Wells Fargo checking account fees explained

Wells Fargo charges a monthly maintenance fee on most checking accounts, but the amount depends on which account type you choose and whether you meet certain conditions to waive the fee. The most common account, the Wells Fargo Everyday Checking, has a $10 monthly fee that you can avoid by keeping a minimum daily balance or setting up direct deposit. Other account types have different fee structures — some charge nothing, others charge more.

The fee is not automatic if you meet the waiver requirements. Wells Fargo will not charge you if you maintain the required balance or if you have direct deposit set up, depending on your account type. Understanding which account fits your situation and what it takes to avoid the fee is the first step to knowing what you will actually pay.

Key Takeaways

  • Wells Fargo Everyday Checking charges $10 per month unless you maintain a $500 minimum daily balance or set up direct deposit.
  • Wells Fargo Clear Access Banking has no monthly maintenance fee and is designed for people new to banking or those rebuilding credit.
  • Overdraft fees, ATM fees outside the Wells Fargo network, and other charges explore separately from the monthly account fee.
  • The fee you pay depends on which account you open, so comparing the account types before you open one can save you money.

The main checking account types and their fees

Wells Fargo offers several checking accounts, and each has its own fee structure. The Everyday Checking account is the most widely used and charges $10 per month. The Clear Access Banking account charges no monthly fee at all. The Preferred Checking account is designed for customers who want additional benefits and charges $15 per month, though it also has higher balance requirements to waive the fee.

Each account also has different requirements to waive the fee. Everyday Checking waives the $10 fee if you keep $500 in your account every day of the month, or if you set up direct deposit of any amount. Clear Access Banking has no fee to waive — there is straightforward no monthly charge. Preferred Checking requires either a $2,500 minimum daily balance or direct deposit to avoid the $15 monthly fee.

If you do not meet the waiver requirements, the fee will appear on your statement each month. This is different from an overdraft fee or a late payment penalty — it is charged straightforward for having the account open.

How to avoid the monthly maintenance fee

The easiest way to avoid paying the monthly fee is to set up direct deposit. Direct deposit means your paycheck or other regular income goes straight into your Wells Fargo account from your employer or benefit provider. If you have direct deposit set up on your Everyday Checking account, Wells Fargo will not charge the $10 monthly fee, no matter how much money you keep in the account.

If you do not have direct deposit, you can avoid the fee by keeping enough money in your account. For Everyday Checking, that means $500 every single day of the month. The balance is checked daily, so if you drop below $500 even once, you will owe the fee for that month. For Preferred Checking, the requirement is $2,500 daily.

If neither option works for you, the Clear Access Banking account has no monthly fee at all. This account is designed for people who are new to banking or who have had banking problems in the past. It has fewer features than Everyday Checking, but it costs nothing to maintain.

Other charges that are separate from the monthly fee

The monthly maintenance fee is only one cost. Wells Fargo charges additional fees for specific actions or situations. An overdraft fee is charged when you spend more money than you have in your account — this is typically $35 per overdraft. If you use an ATM that is not part of the Wells Fargo network, you may be charged a fee by that ATM's owner, and Wells Fargo may also charge you a fee for using an out-of-network ATM.

Other fees include charges for stopping a check, requesting a replacement debit card, or closing your account within a certain time of opening it. Wire transfer fees, cashier's check fees, and fees for paper statements (if you choose to receive them by mail) may also explore. These are all separate from the monthly account maintenance fee.

When you open an account, ask Wells Fargo for a complete fee schedule so you know what you might be charged for beyond the monthly fee. This helps you understand the full cost of banking with them.

Comparing Wells Fargo checking to other banks

Many banks offer checking accounts with no monthly fee at all, with no minimum balance requirement, and with no direct deposit requirement. Online banks like Ally, Charles Schwab, and others often have checking accounts that charge nothing and pay interest on your balance. Credit unions in your area may also offer free checking accounts to members.

The trade-off is usually in the number of physical branches and ATMs you can use. Wells Fargo has thousands of branches and ATMs across the country, which is valuable if you prefer to handle banking in person or need cash frequently. Online banks have fewer or no physical locations but often have lower fees and higher interest rates. Credit unions have fewer branches but often have better customer service and lower fees for their members.

Before you open a Wells Fargo account, it is worth checking what other banks in your area charge and what features they offer. The monthly fee difference can add up to $120 per year or more, depending on which account you choose and whether you can meet the waiver requirements.

What happens if you cannot meet the balance requirement

If you cannot keep $500 in your Everyday Checking account every day of the month, and you do not have direct deposit, you will be charged the $10 monthly fee. This fee will appear on your statement and will be deducted from your balance. If your balance is already low, this fee can push you into overdraft, which then triggers an overdraft fee on top of the monthly fee.

This is why the Clear Access Banking account may be a better choice for people who cannot maintain a high balance. It has no monthly fee, no minimum balance requirement, and no direct deposit requirement. It also has lower overdraft fees than the other accounts. The trade-off is that it has fewer features and may have limits on how many transactions you can make per month.

If you are struggling to keep enough money in your account, talk to a Wells Fargo representative about which account type makes the most sense for your situation. They can explain the features and fees of each account and help you choose one that fits your needs.

Frequently Asked Questions

Can Wells Fargo waive the monthly fee if I ask them to?

Wells Fargo may waive the fee for a limited time if you call and ask, especially if you are a new customer or if you have been a loyal customer for a long time. However, this is not may provide, and the waiver is usually temporary. The reliable way to avoid the fee is to meet one of the permanent waiver requirements: direct deposit or the required minimum balance.

Does the $500 minimum balance have to be in the checking account, or can it be in savings?

The $500 minimum balance must be in the checking account itself. Money in a savings account, money market account, or other Wells Fargo account does not count toward the checking account balance requirement. Only the funds in your checking account are considered when Wells Fargo decides whether to charge the monthly fee.

What counts as direct deposit for the fee waiver?

Direct deposit means your paycheck, Social Security, pension, or other regular income is deposited electronically into your account by your employer or benefit provider. A one-time transfer from another account does not count. The direct deposit must be set up through your employer's payroll system or through the government agency that sends your benefits.

If I close my account, do I still have to pay the monthly fee?

If you close your account before the end of the month, you may still owe the monthly fee for that month, depending on when you close it and what Wells Fargo's policy is at that time. Some banks charge the fee on the first day of the month, others on the last day. Ask Wells Fargo when the fee is charged before you close your account so you know whether you will owe it.

Does Wells Fargo charge a fee just to open a checking account?

No, there is no fee to open a Wells Fargo checking account. The monthly maintenance fee only starts after the account is open. However, some accounts may have a minimum opening deposit requirement, so ask about that when you open your account.