Author Topic: Wells Fargo To Online Bank  (Read 1445 times)

Andrew928

  • Stubble
  • **
  • Posts: 103
  • Age: 26
  • Location: Montana
  • Life Is Good
Wells Fargo To Online Bank
« on: March 26, 2019, 12:42:33 PM »
Hello everyone,

I bank with Wells Fargo and have been since High School, I have two checking accounts with them and there are so many fees. Things such as Overdraft Fee of $35, Overdraft protection $12.50. $3 ATM fees for a non Wells Fargo ATM. This stuff adds up a lot, I have been researching a lot of Online banks but am not ready to pull the trigger. I rarely go into an actual branch unless I need to use a lot of cash for some reason. Has anyone made the switch to an online only? How was the transition with getting all the bills lined up and have you experienced any problems or inconveniences?

Thank you.

MikeO

  • 5 O'Clock Shadow
  • *
  • Posts: 52
  • Age: 47
  • Location: Central Florida
Re: Wells Fargo To Online Bank
« Reply #1 on: March 26, 2019, 02:07:42 PM »
I use USAA, which has a branch in Texas but i don't live there.  I've been basically online only for many years.  I've recently moved savings into online only savings banks for the higher interest.  Just make sure they are legit and fdic covered otherwise finely shop around there are plenty of good deals out there.

I rarely write checks, and rarely use cash.  Bills are either put on my credit card (which i always pay the balance monthly) or ach bill pay transfers.  Can't remember the last time i actually walked into a bank. Do it you won't regret it. 

RWD

  • Magnum Stache
  • ******
  • Posts: 4079
  • Location: Mississippi
Re: Wells Fargo To Online Bank
« Reply #2 on: March 26, 2019, 02:12:27 PM »
We had a Wells Fargo account and slowly transitioned essentially everything over to Ally. I did it over a period of months and made sure every bill was paid automatically at least once before closing the Wells Fargo account. My wife just successfully withdrew money from our Ally account using an ATM in China. I've been very happy with the switch.

therethere

  • Pencil Stache
  • ****
  • Posts: 796
Re: Wells Fargo To Online Bank
« Reply #3 on: March 26, 2019, 02:20:25 PM »
I haven't had an in-person bank since 2003. I recommend Capitol One 360 for general banking if you rent, since it can send physical checks for free. They have a subset of ATMs that are fee-free. Personally, I use Capital One 360 for my checking account with a Charles Schwab checking account for ATM withdrawls and funds during international travel. Schwab refunds all ATM fees with no limits.

I've had Ally for awhile. But they've shut down my ATM card too many times during international travel that I finally closed the account.

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1444
Re: Wells Fargo To Online Bank
« Reply #4 on: March 26, 2019, 03:02:55 PM »
We've kept our Wells Fargo checking account to have a resource for the occasional need for a notary (free to customers) or deposit cash (rare), & avoid the account fee by utilizing recurring direct deposit. If you don't have a direct deposit, you can also avoid the fee by setting up a monthly auto transfer from checking into a WF savings account, which you can & should transfer back later, since WF savings pay nothing -- this procedure makes no sense but works. We now use our WF account for allowing ACH auto payment of fixed expenses that can't be handled by credit card, effectively putting them on autopilot.

Our primary checking account is with Schwab, which is online. No fees, no minimums, free checks, reimbursement of ATM fees worldwide, mobile check deposit, and bill pay that deducts only when presented for payment. For savings, we have/had accounts with Schwab, Ally, Synchrony, CIT, all linked to our primary checking.


Andrew928

  • Stubble
  • **
  • Posts: 103
  • Age: 26
  • Location: Montana
  • Life Is Good
Re: Wells Fargo To Online Bank
« Reply #5 on: March 26, 2019, 04:55:40 PM »
Within WF I have two checking accounts, one main account that my direct deposit goes to and is linked to my debit that I use for daily purchases. Another checking I used for "fixed costs" Bills and such that come out of it and then a savings account. I think what I am going to do is keep my main checking that my direct deposit goes to and close my other checking and saving account and open a savings account with an online bank.

How does this sound?

seattlecyclone

  • Walrus Stache
  • *******
  • Posts: 5283
  • Age: 35
  • Location: Seattle, WA
    • My blog
Re: Wells Fargo To Online Bank
« Reply #6 on: March 26, 2019, 05:05:31 PM »
Hello everyone,

I bank with Wells Fargo and have been since High School, I have two checking accounts with them and there are so many fees. Things such as Overdraft Fee of $35, Overdraft protection $12.50. $3 ATM fees for a non Wells Fargo ATM. This stuff adds up a lot, I have been researching a lot of Online banks but am not ready to pull the trigger. I rarely go into an actual branch unless I need to use a lot of cash for some reason. Has anyone made the switch to an online only? How was the transition with getting all the bills lined up and have you experienced any problems or inconveniences?

Thank you.

The overdraft fees only add up to a lot if you're overdrafting your checking account regularly (or ever). Please tell me you're not doing this.

Andrew928

  • Stubble
  • **
  • Posts: 103
  • Age: 26
  • Location: Montana
  • Life Is Good
Re: Wells Fargo To Online Bank
« Reply #7 on: March 26, 2019, 05:08:48 PM »
Hello everyone,

I bank with Wells Fargo and have been since High School, I have two checking accounts with them and there are so many fees. Things such as Overdraft Fee of $35, Overdraft protection $12.50. $3 ATM fees for a non Wells Fargo ATM. This stuff adds up a lot, I have been researching a lot of Online banks but am not ready to pull the trigger. I rarely go into an actual branch unless I need to use a lot of cash for some reason. Has anyone made the switch to an online only? How was the transition with getting all the bills lined up and have you experienced any problems or inconveniences?

Thank you.

The overdraft fees only add up to a lot if you're overdrafting your checking account regularly (or ever). Please tell me you're not doing this.

It has a few times with the account that the bills come off of, working a graveyard and forgetting to move money into it and then boom.

Two accounts sounded like a good idea when I was 18, not so much now.

aprilm

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: Wells Fargo To Online Bank
« Reply #8 on: March 26, 2019, 08:06:58 PM »
I have both Capital One 360 and Ally. I much prefer Ally, primarily because the interest rate on their savings account is so much better. Capital One was quick to reduce the interest rate a few years ago and has been slow to increase (currently at 1% vs Ally's 2.2%). Ally also refunds ATM fees.

ender

  • Walrus Stache
  • *******
  • Posts: 5419
Re: Wells Fargo To Online Bank
« Reply #9 on: March 26, 2019, 08:57:14 PM »
I use USAA, which has a branch in Texas but i don't live there.  I've been basically online only for many years.  I've recently moved savings into online only savings banks for the higher interest.  Just make sure they are legit and fdic covered otherwise finely shop around there are plenty of good deals out there.

Same for us. We have Ally and USAA.

I have not had a physical bank location for 15 years and never once missed it.

alcon835

  • Stubble
  • **
  • Posts: 131
Re: Wells Fargo To Online Bank
« Reply #10 on: March 27, 2019, 06:26:20 AM »
CapitalOne 360 users over here. One of the perks is you get up to 20 Savings Accounts, so all my direct deposits hit savings and then auto-transfers over once-a-month into checking. I also use YouNeedABudget to keep track of everything.

Anyway, I've never had trouble with ATMs (they are part of some network that has ATMs globally, I've gotten free ATM use as far away as Canada & Great Britain. Also never had trouble getting cash even when traveling to tiny towns throughout the US).

Their interest rates are better than the other major banks by a long shot and their checking account gives some interest (albeit not a lot).

If you're thinking of making the jump to an online only bank, CapitalOne 360 is a fantastic middle-ground. They've got a lot of branches if you absolutely need to go in but otherwise are the same as other online banks.

ender

  • Walrus Stache
  • *******
  • Posts: 5419
Re: Wells Fargo To Online Bank
« Reply #11 on: March 27, 2019, 06:55:50 AM »
A lot of banks reimburse some ATM fees per month at this point too.

I've not paid a single ATM withdrawal fee for... a decade at least.

JoJo

  • Handlebar Stache
  • *****
  • Posts: 1593
Re: Wells Fargo To Online Bank
« Reply #12 on: March 27, 2019, 10:48:33 AM »
I use a combo of a credit union  (some only require you're a member of the state) and online banking.

katsiki

  • Handlebar Stache
  • *****
  • Posts: 1508
  • Age: 40
  • Location: La.
Re: Wells Fargo To Online Bank
« Reply #13 on: March 28, 2019, 06:07:23 AM »
+1 on Credit Unions.

Check out Alliant CU also.  Easy to join, good rates, ATM reimbursements.

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1444
Re: Wells Fargo To Online Bank
« Reply #14 on: March 28, 2019, 10:45:19 AM »
It has a few times with the account that the bills come off of, working a graveyard and forgetting to move money into it and then boom.

Two accounts sounded like a good idea when I was 18, not so much now.

Never pay an overdraft again:

Pick one checking account for recurring bills with amounts that never change. Set these bills to autopay out of this checking account.
Direct deposit (or auto transfer from your primary checking) an amount that covers the total of these recurring bills. Do not write checks or do ATM withdrawals from this account -- you want money in to equal money out automatically every month. Start with a bit of a buffer in the account just in case.

Your other checking account is your primary account for variable expenses, ATM withdrawals, check writing, & (auto) transfer to online savings. Direct deposit all or the remainder of your income here.

Andrew928

  • Stubble
  • **
  • Posts: 103
  • Age: 26
  • Location: Montana
  • Life Is Good
Re: Wells Fargo To Online Bank
« Reply #15 on: April 02, 2019, 04:23:53 PM »
Alright, this is what I ended up setting up.

Direct deposit goes into my main checking(Variable Costs), Money leaves there right away to my Ally Savings/RIRA/Taxables. All of my bills leave right away from my main checking to my Fixed costs checking and are then pulled from there to pay bills. I have everything setup automatic so it all gets moved around on payday biweekly.

phildonnia

  • Stubble
  • **
  • Posts: 164
Re: Wells Fargo To Online Bank
« Reply #16 on: April 02, 2019, 05:14:30 PM »
I've been online-only for many years now.  It breaks my heart to think of people paying "account maintenance fees" at the big banks. 

The main problem I ran into was depositing checks.  I used to actually have to mail a check to the bank (although, they gave me pre-paid envelopes.)  But this is largely a thing of the past due to mobile apps that let you deposit a check by taking a photo of it.

Other things to consider:

* Getting cash: this is the most important, so find out about it before you open an account. There are three basic ways to do it: 1. Get a bank with an extensive ATM network; 2. Get a bank with ATM fee rebates; or 3. Get cash back from grocery purchases.  This last requires that you buy something every time you need cash, and is often limited to $40 or so.

* Depositing cash: I haven't found a good way to deal with this, other than just avoiding getting large amounts of cash.  If, for some reason, you find yourself with a wad too big to carry around, the best I can come up with is to store it in your sock drawer, and then just use it instead of the ATM until it's depleted.

* Getting a roll of quarters: You have to visit the local video game arcade, because your online bank is not going to help here.

* Transferring money: From now on, using ACH transfers from the website is how its done.  This takes a few days to set up, so set it up before you need it.  Be aware that some banks have a fee for outgoing transfers.  This means that you should always make the transfer at the receiving bank.

I would recommend: CapitalOne, Discover, Ally.  CapitalOne, has free ATMs in Mexico, with no exchange fees!

I would not recommend: Emigrant Bank.  It's a fine bank, with a great interest rate, but it's limited in the ability to transfer funds, and has a clunky website that suggests it doesn't quite have all it's s*** together.

There's also an online bank called "Redneck Bank", which I've never used, but people probably get it just for the name on the debit card.