Do you find yourself wondering, "How much does Wells Fargo charge every month?" You're not alone! Navigating bank fees can feel like deciphering a secret code. But fear not, this comprehensive guide will break down the typical monthly charges you might encounter with Wells Fargo accounts and, more importantly, empower you with strategies to avoid them.
Understanding Wells Fargo's Fee Structure
Wells Fargo, like many large financial institutions, implements various fees for its banking products and services. These fees are designed to cover operational costs, but for customers, they can chip away at your hard-earned money. The good news is that many of these monthly fees are waivable if you meet certain conditions. It's crucial to understand that "monthly" for Wells Fargo often refers to a "fee period," which can range from 25 to 35 days, not necessarily a calendar month.
Let's dive into the specifics!
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| How Much Does Wells Fargo Charge Every Month |
Step 1: Identify Your Account Type – The First Key to Unlocking Fee Information
Before we delve into specific fees, the absolute first step is to know what type of Wells Fargo account you have. Different accounts come with different fee structures and waiver requirements. Are you an Everyday Checking customer, a Way2Save Savings holder, or do you have a Prime or Premier Checking account?
You can typically find this information on your account statements, through online banking, or by calling Wells Fargo customer service. Once you know your account type, you can precisely identify the monthly service fee associated with it.
Step 2: Demystifying Checking Account Monthly Service Fees
Checking accounts are where most people encounter monthly service fees. Wells Fargo offers several checking account options, each with its own monthly fee and ways to avoid it.
Sub-heading: Everyday Checking – The Most Common Choice
The Wells Fargo Everyday Checking account is one of their most popular.
Tip: Highlight sentences that answer your questions.
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Monthly Service Fee: The standard monthly service fee for an Everyday Checking account is typically $10.
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How to Avoid the $10 Monthly Service Fee (Choose ONE each fee period):
- Maintain a Minimum Daily Balance: Keep a minimum daily balance of $500 or more. This means that on any given day during the fee period, your balance should not dip below this amount.
- Qualifying Electronic Deposits: Have $500 or more in total qualifying electronic deposits. This usually includes direct deposits from your employer, government benefits, or other automated deposits.
- Age Requirement: The primary account owner is 17 – 24 years old. This waiver is a great perk for students and young adults.
- Linked Campus Card (Effective May 1, 2025 - No Longer Available for New Linking): Previously, linking a Wells Fargo Campus ATM Card or Campus Debit Card could waive the fee. As of May 1, 2025, new Campus Cards cannot be linked for this purpose.
- Qualifying Military Direct Deposit: Have a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
Sub-heading: Clear Access Banking – Designed for Simplicity
The Wells Fargo Clear Access Banking account is often marketed as a simpler, no-overdraft checking account.
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Monthly Service Fee: The monthly service fee for Clear Access Banking is typically $5.
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How to Avoid the $5 Monthly Service Fee (Choose ONE each fee period):
- Age Requirement: The primary account owner is 13 – 24 years old.
- Qualifying Military Direct Deposit: Have a qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
- Linked Campus Card (Effective May 1, 2025 - No Longer Available for New Linking): Similar to Everyday Checking, this option is no longer available for new linking as of May 1, 2025.
Sub-heading: Prime Checking and Premier Checking – For Higher Balances
Wells Fargo also offers premium checking accounts like Prime Checking and Premier Checking, which come with higher monthly fees but also offer more benefits and higher balance requirements for fee waivers.
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Prime Checking Monthly Service Fee: Typically $25.
- How to Avoid: Maintain $20,000 or more in statement-ending qualifying balances.
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Premier Checking Monthly Service Fee: Typically $35.
- How to Avoid: Maintain $250,000 or more in statement-ending qualifying linked balances.
Step 3: Navigating Savings Account Monthly Service Fees
Savings accounts at Wells Fargo also have monthly service fees, though they are generally lower than checking accounts.
Sub-heading: Way2Save® Savings – The Basic Savings Option
The Wells Fargo Way2Save® Savings account is their most common savings offering.
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Monthly Service Fee: The standard monthly service fee for Way2Save Savings is typically $5.
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How to Avoid the $5 Monthly Service Fee (Choose ONE each fee period):
- Minimum Daily Balance: Maintain a minimum daily balance of $300 or more.
- Automatic Transfers: Make one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account.
- Daily Automatic Transfers: Make one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account.
- ***Save As You Go® Transfers:***
Have one or more Save As You Go® transfers from a linked Wells Fargo checking account. - Age Requirement: The primary account owner is 24 years old or under.
Sub-heading: Platinum Savings – For Larger Savings
Wells Fargo Platinum Savings is designed for those with larger savings balances.
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Monthly Service Fee: The monthly service fee for Platinum Savings is typically $12.
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How to Avoid: Maintain a $3,500 minimum daily balance each fee period.
Sub-heading: Certificates of Deposit (CDs)
Wells Fargo CDs generally do not have monthly service fees. However, they do have minimum opening deposit requirements (e.g., $2,500 for a standard fixed-rate CD) and penalties for early withdrawals.
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Step 4: Understanding Other Potential Monthly or Recurring Fees
While the monthly service fee is the most common, be aware of other charges that can accumulate monthly or on a recurring basis.
Sub-heading: Overdraft and Non-Sufficient Funds (NSF) Fees
- Overdraft Fee: If you spend more than you have in your checking account and Wells Fargo covers the transaction, you may incur an overdraft fee. This is typically $35 per item, though there are usually limits on how many fees you can be charged per day (often up to three).
- Important Note: Wells Fargo often waives the overdraft fee if the item is $10 or less, or if your ending daily balance and available balance are overdrawn by $10 or less.
- Returned Item Fee (NSF): If a transaction is attempted but cannot be paid because you don't have enough funds, and Wells Fargo does not cover it, the item may be returned, and you won't be charged an NSF fee by Wells Fargo.
Sub-heading: ATM Fees
While Wells Fargo doesn't charge fees for withdrawals or balance inquiries at their own ATMs, using an out-of-network ATM can lead to charges:
- Wells Fargo Fee for Non-Wells Fargo ATMs: Typically $2.50 to $5.00 per transaction for domestic non-Wells Fargo ATMs. International non-Wells Fargo ATM withdrawals may have higher fees.
- ATM Operator Fees: Be aware that the owner of the ATM you use may also impose their own fee.
Sub-heading: Credit Card Annual Fees (Less Common Monthly)
While not always "monthly," some credit cards have annual fees that can be viewed as a recurring monthly cost when broken down. Many Wells Fargo credit cards have a $0 annual fee, but some premium cards or specialized cards may have one. Always check the specific terms of your credit card. For example, some secured credit cards might have an annual fee, but often it's waived for the first year.
Sub-heading: Wire Transfer Fees
If you regularly send or receive wire transfers, these can add up:
- Outgoing Domestic Wire Transfer: Varies, but can be around $25-$30.
- Outgoing International Wire Transfer: Can be higher, around $45-$50.
- Incoming Domestic Wire Transfer: Typically $15.
- Incoming International Wire Transfer: Can also be around $15.
Note: Certain premium checking accounts (like Prime or Premier Checking) may offer waivers for some wire transfer fees.
Step 5: Strategies for Proactively Avoiding Monthly Fees
Now that you know what to expect, here's how to take charge and minimize your Wells Fargo fees.
Reminder: Reading twice often makes things clearer.
Sub-heading: Embrace Automation and Consistent Balances
- Set up Direct Deposit: This is often one of the easiest ways to meet waiver requirements for checking accounts.
- Automate Transfers: If your savings account requires automatic transfers, set them up through your online banking. Even small, regular transfers can qualify.
- Monitor Your Balance: Regularly check your account balance, especially if your fee waiver depends on a minimum daily balance. Set up alerts to notify you if your balance drops below a certain threshold.
Sub-heading: Optimize Account Usage
- Consolidate Funds (if applicable): If you have multiple Wells Fargo accounts, consider consolidating funds into one account to meet higher minimum balance requirements for premium accounts, if it makes sense for your financial situation.
- Utilize Wells Fargo ATMs: Stick to Wells Fargo ATMs to avoid out-of-network ATM fees.
- Understand Your "Fee Period": Remember that Wells Fargo uses a "fee period" (25-35 days) not a calendar month. Knowing your fee period end date can help you ensure you meet waiver requirements in time. You can find this on your account statements.
Sub-heading: Leverage Age-Based Waivers
- For Students and Young Adults: If you or your dependent fall within the eligible age range (e.g., 13-24 for Clear Access, 17-24 for Everyday Checking, 24 and under for Way2Save Savings), ensure the account is set up to receive the age-based waiver.
Sub-heading: Communicate with Wells Fargo
- Review Your Statements: Always review your monthly statements for any unexpected fees.
- Contact Customer Service: If you have questions about fees or believe you've been unfairly charged, don't hesitate to contact Wells Fargo customer service. Sometimes, they may be able to offer a one-time waiver as a courtesy.
- Explore Account Changes: If your current account isn't working for you, or you're consistently paying fees, discuss other account options with Wells Fargo. A different account type might better suit your banking habits.
By being aware of Wells Fargo's fee structure and proactively implementing these strategies, you can significantly reduce or even eliminate the monthly charges on your accounts. Remember, banking should be convenient, not costly!
10 Related FAQ Questions
How to avoid Wells Fargo Everyday Checking monthly fees? You can avoid the $10 monthly fee by maintaining a $500 minimum daily balance, having $500 or more in qualifying electronic deposits, being 17-24 years old, or having a qualifying military direct deposit.
How to avoid Wells Fargo Way2Save Savings monthly fees? Avoid the $5 monthly fee by maintaining a $300 minimum daily balance, setting up one automatic transfer of $25+ (or daily $1+) from a linked Wells Fargo checking account, using Save As You Go® transfers, or being 24 years old or under.
How to check my Wells Fargo account's fee period? You can find your fee period end date in the "Monthly service fee summary" section of your periodic account statements.
How to prevent overdraft fees with Wells Fargo? You can prevent overdraft fees by monitoring your balance closely, enrolling in Overdraft Protection (linking a savings or credit account), or opting for a Clear Access Banking account which does not allow overdrafts.
How to get rid of Wells Fargo ATM fees? To avoid Wells Fargo ATM fees, use Wells Fargo-branded ATMs. You may still be charged a fee by the owner of a non-Wells Fargo ATM.
QuickTip: Skip distractions — focus on the words.
How to qualify for a Wells Fargo Premier Checking fee waiver? To avoid the $35 monthly fee for Premier Checking, you need to maintain $250,000 or more in statement-ending qualifying linked balances.
How to lower my Wells Fargo credit card fees? Most Wells Fargo credit cards have no annual fee. To avoid other fees like late payment fees or interest charges, pay your credit card bill on time and in full each month.
How to change my Wells Fargo account type? You can typically change your account type by visiting a Wells Fargo branch, or by contacting their customer service via phone or secure message through online banking.
How to check my Wells Fargo account balance to avoid fees? You can check your balance through the Wells Fargo Mobile® app, online banking, at a Wells Fargo ATM, or by calling their automated phone service.
How to contact Wells Fargo about a fee I was charged? You can contact Wells Fargo customer service by calling the number on the back of your debit card or statement, or by visiting a local branch to discuss any fees you believe were incorrectly applied.
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