What fees Wells Fargo charges on savings accounts

Wells Fargo charges a monthly maintenance fee on most savings accounts if your balance falls below a set amount. The fee is usually $5 per month, though it varies by account type. You avoid it by keeping your balance above the minimum — typically $300 to $500, depending on which savings product you have.

Beyond the monthly fee, Wells Fargo also charges for specific actions: overdraft fees if you withdraw more than you have, fees for excessive transfers out of the account (federal rules limit you to six per month), and fees if you close the account within a certain timeframe. Some accounts charge fees for paper statements or for using an out-of-network ATM.

The exact fees and minimums depend on which Wells Fargo savings account you hold. The bank offers several versions — the basic savings account, the Way2Save account, and others — and each has different rules. You can find your account's specific fees in the account agreement Wells Fargo gave you when you opened it, or by logging into your online account and looking for the fee schedule.

Key Takeaways

  • The main fee on Wells Fargo savings accounts is a monthly maintenance charge of around $5, which you avoid by keeping your balance above the minimum threshold for your account type.
  • You can waive the monthly fee by setting up a direct deposit of at least $25 per month into the account, which Wells Fargo offers on most savings products.
  • Federal law limits you to six transfers or withdrawals per month from a savings account; exceeding this limit triggers a fee each time you go over.
  • Closing an account within 90 days of opening it may result in a fee, so check your account agreement for the exact timeframe.
  • Using Wells Fargo ATMs and avoiding overdrafts are the simplest ways to prevent additional charges beyond the monthly maintenance fee.

Meeting the minimum balance to skip the monthly fee

The easiest way to avoid the monthly maintenance fee is to keep enough money in your account. For most Wells Fargo savings accounts, the minimum is between $300 and $500. As long as your balance stays at or above that number, you will not be charged the monthly fee.

The catch is that the minimum applies to your daily balance, not your average balance. This means if your balance dips below the minimum even once during the month, you may be charged the fee. If you live paycheck to paycheck or have irregular income, this method can be risky — one unexpected expense could trigger the charge.

You can check your current balance anytime through Wells Fargo's website, mobile app, or by calling their customer service line. Set a reminder on your phone to check your balance weekly, or set up a low-balance alert in the app so you know when ready if you are about to drop below the minimum.

Using direct deposit to waive the fee

Wells Fargo waives the monthly maintenance fee on most savings accounts if you set up a direct deposit of at least $25 per month. Direct deposit means your employer (or another source, like Social Security or a pension) sends your payment straight into your account electronically.

To set this up, ask your employer's payroll department for a direct deposit form. You will need to provide your Wells Fargo account number and routing number, both of which appear on the bottom left of your checks or in your online account. Once your employer has the information, it usually takes one or two pay cycles before the direct deposit starts.

If you do not have an employer or regular income source, you may still be able to set up a direct deposit from Social Security, unemployment benefits, a pension, or even a regular transfer from another bank account. The key is that it has to be automatic — you cannot manually transfer money yourself and have it count as a direct deposit. Call Wells Fargo at the number on the back of your debit card to ask which types of deposits may have access to.

Staying within the six-transfer limit

Federal law limits how many times you can transfer or withdraw money from a savings account to six per month. This includes transfers to another account, withdrawals at an ATM, checks written against the account, and debit card purchases. Once you hit six, Wells Fargo charges a fee for each additional transaction.

The fee is usually $10 per excess transaction, though it can vary. The limit resets on the first day of each calendar month. If you need to move money out of savings frequently, consider using a checking account instead — checking accounts do not have this limit.

To track your transfers, log into your Wells Fargo account online or through the app and look at your transaction history. Count how many times you have moved money out of the account that month. If you are approaching six, wait until the next month to make additional transfers, or move the money to your checking account first and then use your checking account for the transaction.

Avoiding overdraft and ATM fees

An overdraft happens when you try to withdraw or spend more money than you have in your account. Wells Fargo charges an overdraft fee — usually $35 — each time this occurs. You can prevent this by checking your balance before you spend and by setting up a low-balance alert in the Wells Fargo app.

Wells Fargo also charges a fee if you use an ATM that does not belong to Wells Fargo. The fee is usually $2 to $3 per transaction. To avoid this, use only Wells Fargo ATMs or ATMs in the MoneyPass network, which Wells Fargo customers can use for free. You can find a Wells Fargo ATM near you through the bank's website or app.

If you do accidentally overdraft, contact Wells Fargo right away. Some banks will reverse one overdraft fee per year if you ask and have a good account history. It is worth asking, though Wells Fargo does not may provide they will remove the fee.

Understanding early closure fees

If you close your Wells Fargo savings account within 90 days of opening it, the bank may charge you a fee — typically $25. This is designed to discourage people from opening accounts just to receive a promotional bonus and then closing them when ready.

The 90-day window starts from the day you open the account. If you need to close the account before that time is up, you will likely be charged. After 90 days, you can close the account without penalty.

If you are thinking about closing your account, check your account agreement or call Wells Fargo to confirm the exact timeframe and fee amount for your specific account type. Some accounts may have different rules.

Comparing Wells Fargo savings accounts to find lower fees

Wells Fargo offers several savings account options, and not all of them have the same fees or minimums. The Way2Save account, for example, has a lower monthly fee than the standard savings account and may have a lower minimum balance requirement. The Performance Savings account is designed for people who want to keep larger balances and earn higher interest rates.

Before you open an account, compare the fee schedules side by side. Look at the monthly maintenance fee, the minimum balance required, whether direct deposit waives the fee, and any other charges that explore. Wells Fargo's website lists these details for each account type, or you can ask a banker in person at a branch.

If Wells Fargo's fees are higher than you want to pay, you can also look at savings accounts from other banks. Many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance. The trade-off is usually that you cannot walk into a physical branch, but if you are comfortable banking online, you may save money.

Frequently Asked Questions

Can I get a refund if Wells Fargo charged me a fee I did not know about?

You can ask Wells Fargo to reverse the fee, especially if it is your first time being charged. Call the number on the back of your debit card or visit a branch in person. Explain what happened and ask politely if they can remove it. Wells Fargo does not have to agree, but many banks will reverse one or two fees if you have a good account history.

What counts as a direct deposit for fee waiver purposes?

Direct deposit must be an automatic, recurring transfer from an employer, government agency, or financial institution. Manual transfers you make yourself do not count. Social Security, unemployment, pensions, and payroll all count. Ask Wells Fargo directly if you are unsure whether your specific income source qualifies.

Do I get charged if my balance goes below the minimum for just one day?

Yes, Wells Fargo charges the monthly fee if your balance falls below the minimum at any point during the month. The fee is based on your daily balance, not your average balance. If you are close to the minimum, keep a small buffer to be safe.

Can I move money from savings to checking without it counting toward the six-transfer limit?

Transfers between your own Wells Fargo accounts do count toward the six-transfer limit on the savings account. However, you can withdraw cash from savings and deposit it into checking without triggering the limit — this is considered a withdrawal, not a transfer. Check with Wells Fargo to confirm the current rules, as they can change.

What happens if I close my account before 90 days?

Wells Fargo will charge you an early closure fee, usually $25, if you close within 90 days of opening. After 90 days, you can close without penalty. If you have already been charged this fee, you can ask Wells Fargo to reverse it, though they are not required to do so.