Wells Fargo Checking Accounts Have No Monthly Fee If You Meet One Condition
Wells Fargo does not charge a monthly fee on most of its checking accounts, but you must meet one requirement: keep a minimum daily balance or set up direct deposit. The specific requirement depends on which checking account you open. If you do not meet the condition, Wells Fargo will charge you $10 to $15 per month, depending on the account type.
The most common Wells Fargo checking account is the Wells Fargo Everyday Checking. This account has no monthly fee if you maintain a minimum daily balance of $500 or if you set up a direct deposit of at least $250 per month. If you do neither, the monthly fee is $10.
Wells Fargo also offers Wells Fargo Premier Checking, which is designed for customers who want more features and higher balance requirements. This account charges $15 per month unless you keep a minimum daily balance of $5,000 or set up a direct deposit of at least $500 per month.
Key Takeaways
- Wells Fargo Everyday Checking has no monthly fee if you maintain a $500 minimum daily balance or set up a direct deposit of $250 or more per month.
- Wells Fargo Premier Checking charges $15 per month unless you keep a $5,000 minimum daily balance or receive a direct deposit of $500 or more per month.
- If you do not meet the balance or direct deposit requirement, you will pay $10 to $15 monthly depending on your account type.
- Direct deposit is often the easiest way to avoid monthly fees because it requires no ongoing balance maintenance.
How Direct Deposit Waives the Monthly Fee
Setting up direct deposit is the most reliable way to avoid paying a monthly fee. Direct deposit means your employer or another source (such as Social Security or a pension) sends money directly into your Wells Fargo account on a regular schedule. Once direct deposit is active, Wells Fargo waives the monthly fee regardless of your account balance.
To set up direct deposit, you provide your employer or benefit administrator with your Wells Fargo account number and routing number. You can find both on the bottom left of your checks or in the Wells Fargo mobile app. The direct deposit must post to your account at least once per month to keep the fee waived. If your direct deposit stops for a month, the monthly fee will resume the following month unless your balance meets the minimum requirement.
What Happens If You Do Not Meet the Balance Requirement
If your account balance falls below the minimum and you do not have direct deposit set up, Wells Fargo will charge the monthly fee on the last day of the month. The fee is deducted directly from your account balance. For Everyday Checking, this is $10; for Premier Checking, it is $15.
These fees can add up quickly. If you carry a low balance for a full year without direct deposit, you will pay $120 to $180 in monthly fees alone. Some customers do not notice the fee until they review their account statement weeks later, which can make it harder to track spending.
Minimum Balance Requirements by Account Type
| Account Type | Monthly Fee | Balance Requirement to Waive Fee | Direct Deposit Requirement to Waive Fee |
|---|---|---|---|
| Everyday Checking | $10 | $500 minimum daily balance | $250 or more per month |
| Premier Checking | $15 | $5,000 minimum daily balance | $500 or more per month |
The minimum daily balance is calculated each day. If your balance dips below the requirement even once during the month, you do not meet the condition for that month. Some banks calculate the average daily balance instead, but Wells Fargo uses the minimum daily balance method, which is stricter.
Other Fees That May Apply to Your Account
The monthly maintenance fee is separate from other charges Wells Fargo may assess. You may also encounter overdraft fees (typically $35 per transaction), ATM fees if you use an out-of-network machine, wire transfer fees, and stop-payment fees. These are charged in addition to the monthly fee and are not waived by direct deposit or minimum balance.
Wells Fargo does offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, Wells Fargo transfers money from the linked account instead of charging an overdraft fee. This service is free to set up but may carry other costs depending on the linked account type.
How to Check Your Current Account Status
You can see which account type you have and whether you are meeting the fee waiver requirement by logging into Wells Fargo Online or the mobile app. Go to your account details or account summary. The app will show your current daily balance and whether direct deposit is active on your account.
If you are unsure whether you are meeting the minimum balance requirement, call Wells Fargo customer service at 1-800-869-3557 or visit a local branch. A representative can tell you the exact balance you need to maintain and confirm whether your direct deposit is set up correctly. They can also help you switch to a different account type if your current one does not fit your needs.
Frequently Asked Questions
Can I avoid the monthly fee by keeping money in savings instead of checking?
No. The minimum balance requirement applies only to your checking account balance. Money in a Wells Fargo savings account does not count toward the checking account minimum. You must maintain the required balance in the checking account itself or set up direct deposit.
What if my direct deposit stops for one month?
If direct deposit does not post in a given month, the monthly fee will be charged that month unless your checking account balance meets the minimum requirement. Once direct deposit resumes the following month, the fee waiver goes back into effect.
Do student or senior accounts have different monthly fees?
Wells Fargo offers a student checking account with no monthly fee and no minimum balance requirement. Senior customers may have access to different account options as well. Contact Wells Fargo directly or visit a branch to learn about accounts designed for your age group.
Can I switch to a different checking account to avoid fees?
Yes. If the Everyday Checking minimum balance is too high for you, you can ask Wells Fargo about other account options. Some customers find that setting up direct deposit is easier than maintaining a large balance. A Wells Fargo representative can help you choose the account that works best for your situation.
Will the monthly fee appear on my statement right away?
The monthly fee is usually charged on the last day of the month and will appear on your statement within one or two business days. If you are checking your balance daily, you may not see the fee until the end of the month.