Wells Fargo Checking Account Fees

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Find out what fees you’ll pay with your Wells Fargo checking account and how you can easily avoid them.

Wells Fargo Checking Account Fees

Wells Fargo is one of the largest banks in the country, so it’s no wonder you’re considering it when looking for your next checking account.

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The bank operates the most extensive branch and ATM network in the US, which is great from a convenience perspective.

You can gain access by opening one of several Wells Fargo checking accounts, all of which come with monthly fees — and can be waived if certain criteria are met.

Learn more about these checking accounts and what you can do to avoid paying hundreds of dollars a year in checking account fees:

Each Wells Fargo checking account is tailored to meet different types of customers and their needs. These checking accounts range from basic to premium accounts. They include:

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Daily Checking is a basic checking account offered by Wells Fargo. It is useful for daily purchases and payments. Daily checking enables student banking and offers an optional overdraft protection feature. With this account, you pay a monthly fee of $10.

You may opt out of a monthly subscription by meeting one or more of the following criteria for each monthly statement period:

A prime checking account is a great option if you want discounts and waivers on many banking services. Wells Fargo offers optional overdraft protection with this checking account. Another attractive feature of Prime Checking is that it carries interest.

The only way to opt out of the principal checking monthly fee is to have a combined account balance of $20,000 or more in qualifying balances in linked accounts.

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Premier Checking is Wells Fargo’s premium checking account with premium benefits, discounts, optional overdraft protection and bank service waivers. This current account gives you interest on deposits.

The only way to waive the monthly fee is to have a combined balance of $250,000 or more in eligible balances in linked accounts.

If you don’t need to use checks or need help managing your money, a Clear Access bank account works well. This checking account has no overdraft fees and allows for low account balances. It is especially suitable for students or teenagers.

There is only one way to waive the service charge – 13 to 24 years of age. This only works if you are the primary owner of the account.

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Direct deposit is when funds are transferred electronically to your checking account. Physical cash deposits and check deposits do not qualify as direct deposits. Electronic funds transfers are done through the Automated Clearing House (ACH) network.

Direct deposits are often used to deposit paychecks, tax refunds, government benefits, and more. This makes the process of receiving payments more efficient because you don’t have to wait for your check in the mail or wait at the bank.

The minimum daily balance indicates the amount of money you should have in your bank account by the end of each day. Maintaining a minimum daily balance can help you avoid paying the monthly Wells Fargo Daily Checking Service.

A combined balance refers to the money you have in all of your Wells Fargo bank accounts. You can use a combined balance to avoid service fees on Wells Fargo’s Premier Checking and Premier Checking accounts.

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Most bank customers do not keep a significant amount of money in their accounts, either because they find it more profitable to save money in a savings account with a higher yield, or because they simply do not have that much money.

Others may not be able to receive direct deposit from wages, Social Security income, or other retirement benefits. Hope for a free inspection from Wells Fargo is not lost yet.

Wells Fargo may treat certain ACH credit transfers as direct deposits. Current Wells Fargo customers were able to transfer funds from online savings accounts through banks like Ally Bank and PayPal to their Wells Fargo checking accounts only to find that these ACH credit transfers would trigger a direct deposit alert.

A viable method of reducing the monthly bill is for consumers trying to perform “free” inspections.

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Without a fee waiver, you could end up paying a significant amount of fees over the course of a year. If you find yourself paying these service fees on a regular basis, you may find a better way to avoid them altogether. Online banks offer free checking accounts and usually have no fees.

Unlike traditional checking accounts, free online checking accounts do not require you to meet requirements to avoid monthly maintenance fees.

This is especially useful for people who have difficulty meeting the bank’s requirements for fee waivers. In addition to having no monthly service fee, online checking accounts have no minimum balance requirements.

The main advantage is that checking accounts from online banks may charge lower fees and offer higher interest rates.

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Unlike traditional bank accounts, many online bank accounts do not have monthly service fees or minimum balance requirements. You can have a zero balance for most of the year and your account will still be active. This makes online banks a cheaper option.

It is no secret that money in an online bank earns higher interest compared to cash in a traditional bank. This may be due to the low operating cost of online banks. Brick-and-mortar banks require more resources to operate and tend to pass that cost on to their customers.

Online banks usually offer ATM fee refunds on withdrawals. These refunds can save you a lot of money, especially if you use the ATM regularly.

Having a good checking account can bring a level of convenience to your life that will help you organize your finances.

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Despite the convenience, you need to make sure that you are not paying more than you should for these services. That means consistently fulfilling requests to waive checking account fees or use online banking without fees.

Aya is a Chicago-based writer and blogger covering personal finance and entrepreneurship topics. She writes from her experiences managing money and paying off $120,000 in debt. Time Money, Kiplingers, U.S. Aya has been mentioned and/or featured on sites like News and World Report, Market Watch and more.

Don’t pay Wells Fargo service fees again. As easy as it seemed to avoid servicing my two Wells Fargo checking accounts, it started to become a problem. In addition to having a personal and business checking account with them, I also have four other checking accounts with credit unions. But making those 10 debit charges per account only became a problem when I got 2% cash back on certain items and a second 1.5% cash back on all credit card purchases. Then I lose track of transactions and get hit with service charges. Until now. Now I go to Amazon and buy a $1 gift card with email shipping and have it shipped to me. Or to be precise, I send myself 20 of those $1 Amazon gift cards at the beginning of each month. Amazon makes it easy because when I get a gift card email, I just click on it and the money goes into my Amazon account. No copying numbers or anything. I send 20 gift cards in about 5 minutes and save a total of $24 in fees each month. No extra charges

I am very upset right now. Two withdrawals on my checking account cost me $75 on top of draft fees. But, the first overdraft was my fault. I can accept the above first draft fee as it is my supervision; However, the second charge was the $2.03 Red Box movie fee charged to my account on the 26th and due on the 27th, but not actually posted to the account until the 29th, meaning my account was seriously negative two days later on the 27th. Anyway, I called two people about this and explained the situation and took credit for the first draft, but I asked for the $2.03 overdraft fee to be refunded to my account. The customer service rep kept saying “I understand but I can’t”. I didn’t understand him because $35 for $2.03 was unrealistic and could be the difference between life and death. I’d be fine, but something like this could push someone already struggling over the edge. Even though my feelings and pocket are hurting right now, I have faith and thank God that it will work out.

Wells Fargo Bank Website Stock Photo

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