Saturday, November 1, 2008

Wells Fargo Bill Pay

I was tooling around on Wells Fargo online today, and decided to sign up for "bill pay" This lets you pay your bills automatically through your checking account.  Pretty convenient and all right?  (Yes I know this is not a new thing, I just never have signed up for it)  As I was looking at it I thought great, this is easier than writing checks, and I signed up and payed the ole water bill today for my first bill.  

And then you know what happens next folks?  I get an e-mail from wells fargo that says "Thank you for signing up for bill pay, this service is free for customers with qualifying accounts, all others it is 7 bucks a month"  Guess what a qualifying account is?  Keeping 5 grand in my CHECKING account, not savings, not brokerage, but CHECKING!!  

Not happy folks, I guess the moral of the story is......."Caveat Emptor"...which in latin means "There is no free lunch, or bill pay from Wells"


Baptist_Mike_in_Utah said...

I am actually kind of shocked.

You have a Dodgers season ticket package, a house with a pool, an Iphone etc. And you do not keep $5,000 in your checking account?

Garrett said...

Yah well, every time I get 5000K it seems like I have to write a big check to the Los Angeles County Property Tax Collector

Baptist_Mike_in_Utah said...

you need a better attitude as you write that check. I just got my property tax bill today.

I am happy to help the schools. libraries, dog catcher. misquito guy and so on. I wish they would let me do more.

Baptist_Mike_in_Utah said...
This comment has been removed by the author.
Brett said...

Moral of the story Gar is not that bill pay is bad, just the kind you pay for. Find a credit union or something that makes it for free. Credit Unions tend to have a lot of benefits - this is just one of them.

BTW - how much do you spend in postage on bills a month? My guess is it is close to $7 so you might not be losing anything. On the other hand if you get it for free then you are gaining. And gaining is better than losing.

And yes, Mike, that was hilarious!