Wells Fargo Ends Free Checking With $7 Fee in 6 States

Wells Fargo & Co., the bank with the most U.S. branches, ended free checking in six eastern states as it seeks to recover revenue lost under new financial rules.

Customers in New York, New Jersey, Connecticut, Georgia, Delaware and Pennsylvania must pay a $7 monthly fee for a basic checking account if they receive paper statements and $5 if they select electronic statements, Lisa Westermann, a Wells Fargo spokeswoman, said in a phone interview. Customers can get the fee waived if they direct deposit more than $500 in their account each month, or maintain a $1,500 balance.