Wells Fargo to begin charging for checking accounts

It was announced today that Wells Fargo, a nation-wide bank based in California, will start charging customers in some states a $7 per month fee for their checking accounts.

Following the public outcry over Bank of America's last attempt to start charging customers $5 a month to use their debit card, national banks are desperately trying to find other ways to make up for revenue lost through regulatory changes. However, as the country struggles with a still-high unemployment rate and millions are struggling to hold onto their homes, tensions between banks and their customers have been rising to a boiling point.

However, Wells Fargo is still stepping ahead with this plan, which will only charge customers with less than 1,500 in their accounts, or aren't able to make direct deposits of $500 every month. The charge will also drop to only $5 a month for customers who opt to use online statements.

23 states have already been affected, and six more are being added; Connecticut being one of them alongside with New York, New Jersey, and Delaware. And on the wake of the BoA fiasco, with large signs in front of local credit unions advertising "Bank Switch" days and free checking options, it's a very fine and dangerous line to be balancing upon; that of making up lost revenue versus losing valuable customers.

I used to bank with Chase, but as a college student who was lucky to have more than fifty dollars in my account at a time, I moved on to a small credit union. But there are 3 Wells Fargo banks in the Middletown area; will this affect you or your family in any way? Let me know what you think.