Most Wells Fargo checking accounts charge a monthly fee, but you can avoid it
Wells Fargo's most common checking account, the Wells Fargo Everyday Checking, carries a $10 monthly maintenance fee. However, you can waive it by meeting one of these conditions: keep a $500 minimum daily balance, set up direct deposit of at least $500 per month, or maintain an average daily balance of $1,500. If none of those work for you, Wells Fargo also offers Wells Fargo Clear Access Banking, which has no monthly fee and no minimum balance requirement.
The fee structure matters because it determines what you actually pay to hold your money. A $10 monthly fee adds up to $120 per year if you don't meet the waiver conditions. Knowing which account fits your situation—and which fee waivers you can realistically maintain—saves you money without switching banks.
Key Takeaways
- Wells Fargo Everyday Checking charges $10 per month unless you maintain a $500 minimum daily balance, set up direct deposit of $500 or more monthly, or keep an average daily balance of $1,500.
- Wells Fargo Clear Access Banking has no monthly fee and no minimum balance, making it free for anyone who qualifies.
- The fee waiver you choose should be one you can maintain consistently; a temporary direct deposit does not count if it stops.
- Overdraft fees and other service charges apply to both accounts and are separate from the monthly maintenance fee.
Wells Fargo Everyday Checking and its fee waivers
The $10 monthly fee on Everyday Checking is waived if you meet at least one of three conditions. The first is a $500 minimum daily balance—meaning your account balance must never drop below $500 on any day of the month. The second is direct deposit of $500 or more per month; this must be a recurring deposit, not a one-time transfer. The third is an average daily balance of $1,500 across the entire month.
If you receive a paycheck via direct deposit and it meets the $500 threshold, this is usually the easiest waiver to maintain. If you don't have direct deposit, the daily balance requirement is the alternative, though it ties up money you might otherwise spend. The average daily balance option is harder to track on your own, since it requires you to calculate your balance every day and average it—something your bank statement will show you after the fact, but not before.
If you don't meet any of these conditions in a given month, the $10 fee posts to your account automatically. You can request a refund if it was charged in error, but Wells Fargo does not reverse fees as a matter of course.
Wells Fargo Clear Access Banking: no fee, no minimum
Clear Access Banking is Wells Fargo's no-fee checking account. It has no monthly maintenance fee, no minimum balance requirement, and no direct deposit requirement. This account is designed for people who cannot or do not want to meet the conditions on Everyday Checking.
The trade-off is that Clear Access Banking offers fewer features than Everyday Checking. For example, it does not include overdraft protection, which means if you spend more than your balance, your transaction will be declined rather than covered by the bank. Everyday Checking includes overdraft protection as a standard feature. If you need overdraft coverage, you would have to add it separately to Clear Access Banking, and that service may carry its own fee.
Clear Access Banking is available to anyone who meets Wells Fargo's account opening requirements, regardless of credit score or banking history. It is the straightforward choice if you want zero monthly charges.
Other fees that apply regardless of account type
The monthly maintenance fee is only one type of charge. Both Everyday Checking and Clear Access Banking are subject to overdraft fees, which Wells Fargo charges when you spend more than your available balance. As of now, Wells Fargo charges $35 per overdraft transaction, though this can change. You can also incur fees for using an out-of-network ATM, stopping payment on a check, or requesting a replacement debit card.
These fees are separate from the monthly maintenance fee and apply to both account types. The monthly fee is what you pay just to hold the account; the other fees are what you pay when you perform specific actions or transactions. Understanding the difference helps you predict your total banking costs.
How to choose between the two accounts
Choose Everyday Checking if you can reliably meet one of the fee waiver conditions. If you receive a paycheck via direct deposit of $500 or more, this account is effectively free and gives you overdraft protection as a standard feature. If you have savings you can keep in the account, the daily balance waiver works too.
Choose Clear Access Banking if you do not have direct deposit, cannot maintain a $500 minimum balance, and do not want to track your average daily balance. You pay no monthly fee, but you lose overdraft protection unless you add it separately. This account is also a good choice if you want to avoid any risk of forgetting to meet a waiver condition and being charged a fee.
Some people open both accounts—one for daily spending and one for savings or overflow—though this is only useful if you can meet the waiver on one of them. Opening a second account just to avoid a fee does not make financial sense.
How to open an account and switch if needed
You can open either account online, by phone, or in person at a Wells Fargo branch. Online applications usually take a few minutes and you can fund the account immediately with a transfer from another bank. In-person applications require a government-issued ID and proof of address (a utility bill or lease works).
If you already have Everyday Checking and want to switch to Clear Access Banking, you can convert your existing account through online banking or by visiting a branch. You do not need to close the old account and open a new one; Wells Fargo can change the account type directly. Your account number and routing number may change, so update any automatic payments or direct deposits after the switch.
If you are switching from another bank entirely, you can set up a new Wells Fargo account and then transfer your balance from your old bank using an ACH transfer, which usually takes three to five business days. You can also deposit a check or transfer money in person at a branch if you need the funds faster.
Frequently Asked Questions
Can I get the monthly fee waived if I only have $400 in my account?
No. The $500 minimum balance waiver requires your balance to never drop below $500 on any day of the month. If your balance falls to $400 even once, you do not meet the condition and the fee will be charged. The other waivers (direct deposit or average daily balance) do not have this problem.
What happens if I set up direct deposit but it stops coming?
If your direct deposit stops, you lose that waiver. The next month, if you do not meet one of the other two conditions, the $10 fee will be charged. Direct deposit must be recurring and ongoing; a one-time deposit does not count, and a deposit that stops counts as no deposit at all.
Does Clear Access Banking have a debit card?
Yes. Clear Access Banking comes with a debit card and online banking access just like Everyday Checking. The main difference is the lack of overdraft protection and the lack of a monthly fee. You can use the debit card at any merchant or ATM that accepts it.
Can I add overdraft protection to Clear Access Banking?
Yes, but it may carry a fee. Wells Fargo offers overdraft protection that links your checking account to a savings account or credit card. If you overdraw, the bank transfers money from the linked account to cover it. Ask Wells Fargo about the cost of this service when you open your account.
Is there a student or senior version of these accounts?
Wells Fargo has offered student and senior checking accounts in the past, but availability varies by location and changes over time. Contact your local branch or call Wells Fargo customer service to ask whether these accounts are currently available in your area and what their fee structure is.