CHARLOTTE, N.C. — In a few months, many Wells Fargo customers in the Carolinas will have to pay for their checking accounts.
There will be a $7 monthly fee for customers who receive paper statements, and a $5 monthly fee for customers who get online statements.
There are two ways for customers to avoid the fee: By maintaining a minimum balance of $1,500 or by having monthly direct deposits of at least $500.
The bank estimates 80 percent of its customers will be able to avoid the fee.