Wells Fargo raises fees on poor people

The PBJ reports that Walls Fargo is raising its checking fees.

Basically, you have to have $1500 in the bank and have a $250 a month direct deposit in place, or your fees go up.

The PBJ:

Wells Fargo is the second largest bank in Maricopa County with deposits of $16.8 billion, representing a 20.4 percent market share, according to the Phoenix Business Journal Book of Lists.

Many observers have expected Wells and other major banks to aggressively raise fees following passage of new laws limiting revenue from credit cards, checking account overdrafts and other banking services.

What can you do?

Move your accounts over to a credit union. They aren’t perfect, but they’re nonprofit, and oriented more to customer service and less to, um, helping destroy the nation’s economy. They keep their fees and costs lower overall.