Since our mortgage is with Wells Fargo and hasn't given us any problems, I wasn't too worried about the change. But then, a week or so ago, I read a news item about Wells Fargo testing the market in some states by implementing a flat fee for using a debit card. I'm talking about using one of their cards at one of their banks. So I was determined to read the fine print.
I don't like what I found. The one thing that jumped off the page was the part about using the online bill pay system. This is how I pay almost all of our bills, so I was particularly interested if it would continue as it always has or if I needed to do anything. The little asterisk noted that "at Wells Fargo, funds to pay your bills will be withdrawn from your account up to five business days earlier than they were at Wachovia." HUH?? At Wachovia, if I scheduled a payment for Sept. 14, that's the day the funds were withdrawn. Since the bank already has the money, seems reasonable to me. But FIVE DAYS ahead?? They have got to be kidding.
Aside from the insanity of this, it means I am in big trouble. I schedule plenty of payments on payday and there isn't the money for them ahead of time.
I'm off to research local banks. Changing banks sounds like a whole lot of work and not like a whole lot of fun, but it doesn't look like I have a choice.
I have a headache already.