What's an "excess activity fee" that I was charged $10 for TWICE in my Wells Fargo savings account?

Question

What's an "excess activity fee" that I was charged $10 for TWICE in my Wells Fargo savings account?

Answer 1

Ok, so instead of the legal mumbo jumbo that was posted above (there is nothing wrong with it) let me explain in leyman's terms a bit.  A savings account is governed by a regulation D. This outlines how banks charge a savings account for excess activity.  This was designed because the "Savings" account is made to save money, not spend it, thus incurring fees for withdrawals outside of 3 per yearly quarter, or basically one per month, so that it would sway customers from withdrawaling funds and encourage them to save..  If you use your account more than the 3 withdrawals quarterly, and do this consistantly over 2 quarters or more, your bank will likely send you a letter asking that you open a checking account which is a "transaction" account allowing you conduct business on a more frequent basis.  http://www.bankersonline.com/regs/204/20...  That is a link to the regulation itself, and the exact section that pertains directly to savings accounts.  i hope that this helps some.

Answer 2

The answers above are correct to a point, however the number of transactions is higher. You can do up to 6 electronic withdrawals per month/statement cycle (how often do you get your savings account statements?) You can do unlimited withdrawals from ATMs and from the branch. But online transfers to other accounts or purchases with your ATM card are limited. For EACH transaction that goes over the limit you are charged a $10. Wells Fargo will send you a letter the first couple cycles you do it, if you continue to do it, then they will close your savings for you and transfer it to your checking account or they will open another checking account for you.

Try making either larger withdrawals/transfers less often, or do them at the branch or ATM.

If you have any other questions on it, call the customer service line, they are there to answer these kinds of questions and help you understand them and help you figure out how to avoid the fees in the future.

Answer 3

https://www.wellsfargo.com/help/faqs/fee...