Premier Checking is Wells Fargo's mid-tier checking account with a monthly fee and higher balance requirements
Wells Fargo Premier Checking sits between their basic and premium accounts. It charges a monthly fee (currently $15, though this varies by region and changes over time), requires a higher minimum balance than standard checking, and offers perks like higher interest rates on the account balance, waived fees on certain services, and priority customer service. You do not need this account to bank with Wells Fargo—it is one option among several, and whether it makes sense depends on how much you keep in the account and which fees matter to you.
The account is designed for people who maintain a larger balance and want to avoid certain fees. If you carry less than the minimum balance or rarely use the extra features, you will pay for benefits you do not use. If you regularly use overdraft services, wire transfers, or other paid features, the fee waivers can offset the monthly cost.
Key Takeaways
- Premier Checking costs $15 per month but waives overdraft fees, wire transfer fees, and other service charges that would otherwise apply.
- The account requires a higher minimum balance than standard checking—typically $10,000 to $25,000 depending on your region—to avoid the monthly fee.
- You earn interest on your account balance, though the rate is usually low and changes based on Federal Reserve decisions.
- If you maintain the minimum balance and use fee-waived services regularly, the account can save you money; if you do not, the monthly charge is a net cost.
Monthly fee and how to avoid it
The $15 monthly fee posts automatically unless you meet one of the waiver conditions. Wells Fargo typically waives the fee if you maintain a minimum daily balance in the account itself—this amount varies by region and branch, but commonly ranges from $10,000 to $25,000. Some branches also waive the fee if you set up a direct deposit of at least $500 per month, though this varies by location.
Check with your local Wells Fargo branch or log into your online account to see which waiver option applies to you. The minimum balance requirement is checked daily, so dipping below it for even one day can trigger the fee for that month. If you cannot maintain the balance consistently, the account will cost you $180 per year in fees alone.
What fees are waived with Premier Checking
The main benefit of Premier Checking is that it waives fees on services that would otherwise cost you money. These include overdraft fees (typically $35 per overdraft on standard accounts), wire transfer fees (domestic wires can cost $15 to $25 on basic accounts), cashier's check fees, and stop payment fees. If you regularly use any of these services, the fee waivers can quickly pay for the $15 monthly charge.
The account also waives fees for excess withdrawals from savings accounts linked to your checking account. On standard accounts, Wells Fargo limits certain types of withdrawals and charges for overages; Premier Checking removes that restriction. However, federal law still limits certain savings account transactions, so this waiver does not override those rules.
Interest rate and how it compares
Premier Checking earns interest on your account balance, which standard checking accounts do not. However, the rate is typically very low—often less than 0.01% annually, depending on the Federal Reserve's current rate environment. If you keep $10,000 in the account, you might earn less than $1 per year in interest.
Online banks and credit unions often offer much higher rates on checking accounts, sometimes 4% to 5% on balances up to a certain limit. If earning interest is your main goal, Premier Checking is not competitive. If you are banking with Wells Fargo anyway and want to earn something rather than nothing, the interest is a small bonus, not a reason to choose the account.
Priority customer service and other perks
Premier Checking includes access to a dedicated customer service line, which means shorter wait times and the ability to reach someone who handles Premier accounts specifically. You also get priority appointment scheduling at branch locations and may receive other perks like discounts on safe deposit boxes or financial planning services, though these vary by location.
These benefits matter most if you use Wells Fargo's services frequently and value faster service. If you rarely call customer service or visit a branch, the priority line adds little value. The perks are not published in a single list—call your local branch or ask during account setup to learn what is available in your area.
When Premier Checking makes financial sense
Premier Checking is worth the cost if you meet all three conditions: you can maintain the minimum balance without strain, you regularly use at least one of the waived services (overdrafts, wire transfers, cashier's checks), and you value the priority customer service. If you maintain $15,000 in the account, use a wire transfer once a month ($20 fee on standard checking), and occasionally overdraft ($35 fee), the account saves you roughly $40 to $50 per month—far more than the $15 monthly cost.
If you maintain the balance but never use the waived services, you are paying $180 per year for perks you do not use. If you cannot maintain the minimum balance, the account costs you money every month. In either case, a standard checking account or an account at a different bank may serve you better.
How to open or switch to Premier Checking
You can open Premier Checking at any Wells Fargo branch, online through their website, or by phone. If you already have a standard checking account with Wells Fargo, you can request to convert it to Premier Checking—the bank will not close your old account; they will upgrade it. Bring a government-issued ID and be prepared to provide your Social Security number.
When you open the account, ask your banker which minimum balance requirement applies to your region and which waiver options are available. Also ask what fees are waived and request a written summary, since these details vary by location and change periodically. If you are converting an existing account, confirm that your direct deposits and automatic payments will continue without interruption.
Frequently Asked Questions
Can I switch back to standard checking if I change my mind?
Yes. You can downgrade to standard checking at any time by visiting a branch, calling customer service, or using online banking. There is no penalty for switching. If you have already paid the monthly fee for the current month, Wells Fargo typically does not refund it, so timing your switch to the end of a billing cycle can save you money.
What happens if my balance drops below the minimum for one day?
The monthly fee will post for that month. Wells Fargo checks the minimum balance daily, so even a temporary dip triggers the charge. If this happens regularly, you may want to switch to standard checking or find an account with a lower or no minimum balance requirement.
Does Premier Checking include overdraft protection?
Premier Checking waives overdraft fees, but it does not prevent overdrafts from happening. If you overdraft, the transaction still goes through, but you will not be charged the $35 fee. You still owe the overdrawn amount. To prevent overdrafts entirely, you can link a savings account or credit line for automatic transfers, though this is a separate service.
Is the interest rate may provide to stay the same?
No. Wells Fargo adjusts the interest rate based on Federal Reserve decisions and market conditions. The rate can go up or down, and you will be notified of changes. Currently, rates are low across the industry, but they may change in the future.
Can I earn the same benefits with a different Wells Fargo account?
Wells Fargo offers other accounts with different fee structures and benefits. Signature Checking has a lower monthly fee but fewer perks. Wealth Management accounts are designed for customers with larger portfolios and offer different benefits. Compare the accounts on Wells Fargo's website or ask a banker which account fits your situation best.