You're looking to keep more of your hard-earned money and less in bank fees – that's a smart financial move! Wells Fargo, like many large banks, has specific requirements to waive monthly service fees on their various accounts. Understanding these requirements is key to avoiding unnecessary charges. Let's break it down step-by-step.
How Much to Keep in Wells Fargo to Avoid Fees: A Comprehensive Guide
Avoiding monthly service fees at Wells Fargo is absolutely achievable, but it requires a bit of understanding about their different account types and the specific criteria for each. The good news is that Wells Fargo offers multiple pathways to waive these fees, so you can choose the one that best fits your financial habits.
Step 1: Identify Your Current Wells Fargo Account(s)
First things first, do you know exactly which Wells Fargo account(s) you have? This is the most crucial piece of information. Different accounts have different fee structures and waiver requirements.
- Action: Take a moment to log into your Wells Fargo online banking, check your latest statement, or even call Wells Fargo customer service (1-800-869-3557) if you're unsure. Note down the exact name of your checking and/or savings account(s). Common accounts include:
- Everyday Checking
- Prime Checking
- Premier Checking
- Clear Access Banking
- Way2Save® Savings
- Platinum Savings
Once you know your account type, you're ready for the next step.
Step 2: Understand the Fee Waiver Requirements for Your Checking Account(s)
Wells Fargo checking accounts often come with a monthly service fee, but they also provide several ways to avoid it.
Sub-heading: Everyday Checking
This is one of Wells Fargo's most common checking accounts.
- Monthly Service Fee: Typically $10
- How to Avoid the Fee (Choose one of the following each fee period):
- Maintain a Minimum Daily Balance: Keep a minimum daily balance of $500 in your Everyday Checking account. This means your balance must not drop below $500 at any point during the entire fee period.
- Qualifying Electronic Deposits: Have $500 or more in total qualifying electronic deposits each fee period. This often includes direct deposits from your employer, government benefits, or other electronic transfers.
- Age Requirement: If the primary account owner is 17 - 24 years old. Note: This waiver typically expires when the primary account owner turns 25.
- Linked Campus Card: Have a Wells Fargo Campus ATM Card or Campus Debit Card linked to this account (though as of May 1, 2025, new Campus Cards cannot be linked).
- Military Direct Deposit: A qualifying monthly non-civilian military direct deposit with the Wells Fargo Worldwide Military Banking program.
Sub-heading: Prime Checking
A more premium checking option with additional benefits.
- Monthly Service Fee: Typically $25
- How to Avoid the Fee:
- Statement-Ending Qualifying Balances: Maintain $20,000 or more in statement-ending qualifying balances. This is a combined balance across linked consumer bank deposit accounts (checking, savings, CDs, FDIC-insured IRAs) and investment account balances (through Wells Fargo Advisors). This is a great option if you have significant funds across multiple Wells Fargo accounts.
Sub-heading: Premier Checking
Wells Fargo's most exclusive checking account.
- Monthly Service Fee: Typically $35
- How to Avoid the Fee:
- Statement-Ending Qualifying Balances: Maintain $250,000 or more in statement-ending qualifying balances. Similar to Prime Checking, this includes linked consumer bank deposit accounts and investment accounts.
Sub-heading: Clear Access Banking
Designed for those who prefer digital banking and want to avoid overdraft fees.
- Monthly Service Fee: Typically $5
- How to Avoid the Fee:
- This account does not have a minimum balance requirement to avoid a monthly fee. It's a great option if you consistently struggle to meet minimum balance thresholds or want to avoid overdrafts, as it generally declines transactions if you don't have enough funds. The fee may be waived for primary account holders aged 13-24.
Step 3: Understand the Fee Waiver Requirements for Your Savings Account(s)
Savings accounts also have their own set of rules for avoiding monthly fees.
Sub-heading: Way2Save® Savings
A popular savings account with automatic transfer features.
- Monthly Service Fee: Typically $5
- How to Avoid the Fee (Choose one of the following each fee period):
- Automatic Transfers: Make at least one automatic transfer of $1 or more each business day within the fee period 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: If the primary account owner is 24 years old or under.
- Minimum Daily Balance: While not always the primary method, some older account variations might have a minimum daily balance waiver. Always check your specific account terms.
Sub-heading: Platinum Savings
A savings account with higher interest rates for larger balances.
- Monthly Service Fee: Typically $12
- How to Avoid the Fee:
- Minimum Daily Balance: Maintain a minimum daily balance of $3,500 each fee period.
- Linked to Prime or Premier Checking: If linked to a Prime Checking or Premier Checking account, you may be eligible for a Relationship Interest Rate and potentially other benefits, which could include fee waivers.
Step 4: Implement Your Fee Avoidance Strategy
Now that you know the requirements for your specific accounts, it's time to put a plan into action.
Sub-heading: For Minimum Balance Waivers
- Track Your Balance Religiously: Use Wells Fargo's online banking and mobile app to monitor your balance daily. Set up low balance alerts so you are notified if your balance drops below the required minimum. This is crucial as the fee is often based on the lowest daily balance during the fee period, not just the average.
- Buffer Your Account: If you're aiming for a minimum balance waiver, consider keeping a little extra above the required amount as a buffer. This helps account for any unexpected debits or slight fluctuations. For example, if the minimum is $500, aim to keep $550 or $600 in there.
Sub-heading: For Direct Deposit/Electronic Deposit Waivers
- Automate Your Income: If your employer offers direct deposit, set it up to go directly into your Wells Fargo account. Ensure the amount meets or exceeds the specified qualifying deposit amount for your account type.
- Regular Transfers: If you don't have direct deposit from an employer, consider setting up recurring electronic transfers from another bank account if they qualify as electronic deposits. Always confirm with Wells Fargo if your specific electronic transfers qualify for the fee waiver.
Sub-heading: Leveraging Age-Based Waivers
- Confirm Eligibility: If you're 17-24 years old, ensure your account is set up to receive the age-based waiver. Keep in mind that this waiver has an expiration date (usually your 25th birthday), so plan for alternative fee avoidance strategies before then.
Sub-heading: Utilizing Linked Accounts
- Consolidate Your Banking: If you have significant assets spread across different institutions, consider consolidating them with Wells Fargo to meet the higher combined balance requirements for Prime or Premier Checking. This can offer not only fee waivers but also other relationship benefits.
- Link Your Accounts: Ensure all eligible checking, savings, and investment accounts are properly linked under your Wells Fargo profile to maximize your combined balance.
Step 5: Review Your Statements and Confirm
- Regularly Check Statements: After implementing your strategy, carefully review your monthly statements from Wells Fargo. Look for the "Monthly Service Fee Summary" section. This will clearly show if a fee was assessed and, if so, why you didn't meet the waiver criteria.
- Contact Wells Fargo if Needed: If you believe you met the requirements but were still charged a fee, don't hesitate to contact Wells Fargo customer service. They can review your account activity and make adjustments if an error occurred.
Step 6: Consider Alternatives (If Necessary)
If you find it consistently challenging to meet the fee waiver requirements for your current Wells Fargo account, or if the fees are simply too high for your banking needs, it might be time to explore other options.
- Switch Account Types: Wells Fargo offers accounts like Clear Access Banking which have no minimum balance requirements and no overdraft fees. This could be a good fit if you primarily use digital banking and want simplicity.
- Explore Other Banks or Credit Unions: Many online banks and local credit unions offer checking and savings accounts with no monthly fees at all, regardless of your balance. They might be a better fit if your banking habits don't align with Wells Fargo's fee waiver criteria.
10 Related FAQ Questions
Here are 10 related FAQ questions about avoiding Wells Fargo fees, starting with "How to":
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How to check my current Wells Fargo account's fee waiver requirements?
- Quick Answer: Log in to Wells Fargo Online, check your monthly statement's "Monthly Service Fee Summary," or call customer service (1-800-869-3557).
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How to set up direct deposit to avoid Wells Fargo fees?
- Quick Answer: Provide your employer or payer with your Wells Fargo account number and routing number. Many employers have an online portal for this, or you can use a direct deposit form from Wells Fargo.
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How to ensure my electronic deposits qualify for fee waivers?
- Quick Answer: Generally, direct deposits from employers, government benefits, or other payroll providers qualify. Confirm with Wells Fargo directly if you're unsure about specific electronic transfers from other institutions.
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How to track my daily balance to avoid Wells Fargo fees?
- Quick Answer: Use the Wells Fargo Mobile® app or log into Wells Fargo Online daily. You can also set up low balance alerts to notify you if your balance drops below a certain threshold.
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How to link my Wells Fargo accounts to meet combined balance requirements?
- Quick Answer: Typically, if your accounts are under the same customer profile, they are automatically considered for combined balances. For premium accounts like Prime or Premier Checking, linking specifically for benefits may be required. Consult a banker for confirmation.
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How to avoid overdraft fees on my Wells Fargo account?
- Quick Answer: Enroll in Overdraft Protection (linking a savings account or line of credit), set up low balance alerts, regularly monitor your spending, and consider accounts like Clear Access Banking which generally decline transactions if you don't have enough funds.
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How to get a fee waived if I was charged it mistakenly by Wells Fargo?
- Quick Answer: Contact Wells Fargo customer service or visit a branch. Explain the situation and provide details from your statement. If you met the criteria, they should be able to reverse the fee.
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How to switch my Wells Fargo account to a different type with lower fees?
- Quick Answer: You can typically initiate an account conversion online, through the mobile app, or by visiting a Wells Fargo branch. Discuss your banking habits with a banker to find the best fit.
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How to find out when my Wells Fargo fee period ends?
- Quick Answer: The fee period details, including the end date, are provided on the "Monthly Service Fee Summary" section of your account statement (paper or online).
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How to avoid ATM fees with Wells Fargo?
- Quick Answer: Always use Wells Fargo ATMs. If you must use an out-of-network ATM, consider withdrawing cash while making a small purchase at a merchant (cash back at checkout) instead of paying an ATM fee. Some premium accounts offer ATM fee reimbursements.
