Results 1 to 10 of 10

Thread: Wells Fargo

  1. #1
    Full Member
    Join Date
    Jul 2008
    Posts
    62
    Thanks
    11
    Thanked 0 Times in 0 Posts

    Wells Fargo

    I opened a banking account with Wells Fargo in the US two months ago with a couple of transactions including three deposits, debit card payments, several checks and I still have not paid 1 cent for banking fees. How is this possible if you compare this with one of South African banks?

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Absolutely no charges at all?

    I hear our banking in SA is among the most expensive in the world, so a drastic reduction in banking costs elsewhere would come as no surprise.

    But free banking?

  3. #3
    Gold Member garthu's Avatar
    Join Date
    Dec 2008
    Location
    Midrand
    Posts
    595
    Thanks
    39
    Thanked 65 Times in 55 Posts
    You know.. i could even learn to like a bank again if they did that.

    Free... sure really comes as a surprise but the amount they make just having your money to invest, they can do well out of that.

    Our banks profit billions here in SA a year, drives me insane.
    Garth

    Electric fence Installation : www.midrand-electronics.co.za
    Free Classified Adds : www.bgone.co.za

  4. #4
    Full Member
    Join Date
    Jul 2008
    Posts
    62
    Thanks
    11
    Thanked 0 Times in 0 Posts
    Yes, completely free as long as I maintain the balance above $ 100 (R 700). I will be depositing an international check for first time soon and the banking fee is $1.50 regardless to the amount written on the check. The internet mobile and internet banking are also completely free. I forgot to add 7 ATM withdrawals in the US - also completely free.

    https://www.wellsfargo.com/checking/

    I even get a very low interest, which is far better than my Ned*@nk account, except for my Go Banking account (closed to New Business).
    Last edited by anakin; 17-Jan-11 at 11:19 AM.

  5. #5
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    3,480
    Thanks
    134
    Thanked 695 Times in 593 Posts
    Blog Entries
    1
    The difference in the US is that any person can set up a bank, of course provided they meet a certain criteria. In RSA, you need to get a banking license, and fat chance of that happening with the BEE codes and all. The local banks know this, and continually pull on our short and curlies with out consequences.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  6. #6
    Full Member
    Join Date
    Jul 2008
    Posts
    62
    Thanks
    11
    Thanked 0 Times in 0 Posts
    Justloadit, the high banking fees existed long before the BEE was implemented. The banking license is also a prerequisite in the US.

  7. #7
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    3,480
    Thanks
    134
    Thanked 695 Times in 593 Posts
    Blog Entries
    1
    Quote Originally Posted by anakin View Post
    Justloadit, the high banking fees existed long before the BEE was implemented. The banking license is also a prerequisite in the US.
    Accepted, but try and get a banking license right now in RSA, and there are not enough legs to get over the hoops, it almost seems they do not want any more banks. I did say a banking license was required in the US, it is so much easier for anyone wishing to follow that route though. THERE are thousands of private banks all over the US. In many instances they only serve an individual city or county. For this reason, the banks attempt to lure you as a client by offering free banking.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  8. #8
    Full Member
    Join Date
    Jul 2008
    Posts
    62
    Thanks
    11
    Thanked 0 Times in 0 Posts
    Yeah, that's a point.

    The South African banks need to become more competitive and I think Capitec is leading the way now but they offer personal banking account only, just yet. The postBank will become a commercial bank soon.

  9. #9
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Quote Originally Posted by anakin View Post
    The postBank will become a commercial bank soon.
    I've got mixed feelings about that. My gut instinct is that with typical state inefficiency it won't be competitive, which means it will have to be subsidised somehow.

    Then if they overcook the subsidy, they'll wipe out the private banks and we'll just have a state bank left.

    Would a single state bank be a good thing?

    I cast my eyes at SAA, Telkom, Eskom, Transnet etc. and a little shiver goes down my spine.

  10. #10
    Gold Member Chrisjan B's Avatar
    Join Date
    Dec 2007
    Location
    GEORGE
    Posts
    610
    Thanks
    240
    Thanked 72 Times in 65 Posts
    I cast my eyes at SAA, Telkom, Eskom, Transnet etc. and a little shiver goes down my spine.

    That is an understatement - I am shaking uncontrollably!!!!!!!!!!!

    BOVER Technologies
    - computer sales and TeamViewer support
    Elmine Botha Freelance Photographer - Photographer/ Videographer

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •