What Premier Checking Is and Who It's Built For

Wells Fargo Premier Checking is a checking account designed for people who maintain higher balances and want more features than a basic account offers. It comes with a monthly fee, but that fee is waived if you keep a minimum balance or set up direct deposit. The account includes perks like higher interest on the balance you hold, ATM fee reimbursement, and access to premium customer service.

This account sits between Wells Fargo's standard checking and their wealth management products. If you keep $500 to $1,000 in your account most months anyway, the fee structure might work in your favor. If you typically run a low balance, the standard checking account is usually cheaper.

Key Takeaways

  • Premier Checking charges a monthly fee that is waived if you maintain a $500 minimum daily balance or receive direct deposit of at least $500 per month.
  • The account earns interest on your balance, though the rate varies and is typically low compared to online savings accounts.
  • You get ATM fee reimbursement at non-Wells Fargo machines, meaning the bank refunds charges other banks impose on you.
  • Premier Checking includes a dedicated customer service line, but standard checking does not.
  • The account comes with a debit card, online banking, and mobile app access at no extra cost.

Monthly Fees and How to Avoid Them

Wells Fargo charges $13 per month for Premier Checking as of the most recent update, though this fee can change. You can waive it in two ways: keep a minimum daily balance of $500, or receive direct deposit of at least $500 per month. The balance requirement is checked daily, so dipping below $500 even once during the month does not automatically trigger the fee—but if your balance falls below $500 on the day the fee posts, you will be charged.

Direct deposit is the easier route for most people because it is automatic. Once your employer or benefit provider sends money directly to your Premier account, the fee waiver applies every month without you having to think about it. If you do not have direct deposit, you need to keep the $500 cushion in the account at all times.

Interest Earned on Your Balance

Premier Checking earns interest on the money you keep in the account. The rate Wells Fargo pays changes based on Federal Reserve decisions and market conditions, so it is not fixed. Currently, the rate is very low—typically less than 0.01% annually—which means a $1,000 balance earns less than 10 cents per year.

This interest is not a reason to choose Premier Checking. You would earn far more in a high-yield savings account at an online bank, where rates often exceed 4% annually. Premier Checking interest is a small bonus for money you are keeping there anyway for spending and bill pay, not an investment tool.

ATM Access and Fee Reimbursement

Wells Fargo has thousands of ATMs nationwide, and you can use them free with Premier Checking. When you use an ATM owned by another bank, that bank usually charges a fee—typically $2 to $3. With Premier Checking, Wells Fargo refunds those charges, so you pay nothing out of pocket.

This matters if you travel, live in an area with few Wells Fargo branches, or use ATMs at convenience stores or airports. The reimbursement is automatic; you do not need to request it. The fee appears on your statement, then a credit appears a few days later. Over a year, this can save $20 to $40 if you regularly use out-of-network ATMs.

Customer Service and Account Features

Premier Checking gives you a dedicated phone line for customer service, which means shorter wait times than the standard checking line. You also get priority handling for disputes and account issues. For most people, this is a minor perk—standard checking customers can still reach a representative—but if you call frequently, the shorter wait is real.

The account includes all standard features: online banking, mobile app, bill pay, transfers between accounts, and a debit card. You can set up alerts for low balance or large transactions. There are no limits on how many checks you can write or how many transfers you can make per month, though Wells Fargo does limit certain types of transfers to six per month (a federal rule that applies to most banks).

When Premier Checking Makes Sense

Premier Checking is worth considering if you have direct deposit and do not want to think about minimum balances, or if you maintain $500 or more in checking anyway. The ATM reimbursement adds real value if you regularly use out-of-network machines. The dedicated service line matters only if you call your bank often.

Premier Checking does not make sense if you keep less than $500 in checking, because the $13 monthly fee will cost you $156 per year. It also does not make sense if you want to earn meaningful interest on your money—that belongs in a savings account or money market account, not checking. Compare the total cost (fee minus ATM reimbursements and interest earned) against what you would pay with standard checking before you decide.

How Premier Checking Compares to Other Wells Fargo Accounts

Wells Fargo offers several checking options. Standard Checking has no monthly fee and no minimum balance, but you do not get ATM reimbursement or the dedicated service line. Wells Fargo Platinum Checking is a step up from Premier, with a higher fee and higher balance requirement, aimed at people who want more premium features. Wells Fargo Signature Checking is designed for older adults and has different fee rules.

For most people, the choice is between Standard and Premier. If you have direct deposit or keep $500 in the account anyway, Premier's ATM reimbursement and service line may justify the fee. If you do not, Standard Checking is cheaper and covers all the basics.

Frequently Asked Questions

What happens if my balance drops below $500 for one day?

The fee is waived based on your balance on the day the fee posts, which is typically the first business day of the month. If your balance is $500 or higher on that day, you are not charged. Dipping below $500 on other days does not trigger the fee, as long as you are back above $500 when the fee posts.

Can I use Premier Checking if I do not have direct deposit?

Yes. You just need to keep a $500 minimum daily balance to waive the fee. This means your balance must stay at or above $500 every single day. If you cannot maintain that consistently, the $13 monthly fee will explore.

Does Wells Fargo reimburse ATM fees at all banks?

Wells Fargo reimburses fees charged by other banks when you use their ATMs. This covers most ATMs in the United States. The reimbursement is automatic and appears as a credit on your statement within a few days of the fee posting.

Is the interest rate on Premier Checking competitive?

No. Premier Checking interest rates are typically below 0.01% annually, which is far lower than high-yield savings accounts. If you want to earn meaningful interest, keep your savings in a separate savings or money market account, not in checking.

Can I switch from Standard Checking to Premier Checking?

Yes. You can contact Wells Fargo online, by phone, or at a branch to convert your account. There is no fee to switch, and your account number and routing number remain the same. You can also switch back to Standard Checking at any time.