Wells Fargo Fees

Wells Fargo
Banking Fees and Charges

Wells Fargo is one of the largest banks in the United States. It is important, though, to be aware of the fees charged by Wells Fargo before a new checking account.

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Types of Fees

There are many different types of Wells Fargo fees that may be charged for various account types.

Overdraft Charges

  • Overdraft fees are charged per item that overdrafts the limit. Beware of a multitude of overdraft fees that can result in a quick $100+ in fees. Anytime your account balance drops below zero, this fee is charged per transaction.

Overdraft Protection Transfer From Linked Savings Account

  • This fee is charged for the convenience of Wells Fargo transferring money from your savings into your checking account. This fee is less than the overdraft fee, but it is still a hefty fine to pay for dropping your checking account balance below zero. This fee is also incurred on a per-item basis.

Returned Item

  • Another common name for a returned item is when a check gets bounced. This refers to a check or another item overdrafting an account or being returned because it would result in an overdraft.

Stop Payment

  • Though this trick will only save a few dollars than an overdraft, some checking accounts, such as the “Portfolio” by Wells Fargo will waive this fee with a high enough account balance. This fee refers to the act of stopping a check or transaction from taking place to prevent an overdraft.

Wire Transfer

  • Wire transfers occur when money is electronically withdrawn from one bank account and deposited into another. Wire transfer charges can vary by account type and balance. These fees can also occur when money from your Wells Fargo transfers to another bank, even if both in your name.

Wells Fargo Check Cashing Policy For Non-account Holders

  • Wells Fargo currently charges up to $7.50 for a non-customer to cash a check drawn upon their bank without having an account. There is also a Wells Fargo check cashing limit of $2,500 for non-account holders.

Checking Accounts

Wells Fargo has five different types of checking accounts:

  • Everyday Checking
  • Preferred Checking
  • Portfolio
  • Teen Checking
  • Opportunity Checking
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Everyday Checking Account Fees

The monthly maintenance account fee for the Everyday Checking Account is $10 but can be waived by meeting any of the following requirements:

  • 10 or more debit card purchase/payments
  • Qualifying direct deposits totaling $500 or more
  • $1,500 minimum daily balance
  • Have a linked Wells Fargo Campus ATM or debit card

This is an attractive option for young adults or college students because it has low fees that can easily be waived. For example, the fee is already lowered to $5 just because your age is between 17-24.

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Preferred Checking Account Fees

These checking accounts earn interest on a balance greater than $500, as well as receiving a $10 discount on personal checks. This account is the best options for anyone that opens a mortgage with Wells Fargo. There is a $15 monthly maintenance fee that can be waived by meeting any of the following criteria:

  • $10,000 in combined minimum deposit balances
  • Qualifying direct deposits totaling $1,000 or more
  • A linked Wells Fargo mortgage
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Portfolio Account Fees

The benefits of this account are that it has lower fees and higher interest rates. This is the best option for a wealthier individual for their personal checking account. The fees from the lower accounts will be waived, and the high monthly fee can also be waived by meeting certain criteria. This is the highest tier checking account that Wells Fargo offers but it comes with a $30 a month price tag. This fee can be waived, however, by meeting any of the following requirements:

  • $25,000 or more in linked qualifying bank deposits
  • $50,000 or more in linked qualifying bank, brokerage, and credit balances
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Savings Accounts

Wells Fargo also has multiple different savings account options:

  • Way2Save Savings
  • Platinum Savings
  • Wells Fargo CDs

The Way2Save Savings account has a maximum of six withdrawals during a month pay period and has a monthly fee of $5 that can be waived by having one of the following each pay period:

  • Maintain a $300 minimum daily balance, or
  • Set up and maintain one or more automatic, recurring savings options
  • Are under the age of 18

The Platinum Savings also has a maximum of six withdrawals per month, but it has a higher monthly fee at $12. However, this too can be avoided by maintaining a $3,500 minimum daily balance. The universal Wells Fargo transfer limit is 6 transfers from your savings account per month.

Wells Fargo CDs are savings accounts that pay a fixed interest rate for an agreed upon period of time that the money deposited will stay in the account. By depositing your money into a CD for a set term, you lock in your initial deposit principal and interest rate until your money matures. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available.

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