposits your payment check. Somehow I feel ripped off for at least $5.00 a year at 0.01% interest. Why am I being urged to use Online Bill Pay every time I login? Hmmmm.
As petty as these matters are, they aren't the main reason that I love to hate this bank. That's a story for another day. I just found it remarkably amusing that somebody thinks a new $20/month ( $240/year ) fee is good news.
I know there is a marketing or business lesson to be learned here. I just know it.