Wells Fargo, the fourth-largest bank in the US, was established in 1852 during the California gold rush and has played a significant role in American banking for almost 170 years. The bank was troubled by several strong controversies in the middle of the 2010s. The bank has been working to repair its reputation and win back customers by putting a strong emphasis on customer service and technological advancements. Lets see How To Avoid Wells Fargo Monthly Fees?
The invisible predator of account balances is banking fees. Being relatively gradual, they are simple to ignore. However, don’t be deceived: Thousands of dollars in fees could potentially be lost if you don’t know what to watch out for. You can try a few things like maintaining a positive balance or registering for eligible deposits. For instance, an out-of-network ATM can cost you more than $12,500 in fees if you use one every day for the next 30 years. Keep reading to know How To Avoid Wells Fargo Monthly Fees?
Wells Fargo Monthly Fees
Wells Fargo Savings Account Fees:
The monthly maintenance costs for savings accounts at Wells Fargo range from $5 for the Platinum Savings account to $12 for the Way2Save Savings account. The costs on these accounts are significantly lower than those on checking accounts with Wells Fargo. You are only permitted six withdrawals from a savings account without incurring penalties because they are meant to keep and increase money through a savings interest rate. Since it automatically transfers money from a connected Wells Fargo account into a savings account, the Way2Save Savings account is perfect for passive savers. On all Way2Save Savings balances, you will receive an annual percentage yield of 0.01 percent.
Wealthier people should choose the Wells Fargo Platinum Savings account, whose APY rises to 0.02 percent after your account balance reaches $25,000.
Wells Fargo Checkings Account Fees:
Everyday checking at Wells Fargo costs $10 per month, Clear Access Banking costs $5, Preferred Checking costs $15, and Portfolio Checking costs $30. These checking accounts may also impose overdraft and out-of-network ATM fees.
You’ll notice that if you’re not careful, these costs can quickly sneak up on you. For instance, if you don’t regularly check your account balance, you might not even be aware that a deduction has occurred. Additionally, tourists are more concerned because of the charge for overseas use. Also, if you use your linked savings account, each account has an overdraft protection cost.
Here’s how to avoid having to pay the Wells Fargo checking or savings account’s monthly maintenance fee.
1. Always keep a positive balance
To avoid being subjected to monthly savings or checking fees, you must make sure your balance is always above the stipulated minimum balance. If not, the monthly charges will be deducted based on your account type.
2. Register for Eligible Direct Deposits
A second approach to avoid paying the Wells Fargo checking account monthly service fee is to enroll in qualifying direct deposits and fulfill the required minimum number of direct deposits.
3. Connect another Wells Fargo Account
Adding another Wells Fargo account will also help you avoid the monthly checking fee. Students can connect to an ATM or Campus Debit Card from Wells Fargo for daily checking.
You can also connect your preferred checking to your Wells Fargo mortgage account.
4. In some circumstances, if you complete additional requirements, you can avoid paying the monthly fee.
Way2Save Savings: Fees are waived if the account holder is under 18 (or under 19 in Alabama) or if certain automated transfers from your checking account are made.
Banking with Clear Access: If the account holder is aged 13 to 24, the fee is waived.
Service charges are charged monthly for Wells Fargo checking accounts. However, by combining direct deposits, minimum balance requirements, debit card usage, and linked accounts, you can avoid such fees. Additionally, if you maintain a positive balance in your account and always use Wells Fargo ATMs, you can avoid overdraft and ATM fees. By visiting your neighborhood branch or the Wells Fargo website, you may find out more about the many checking accounts that the bank provides.
Frequently Asked Questions
How can I avoid paying Wells Fargo fees?
Dial the bank’s customer service number. Most banks are prepared to forgo your first overdraft fee in order to keep you as a client. Simply ask for it by calling Wells Fargo’s customer service line.
What type of bank is Wells Fargo?
For individuals seeking both local branch access and online banking capabilities, Wells Fargo is a great bank. The bank’s interest rates are below average when compared to the best online banks, but they are equivalent to those of other national banks for the majority of its accounts.
Does Wells Fargo require monthly payments?
There is a $25 monthly service charge for the Wells Fargo Bank Prime Checking account. With statement-ending qualifying amounts of $20,000 or more, the fee is disregarded every few months. There is also a $35 monthly service charge for the Wells Fargo Bank Premier Checking account.