Monthly Fee for Wells Fargo Accounts: Avoiding and Understanding

If you're a Wells Fargo customer, you might be surprised to find a monthly fee attached to your account. This fee can range from $10 to $35 per month, depending on the type of account you have.

Wells Fargo offers a variety of accounts with different fees, so it's essential to review your account details to understand what you're being charged.

Some accounts, like the Wells Fargo Everyday Checking account, come with a $10 monthly service fee that can be waived if you meet certain requirements, such as maintaining a minimum balance of $1,500 or receiving direct deposits of at least $500 per month.

You can avoid the monthly fee by taking advantage of these requirements or exploring alternative accounts with lower or no fees.

Wells Fargo charges a monthly maintenance fee on several of its accounts.

The Everyday Checking account has a monthly service fee of $10. The Preferred Checking account has a higher fee of $15. The Prime Checking account has a fee of $25, and the Premier Checking account has the highest fee at $35.

The Clear Access Banking account has a relatively low monthly service fee of $5. The Way2Save Savings account also has a monthly service fee of $5. In contrast, the Platinum Savings account has a higher fee of $12.

Here's a breakdown of the monthly service fees for each account:

These fees may not seem like much initially, but they add up over time.

You can avoid monthly charges on your Wells Fargo account by meeting certain balance requirements or linking specific accounts. To qualify for a fee waiver, you'll need to maintain a minimum balance of $10,000 across your Wells Fargo accounts.

Keeping a combined balance of at least $20,000 in Wells Fargo deposit and investment accounts also waives monthly fees. This can be achieved by consolidating your banking with Wells Fargo, making it easier to meet the combined balance requirements.

Direct deposits, such as your paycheck or Social Security benefits, can also help you meet waiver thresholds. Setting up automatic savings transfers, like a $25 monthly transfer, not only waives fees but also helps build your savings.

Wells Fargo offers different types of checking accounts, each with its own fee waiver options. For example, the Prime Checking account requires a combined balance of at least $250,000 across Wells Fargo deposit and investment accounts to waive the monthly fee.

Here are some specific account requirements to avoid monthly charges:

By understanding the fee waiver options for your specific account, you can avoid monthly charges and save money on your banking.

To help you understand the monthly fee for a Wells Fargo account, let's break down the details.

The Everyday Checking account has a $10 monthly service fee, but it can be waived in several ways, including keeping a minimum daily balance of $500, receiving at least $500 in qualifying direct deposits per month, being 17-24 years old, or linking a Wells Fargo Campus ATM Card or Debit Card to your account.

Some Wells Fargo checking accounts have higher monthly fees, such as the Preferred Checking account, which costs $15 per month. However, if you have a Wells Fargo mortgage linked to your account, the fee is waived.

Wells Fargo offers several checking accounts, including Everyday Checking, Prime Checking, Premier Checking, and Clear Access Banking. Each account has its own fee structure and requirements.

To avoid the monthly fee on the Everyday Checking account, you can meet one of the following requirements: keep a minimum daily balance of $500, receive at least $500 in qualifying direct deposits per month, be 17-24 years old, or link a Wells Fargo Campus ATM Card or Debit Card to your account.

Here are the monthly fees for some of the Wells Fargo checking accounts:

The Clear Access Banking account, designed for teens and students, has a $5 monthly fee, but it's automatically waived for those aged 13 to 24.

Wells Fargo has had its fair share of controversies, including a $3.7 billion fine in 2022.

The bank has also been involved in a class action suit in 2023.

One of the most notable drawbacks of banking with Wells Fargo is the high monthly fees on most deposit accounts.

These fees can add up quickly, and the bank's high $35 overdraft fee doesn't help.

If you're looking to save money, you might be disappointed to know that Wells Fargo's low savings APYs won't help you grow your savings fast.

Additionally, the high CD deposit requirements can make it difficult to start saving with the bank.

Here are some of the key drawbacks of banking with Wells Fargo: