How to avoid the monthly fee at Wells Fargo?

Having a bank account in a good bank that generates trust is very useful today. The tools and support of a financial institution can make our day to day easier. However, we must be prepared to bear the cost of these banking services. Some of them we can avoid and others not. In this article we will explain How to avoid the monthly fee at Wells Fargo.

Banks charge fees that are charged to your account, such as overdraft fees, late fees, or ATM transaction fees. The latter are not that expensive, but depending on how often you use the service they could add up to a considerable amount.

One of the most frustrating costs is the one that affects your bank account for the simple fact of existing, the monthly maintenance fee or monthly fee.

How to avoid the monthly fee at Wells Fargo?

What is a monthly maintenance fee?

Some banks charge monthly fees for keeping an open checking or savings account. These fees can often be automatically waived if you meet certain criteria set by the bank, such as making a direct deposit or maintaining a minimum amount in the account.

The monthly fee usually ranges between $1 and $30, depending on the bank. Some analyzes place most of these fees between $5 and $12. This means that the constant payment of monthly maintenance fees costs you between $60 and $144 each year, and possibly more.

How to avoid the monthly fee at Wells Fargo?

Next, we will indicate the charges for current accounts and savings accounts and how to avoid the monthly fee at Wells Fargo.

Wells Fargo: Checking Account Fees

The Wells Fargo Checking monthly maintenance fee is $10 for Daily Checking, $5 for Clear Access, $15 for Preferred Checking and $30 for Portfolio Checking.

In addition, these accounts may also charge out-of-network ATM fees and overdraft fees.

Here is a comparative summary of Wells Fargo checking accounts and fees:

Monthly Checking Account Fees at Wells Fargo
Bill monthly service Withdrawal at out-of-network ATMs Overdraft (insufficient funds)
Daily Checking $10 • In the US: $2.50

• Outside the USA: $5

$35
Preferred Checking $15 • In the USA: $2.50

• Outside the USA: $5

$35
Portfolio Checking $30 N/A $35
Clear Access Banking $5 • In the USA: $2.50

• Outside the USA: $5

N/A

They are described below other expenses related to Wells Fargo checking accounts:

Fees for Wells Fargo checking accounts
Share loaded quantity
cashier’s check $10
Cashed / deposited item returned unpaid $12
Purchase with international debit card 3% of the transaction
Money order (up to $1,000) $5 (waived with Preferred or Portfolio checking account)
overdraft protection $12.50 per transfer or advance
stop payment $31
Wire transfer $15 – $30

These charts show that you should be very careful, expenses for maintenance fees or service fees can quickly consume part of your funds, especially if you are abroad.

We recommend that, as a habit, you regularly review the balance and movements of your account.

Keep reading: Wells Fargo hours

Wells Fargo: Savings Account Fees

Wells Fargo savings account monthly maintenance fees range from $5 for the Way2Save account, up to $12 for the Platinum account. These accounts have much lower fees than Wells Fargo checking accounts. However, because they are designed to retain and grow money through a savings interest rate, you are limited to a maximum of six withdrawals from the account without penalty.

The Wells Fargo Way2Save savings account is best for passive savers because it automatically transfers funds from a linked Wells Fargo account to the savings account. You’ll earn 0.01% Annual Percentage Yield (APY) on all Way2Save Savings balances.

For those with more wealth, there is the Wells Fargo Platinum Savings account.; your APY increases to 0.02% once the account balance reaches $25,000.

Please note that both accounts require a minimum opening deposit of $25.

Fees for Wells Fargo savings accounts
Bill monthly service fee Excess activity fee
Way2Save Savings $5 Up to $5 per withdrawal or transfer if you have exceeded the monthly limit; maximum of three excess charges per month
Platinum Savings $12 Up to $15 per withdrawal or transfer if you have exceeded the monthly limit; maximum of three excess charges per month

How to avoid the monthly fee at Wells Fargo

Here are four ways to avoid the monthly maintenance fee from your Wells Fargo checking or savings account.

1. Keep a minimum amount

Here are the minimum balances required to avoid monthly charges for checking and savings accounts:

  • Saving Way2Save: $300 minimum daily balance.
  • Platinum Savings: minimum daily balance of $3,500.
  • Daily checking account: 500 minimum daily balance
  • Clear Access Banking: N/A
  • Preferred Checking Account: $10,000 in combined daily minimum balances
  • Wells Fargo Portfolio Checking Account: Qualifying linked deposit accounts with total balances of $25,000 or more, or $50,000 in any combination of qualifying linked bank, brokerage and credit balances.

2. Take one of the qualifying Direct Deposits

Another way to avoid paying the monthly service fee of certain Wells Fargo checking accounts is to enroll in qualifying direct deposit and meet the direct deposit minimum.

  • Daily checking account: Direct Deposits $500 or more per month
  • Check Preference: Direct deposits $1,000 or more per month
  • Clear Access Banking: N/A

3. Link a Wells Fargo account

You can also avoid the monthly checking account fee by linking another Wells Fargo account:

  • Daily checking account: Students can link to a Wells Fargo ATM or campus debit card.
  • Preferred checking account: Link to a Wells Fargo mortgage account.

4. Other options

In some cases, you can also avoid the monthly fee if other requirements are met:

  • Way2Save Savings: The fee is waived if the account owner is under 18 (or under 19 in Alabama) or if there are qualifying automatic transactions made from your checking account.
  • Clear Access Banking: The fee is waived if the account holder is between the ages of 13 and 24.

How to avoid Wells Fargo overdraft fees

Wells Fargo charges up to three $35 overdraft fees a day on most of its checking accounts. Clear Access Banking has no overdraft fees. The best way to avoid Wells Fargo overdraft fees is to regularly monitor your account balance.

You can also ask your bank for overdraft protection, and Wells Fargo will cover your checking account for overdrafts by transferring the overdrawn amount from your savings account to your checking account. Wells Fargo charges a fee of $12.50 for each overdraft transfer.

Wells Fargo also offers a debit card overdraft service that allows you to confirm whether your bank can approve debit card transactions, even if you don’t have enough funds in your account. If you disable this feature, the bank will decline any overdraft transaction and you will avoid the $35 fee.

How to avoid Wells Fargo ATM fees

The best way to avoid ATM fees is to use a Wells Fargo ATM. Typically, the bank charges your checking accounts up to $2.50 if you use a non-Wells Fargo ATM within the United States. This amount increases up to $5 for each foreign withdrawal, unless you are a Wells Fargo Portfolio account holder. You should know that in these cases you may also have to pay commissions to the ATM operator.

Habitually, The biggest fees any bank charges are overdraft and wire transfer fees. In contrast, Wells Fargo has higher service and excess savings transaction fees, but its wire transfer fees are relatively lower.

How to get the most out of your Wells Fargo account

Wells Fargo offers a wide range of benefits that you can take advantage of to get the most out of your account.

For checking accounts, there are the following benefits:

  • Mobile banking: The Wells Fargo mobile app lets you pay bills, send money, and check your balances using your smartphone or tablet.
  • Free and secure money transfers: Using Zelle’s free interface, you can send, receive and request money without sharing your banking information.
  • Account Alerts: Custom alerts will notify you of pending payments, low account balances and recent deposits. You can choose how you want to receive these alerts.

How to avoid the monthly fee at Wells Fargo: conclusions

Like most banks, Wells Fargo checking accounts have monthly service fees. But nevertheless, you can avoid these fees with a combination of direct deposits, minimum balances, debit card activity, or linked accounts. Plus, you can avoid overdraft and ATM fees by keeping a minimum balance in your account and using only Wells Fargo ATMs.

If you want more information about the accounts and the mechanisms to lower the associated costs, visit a bank branch and consult an agent.

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