Wachovia/Fees

[oedenfield]

Wachovia now charges it's patrons for using the built in method in Quicken for getting data from the bank into the software. It is still free to manually log on to wachovia.com, download your data and import it into Quicken.

My question is: if I use Mint will I be charged the same as if I used Quicken? How does Mint retrieve the data from Wachovia. I may not have a problem with the fee but at this point I haven't used Mint enough to know.

I've emailed Wachovia but haven't gotten an intelligent response yet so I figured this was a better place to ask.

Thank you.

[Damon]

Mint is actually a free service, so I don't see how it would be tied in directly to Wachovia is charging for (a separate product).

[oedenfield]

I believe Wachovia is also charging Microsoft Money users as well, for using the built in part of the software.

And because I'm not sure how Mint is getting the data from the bank, I am just worried that Wachovia may tac on the fee and say that I was using some kind of software to access my account.

[Damon]

That would be beyond our control, unfortunately. We don't charge for our service, however.

[mintfeedback]

I am in the same boat as Oedenfield. I am afraid that though Mint.com itself is free, Wachovia users will still be paying to use this service due to a PFM fee -- pretty much a penalty for automatic downloads of transactions.

I would like to see an option where Mint.com users would be able to manually upload their information to get around the monthly fee. The fees can all add up and instead of saving money, Mint.com would be causing (though indirectly) you to spend more. Not worth it, IMO.

[oedenfield]

Having posted this message to the forum and not gotten a direct response that I would be charged and also contacting Wachovia about it... I went ahead and set it up. This is the first real response I received from Wachovia:
I apologize that at this time I am unfamiliar with the Mint services. I
will do some research on this program and send you an email with
information on whether this service will be supported by Wachovia.

Then about a week later I replied again (after not hearing a word from them) and then I received this real response:
With regret, Wachovia does not have any information regarding MINT
services. Please send us another secure e-mail with additional
information regarding your inquiry. We will be happy to assist you in
addressing your concerns when we receive further details. You may also
call us at the number listed below for assistance.

I sincerely apologize for any inconvenience.


Based on this response I can not see how they can charge for a service they don't know anything about. I have the emails archived and will supply them to Wachovia if I notice that I begin to get charged for using a "software package" for managing my Wachovia accounts. They have no right to do it because anywhere I've read in the online FAQs about the charges they refer to Quicken or Microsoft Money, Mint.com is neither one of them.

I can't tell you what to do, but I went ahead and added my Wachovia accounts to Mint and I'll fight with Wachovia if I have to later on. I'll make a post here if that does happen.

Good luck.

[Damon]

Thanks for the update!

[bullgator]

I have contacted Wachovia and they will charge for accessing their account via Mint.com if you have a "Free Checking" account. I was informed that if you switch your account to one of the "Crown" accounts then there is no charge for accessing via Mint, Microsoft Money, Quicken, etc.

I was personally able to switch to a Crown account for free due to a home equity line through Wachovia. I would encourage folks to check with their Wachovia to see if they are able to switch for no charge.

List of various Wachovia checking accounts can be found here. (http://www.wachovia.com/personal/page/0,,11_480,00.html)

[oedenfield]

Thank you for telling us what you found with Wachovia.

I can't seem to find Mint listed as a product that they charge you to use with Online Banking (they probably haven't updated their site or bothered to tell anyone):

http://www.wachovia.com/personal/pfmsupport/

bullgator, You spoke with someone at Wachovia directly correct? If not do you know of a location that lists what Wachovia charges for (other then the one listed above)?

The fact that Wachovia does this to begin with irritates me but if they are going to slip Mint.com in there as "software" like Microsoft Money or Quicken then I think it is a stretch.

It is my information is it not? Why should I have to pay for access to my information?

[rjfuerst]

Has anyone with a free Wachovia account used this service (mint.com), if so were you charged? or not?

Most of the info on this tread is a few months old.
Thank,

[oedenfield]

I use wachovia.com (the main wachovia online banking service) and have yet to get a fee for Mint. The second I do I will be calling customer support because I asked them on multiple occasions before I started Mint and no one from Wachovia had even heard of Mint or bothered to find out so I have a written email from customer service that states that they won't be charging for Mint-use like they would Quicken for instance.

It could have changed by now, but if I were you, I'd put something in writing to customer service, and when they come back with an ill-informed answer because they are too slow to keep up with things like Mint, and they give an answer that they will not charge... and if they eventually do, you have proof that you tried to find out and they shouldn't charge.

I believe the Terms of Service for the Wachovia website details software, well if you believe Salesforce.com an online service is not software.

Best of luck.
Orrin

[Damon]

As this issue is up to individual banks, unfortunately, I can't say if a bank would or wouldn't. At the same time, however, I've only had about three reports from customers of this happening...so I highly doubt that most banks would be charging for using Mint.com (our backend connects via Yodlee, something that the banks may not be aware of).

[wachovialied]

Mint is actually a free service, so I don't see how it would be tied in directly to Wachovia is charging for (a separate product).

Wachovia will charge a fee for anything that they can. visit our site www.wachovialied.com