Wells Fargo's $5 Deposit Charge

Get ready for the next insult from banks, folks.

A woman in Florida got a letter from Wells Fargo stating: “Effective April 7, 2014, the fee for deposited U.S. or foreign currency denominated international items, including drafts, will be $5.00 per item.”  At first blush this sounds like it's more about international transactions - but hang on sloopy.

The Florida woman jumped on the phone;  “I called their (Wells Fargo) 800-869-3557 Texas call center...customer service rep Adelina informed me that whenever I will make a deposit of my paycheck or anything I will be charged $5.00.”

The lady closed her account of course, but will she have anywhere else to go?  Will any of us?

Should banks get the bone-headed idea they'll start charging a fee just for putting money in the bank why do we need banks at all?  Interest rates are far lower than a $5 fee for a deposit.  It's cheaper to stuff it under the mattress...

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