Feeling the pinch of monthly bank fees? You're not alone! Many people find themselves paying unnecessary charges on their savings accounts, and Wells Fargo is no exception. But don't worry, it's entirely possible to avoid these fees with a bit of planning and understanding of how your account works. This lengthy guide will walk you through the steps to keep your hard-earned money in your pocket, not Wells Fargo's.
Let's dive in and take control of your finances!
Step 1: Understand Your Wells Fargo Savings Account
Before you can avoid fees, you need to know what you're dealing with. Wells Fargo typically offers a few types of savings accounts, each with its own fee structure and ways to waive those fees.
Sub-heading: Identify Your Account Type
- Way2Save® Savings: This is a common savings account at Wells Fargo. It typically has a monthly service fee of $5.
- Platinum Savings: This account offers potentially higher interest rates but also comes with a higher monthly service fee, usually $12. However, it also has different, often higher, requirements to waive the fee.
- Other Savings Accounts: Wells Fargo may have other specialized savings accounts or promotional offers. It's crucial to confirm the specific terms of your account.
Sub-heading: Locate Your Fee Information
Your monthly statement, both paper and online, will have a "Monthly Service Fee Summary". This section is your go-to resource for understanding your current fee and the specific ways to avoid it. You can also find this information within your mobile and online banking secure session.
Tip: Wells Fargo's website also provides detailed "Consumer Account Fee and Information Schedule" documents, which are incredibly helpful. A quick search on their site for "Wells Fargo savings account fees" should lead you to the most up-to-date information.
Step 2: Master the Fee Waiver Requirements
Once you know your account type, you can target the specific requirements to waive the monthly service fee. These are the key to keeping your savings account free.
Sub-heading: For Way2Save® Savings Accounts
To avoid the $5 monthly service fee for a Way2Save® Savings account, you typically need to meet one of the following conditions each fee period:
- Maintain a Minimum Daily Balance: This is often the most straightforward option for many. For Way2Save, you'll generally need to maintain a minimum daily balance of $300. This means that on every single day of the fee period, your balance must not drop below $300.
- Set Up Automatic Transfers: Wells Fargo encourages automatic savings. You can waive the fee by:
- Having one automatic transfer of $25 or more from a linked Wells Fargo checking account each fee period.
- Having one automatic transfer of $1 or more each business day within the fee period from a linked Wells Fargo checking account. This is a great way to "set it and forget it" if you want to consistently save.
- Utilize Save As You Go® Transfers: This unique feature allows you to automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save account for every completed Bill Pay or one-time debit card purchase. If you make one or more Save As You Go® transfers within the fee period, the fee is waived.
- Age Qualification: If the primary account owner is 24 years old or under, the monthly service fee is typically waived. Keep in mind that once the primary account owner turns 25, this waiver no longer applies.
Sub-heading: For Platinum Savings Accounts
The Platinum Savings account has a higher fee ($12) and different waiver requirements:
- Maintain a Higher Minimum Daily Balance: For Platinum Savings, you generally need to maintain a minimum daily balance of $3,500 each fee period to avoid the fee.
- Linking to an Eligible Checking Account (for Relationship Rates, potentially fee waivers): While not a direct fee waiver in all cases, linking your Platinum Savings account to a Wells Fargo Prime Checking or Premier Checking account can qualify you for higher "relationship interest rates." It's important to check if this linking also waives the Platinum Savings monthly fee, as the requirements can vary.
Step 3: Implement Your Fee Avoidance Strategy
Now that you know the options, it's time to put your plan into action!
Sub-heading: Option A: Maintaining the Minimum Balance
This is often the preferred method for those with a stable amount of savings.
- Assess Your Current Balance: Look at your average daily balance over the last few months. Can you consistently keep it above the required minimum ($300 for Way2Save, $3,500 for Platinum)?
- Adjust Your Spending Habits (if needed): If your balance frequently dips below the minimum, you might need to adjust your spending or consider moving funds from a checking account to maintain the required balance.
- Monitor Your Account Regularly: Utilize Wells Fargo's online banking and mobile app to check your balance frequently. Set up balance alerts to notify you if your account balance drops below a certain threshold. This is a proactive step to prevent fees.
Sub-heading: Option B: Setting Up Automatic Transfers
This is a fantastic way to save consistently and avoid fees simultaneously.
- Log In to Wells Fargo Online Banking: Navigate to the "Transfers" or "Bill Pay & Transfers" section.
- Select "Set Up Automatic Transfers": Choose your Wells Fargo checking account as the source and your savings account as the destination.
- Configure Your Transfer Details:
- Amount: Choose an amount that meets the waiver requirement ($25 or more for one-time monthly, or $1 or more daily for Way2Save).
- Frequency: Select "monthly" or "daily" depending on the specific waiver you're targeting.
- Start Date: Pick a date that works for your pay cycle.
- Confirm and Save: Double-check all the details before confirming the automatic transfer. You'll receive a confirmation, so keep it for your records.
Sub-heading: Option C: Leveraging Save As You Go®
This is perfect for those who use their debit card frequently for everyday purchases.
- Link Your Accounts: Ensure your Way2Save Savings account is linked to your Wells Fargo checking account.
- Enroll in Save As You Go®: You can typically do this through online banking or by speaking with a Wells Fargo representative.
- Make Qualifying Purchases: Each time you make a Bill Pay or one-time debit card purchase, $1 will automatically be transferred from your linked checking to your savings. Just one of these transfers in a fee period will waive the fee.
Sub-heading: Option D: Age Qualification
If you're 24 or under and the primary account holder, you likely don't need to do anything to avoid the fee on a Way2Save account. However, be mindful of your 25th birthday, as the fee waiver will then cease. Plan to implement one of the other strategies before that time.
Step 4: Monitor and Adjust
Avoiding fees isn't a one-and-done task. It requires ongoing attention.
Sub-heading: Regularly Review Your Statements
Always review your monthly statements. Look at the "Monthly Service Fee Summary" to confirm that the fee was waived. If you see a fee, investigate why it was charged.
Sub-heading: Set Up Account Alerts
- Low Balance Alerts: Configure alerts to notify you via text or email if your savings account balance falls below a certain amount (e.g., $320 for Way2Save, giving you a buffer).
- Transaction Alerts: Set up alerts for large withdrawals or suspicious activity.
- Automatic Transfer Confirmation Alerts: If you're relying on automatic transfers, ensure you receive confirmation that they are happening as scheduled.
Sub-heading: Re-evaluate Your Needs
Periodically, review your financial habits and account needs. Are you still using your savings account in a way that aligns with the fee waiver requirements? If your financial situation changes, you may need to adjust your strategy or even consider a different account type that better suits your needs.
Step 5: Communicate with Wells Fargo
If you're struggling to meet the fee waiver requirements or have questions, don't hesitate to contact Wells Fargo directly.
Sub-heading: Call Customer Service
- Phone Number: You can call Wells Fargo customer service at 1-800-TO-WELLS (1-800-869-3557).
- Be Prepared: Have your account number and a clear explanation of your situation ready. They might be able to offer alternative solutions or clarify specific waiver details.
Sub-heading: Visit a Branch
- In-Person Assistance: Sometimes, a face-to-face conversation with a banker can be more effective. They can review your account history, discuss your options, and even help you set up automatic transfers on the spot.
- Schedule an Appointment: To save time, consider scheduling an appointment through the Wells Fargo website or app before visiting a branch.
By following these steps, you can significantly reduce or eliminate Wells Fargo savings account fees, allowing you to keep more of your money working for you.
10 Related FAQ Questions
Here are 10 common "How to" questions related to Wells Fargo savings account fees, with quick answers:
How to check my Wells Fargo savings account balance to avoid fees?
You can check your balance quickly through Wells Fargo Online Banking, the Wells Fargo Mobile App, at any Wells Fargo ATM, or by calling their automated phone banking service.
How to link a checking account to my Wells Fargo savings account for fee waivers?
You can link accounts through Wells Fargo Online Banking under the "Account Services" or "Transfers" section, or by visiting a Wells Fargo branch.
How to set up automatic transfers to my Wells Fargo savings account?
Log in to Wells Fargo Online Banking, navigate to "Transfers," and select "Set Up Automatic Transfers." Choose your linked checking account as the source and your savings as the destination, then specify the amount and frequency.
How to enroll in Wells Fargo's Save As You Go® program?
You can enroll in Save As You Go® via Wells Fargo Online Banking or by contacting customer service. Ensure your Way2Save Savings is linked to a Wells Fargo checking account.
How to find the specific fee waiver requirements for my Wells Fargo savings account?
Refer to the "Monthly Service Fee Summary" section on your paper or online Wells Fargo statement, or consult the "Consumer Account Fee and Information Schedule" on the Wells Fargo website.
How to avoid overdraft fees on my Wells Fargo savings account?
While savings accounts are generally not used for daily transactions that lead to overdrafts, ensure you don't over-withdraw from your ATM/debit card. Consider linking a checking account for overdraft protection, but be aware of potential transfer fees.
How to get a Wells Fargo savings account fee waived if I accidentally incurred one?
Contact Wells Fargo customer service or visit a branch to explain your situation. While not guaranteed, they may offer a one-time courtesy waiver, especially if you rarely incur fees or have a good banking relationship.
How to tell if my Wells Fargo savings account is still considered "age-qualified" for fee waivers?
If you are the primary account owner and 24 years old or under, the fee is generally waived for Way2Save. Once you turn 25, this waiver typically expires, and you'll need to meet other criteria.
How to switch to a different Wells Fargo savings account to avoid fees?
You can discuss other account options with a Wells Fargo banker at a branch or by calling customer service. They can help you compare accounts and initiate the conversion process.
How to get notified if my Wells Fargo savings account balance is getting low?
Set up balance alerts through Wells Fargo Online Banking or the mobile app. You can customize the threshold at which you receive notifications via text or email.