My mom opened a Checking Acc. and Savings Acc. at Wells Fargo, monthly service fee?

the lady told her the "Complete Advantage Package" was best, so my mom went with that. She brought $1000 to the bank, they put $100 in the checking account and $900 in the savings account.


She needs at least $5000 in the checking account in order to not pay the monthly fee.


It also says you need at least 3 other accounts, but i dont understand at all/


Someone clarify.|||Banks usually have minimum requirements for free checking. The bank makes money off of your deposits. They loan it out to other people and collect interest, collect transaction fee's from debit card purchases, etc.





If you have very little money in the bank, they earn very little money from your deposits. So in order to pay the costs of maintaining your accounts, they charge a fee to you.





This is a common practice to have minimum balances in order to get free services. You can always call the bank and find out about another account option with lower minimums or talk to other banks to see what they offer.|||So your mom just opened any account without thinking it over?


You only open those accounts if you KNOW you can keep 5 grand in it.





Wells Fargo offers plenty of free checking accounts.


Why didn't she get one of these?





The Complete Advantage is the best - of course - since it pays about 10 dollars a year in interest.


But if you can't keep that min balance to get it for free- its not a good account.





To avoid the fee, you need to have either a mortgage, a loan, etc.


It's all on the website.


/|||Kevin has is right. You can usually find the different types of accounts and the terms for each online. The terms show the interest rate, the monthly fee, the minimum balance to avoid monthly fees, the maximum number of transactions allowed each month, and more.|||There are ways to avoid the monthly fee. If she chooses to have $75 automatically transfered to her savings account then she avoids the monthly fee. She needed ONE of the three items to not be charged a monthly fee . . . not all three.|||I suggest you http://lifeplanz.com I was looking for same answer last day on answers.yahoo.com but i browsed for an hour and got best solution over there.


I hope this helps!