Wells Fargo checking accounts have no opening deposit requirement

You do not need to deposit any money to open a Wells Fargo checking account. Wells Fargo does not charge an account opening fee. You can walk into a branch, explore online, or call to start an account with zero dollars.

That said, most checking accounts work better with some money in them from the start. Wells Fargo's standard checking account comes with a monthly maintenance fee unless you meet one of several conditions that waive it. Understanding those conditions matters more than the opening deposit itself.

Key Takeaways

  • Wells Fargo charges no fee to open a checking account and requires no minimum opening deposit.
  • The account carries a $12 monthly maintenance fee unless you waive it by maintaining a $500 minimum balance or setting up direct deposit.
  • You can open an account online, by phone, or in person at a Wells Fargo branch with just a government ID and Social Security number.
  • Wells Fargo offers a basic checking account with lower balance requirements and fewer features if the standard account's conditions do not fit your situation.

How to avoid the monthly maintenance fee

Wells Fargo's standard checking account charges $12 per month, but you can waive this fee in three ways. The easiest for most people is to set up direct deposit — having your employer or benefit provider send your paycheck or benefit payment directly into the account. If you receive direct deposit, the fee disappears regardless of your balance.

If direct deposit is not an option, you can keep a minimum balance of $500 in the account. This means the account balance should not drop below $500 on any day of the month. Some people find this difficult if they live paycheck to paycheck, because one unexpected expense can trigger the fee.

The third option is to link your Wells Fargo checking account to a Wells Fargo savings account and maintain $500 in the savings account instead. This spreads the requirement across two accounts, which can be easier to manage.

What documents you need to open an account

Wells Fargo requires a government-issued photo ID and your Social Security number. A driver's license, state ID card, or passport all work. You will also need to provide your current address.

If you are opening the account in person at a branch, bring the ID with you. If you are opening online or by phone, you will enter your information and Wells Fargo will verify it. The process usually takes 10 to 15 minutes.

If you do not have a Social Security number, Wells Fargo can open an account using an Individual Taxpayer Identification Number (ITIN) instead, though you will need to visit a branch in person to do so.

Opening an account online versus in person

Opening online is faster and requires no trip to a branch. You can start the process on Wells Fargo's website, answer questions about yourself, and have an account number within minutes. You will still need to verify your identity, which Wells Fargo does by asking security questions or requesting a photo of your ID.

Opening in person at a branch takes longer but can be helpful if you have questions or if you want to deposit cash when ready. A banker can walk you through the account options and answer questions about fees. If you are new to banking, the in-person route often feels less confusing.

You can also open an account by phone by calling Wells Fargo's customer service line. This works well if you prefer talking to a person but cannot visit a branch.

Wells Fargo's basic checking account option

If the standard account's $500 balance requirement or direct deposit condition does not work for you, Wells Fargo offers a basic checking account with lower requirements. This account has a $5 monthly maintenance fee instead of $12, and you can waive it by maintaining a $300 minimum balance or setting up direct deposit.

The basic account comes with fewer features — for example, it includes fewer free transfers per month and does not come with overdraft protection by default. But if you are building credit or managing a tight budget, the lower fee and lower balance requirement can make it a better fit.

Fees beyond the monthly maintenance charge

Wells Fargo's checking account includes other fees you should know about. If you overdraw your account — spend more money than you have — Wells Fargo charges an overdraft fee. This fee varies but is typically around $35 per overdraft. You can opt out of overdraft protection, which means transactions will be declined rather than charged a fee, though this can cause problems if a payment fails unexpectedly.

ATM withdrawals at Wells Fargo ATMs are free. Withdrawals at other banks' ATMs usually cost $2 to $3, though Wells Fargo reimburses some of these fees depending on your account type. Out-of-network transfers and wire transfers may also carry fees.

Wells Fargo does not charge a fee to close the account, so if you decide it is not right for you, you can close it without penalty.

What happens after you open the account

Once your account is open, Wells Fargo will mail you a debit card within 7 to 10 business days. You can use your debit card to withdraw cash at ATMs and make purchases at stores. You can also set up online banking when ready to transfer money, pay bills, and check your balance.

If you need cash before the debit card arrives, you can withdraw money at a Wells Fargo branch with your ID. Some branches will give you a temporary card you can use right away.

Wells Fargo will also send you a checkbook if you request one, though many people use online bill pay or their debit card instead of writing checks.

Frequently Asked Questions

Can I open a Wells Fargo checking account if I have had banking problems before?

Wells Fargo checks your banking history through a system called ChexSystems. If you have unpaid overdrafts, bounced checks, or fraud on past accounts, Wells Fargo may decline to open an account. If this happens, you can ask Wells Fargo why and may be able to address the issue.

Do I need to open a savings account at the same time?

No. You can open just a checking account. However, linking a savings account can help you waive the monthly fee by keeping $500 in savings instead of checking, which some people find easier.

What if I do not have a permanent address?

Wells Fargo requires a current address to open an account. If you are unhoused or living temporarily, you may be able to use a shelter address, a friend's address, or a mailing address. Call Wells Fargo or visit a branch to ask about your specific situation.

Can I open an account for someone else, like a child?

Wells Fargo offers accounts for minors, but a parent or guardian must open the account and be listed as the account owner. The child can be added as an authorized user. Visit a branch to discuss options for your child's age.

How long does it take to start using the account after I open it?

You can use online banking and bill pay when ready. Your debit card arrives in 7 to 10 business days. If you need cash sooner, you can withdraw at a Wells Fargo branch with your ID.