Wells Fargo Monthly Service Fee: A Comprehensive Guide
Introduction
Hey readers! Are you a Wells Fargo customer baffled by the monthly service fee? You’re not alone. In this guide, we’ll dive deep into the Wells Fargo monthly service fee, providing you with all the information you need to understand and avoid it.
What is a Wells Fargo Monthly Service Fee?
A Wells Fargo monthly service fee is a charge imposed by Wells Fargo on certain types of checking and savings accounts that don’t meet specific criteria. This fee can range from $10 to $25 per month, depending on the account type.
How to Avoid the Wells Fargo Monthly Service Fee
There are several ways to avoid the Wells Fargo monthly service fee:
1. Minimum Balance Requirements: Maintain a minimum balance in your account. For example, the Wells Fargo Signature Checking account requires a $500 minimum daily balance.
2. Direct Deposit: Set up a direct deposit of at least $500 into your account each month. This qualifies you for the Direct Deposit Waiver.
3. eStatements: Enroll in eStatements to receive account statements electronically instead of by mail. This saves Wells Fargo the cost of printing and mailing statements, and they pass that savings on to you with a fee waiver.
Wells Fargo Account Types and Monthly Service Fees
The monthly service fee for Wells Fargo accounts varies depending on the type of account you have:
Checking Accounts
- Signature Checking: $10 with Direct Deposit Waiver or eStatements; $25 without
- Everyday Checking: $5 with Direct Deposit Waiver or eStatements; $10 without
- Performance Checking: $0
Savings Accounts
- Way2Save Savings: $0
- Prime Savings: $0 with $3,000 balance; $5 without
- Platinum Savings: $25 with Direct Deposit Waiver or eStatements; $50 without
Wells Fargo Monthly Service Fee Table
| Account Type | Minimum Balance Waiver | Direct Deposit Waiver | eStatements Waiver | Monthly Service Fee |
|---|---|---|---|---|
| Signature Checking | $500 | $500 | Yes | $10 |
| Everyday Checking | None | $500 | Yes | $5 |
| Performance Checking | None | None | None | $0 |
| Way2Save Savings | None | None | None | $0 |
| Prime Savings | $3,000 | None | None | $5 |
| Platinum Savings | None | $500 | Yes | $25 |
Conclusion
Understanding the Wells Fargo monthly service fee is crucial for managing your finances effectively. By following the tips outlined in this guide, you can avoid this fee and save money.
Check out our other articles for more information on Wells Fargo accounts, fees, and more:
FAQ about Wells Fargo Monthly Service Fee
What is the Wells Fargo monthly service fee?
The Wells Fargo monthly service fee is a charge of $10 to $30 that is applied to checking and savings accounts that do not meet certain minimum requirements.
What are the minimum requirements to avoid the monthly service fee?
You can avoid the monthly service fee by meeting at least one of the following requirements:
- Maintaining a minimum daily balance of $1,500 in your checking or savings account
- Receiving monthly direct deposits totaling $500 or more
- Having a linked Wells Fargo Way2Save Savings℠ account and making a monthly service fee transfer of $25
How can I avoid the monthly service fee if I don’t meet the minimum requirements?
You can waive the monthly service fee if you are a:
- Student under 25
- Military member or veteran
- Wells Fargo Priority Rewards member
- Senior aged 59 or older
What happens if I don’t pay the monthly service fee?
If you do not pay the monthly service fee, it will be deducted from your account balance. If your account balance is insufficient to cover the fee, you will be charged an overdraft fee.
Can I negotiate the monthly service fee with Wells Fargo?
Yes, you can contact Wells Fargo customer service and attempt to negotiate the monthly service fee. They may be willing to waive or reduce the fee if you have a good reason for not meeting the minimum requirements.
What are some tips for avoiding the monthly service fee?
Here are some tips for avoiding the monthly service fee:
- Set up automatic transfers from another bank account to your Wells Fargo account.
- Use your Wells Fargo debit card for most of your purchases.
- Open a Wells Fargo Way2Save Savings℠ account and transfer $25 per month to waive the fee.
What if I have more than one Wells Fargo account?
If you have multiple Wells Fargo accounts, the monthly service fee will only be charged to the primary account. You can designate which account is your primary account by contacting Wells Fargo customer service.
How do I close my Wells Fargo account?
To close your Wells Fargo account, you can visit your local branch, call customer service, or mail a written request to Wells Fargo.
Can I reopen my Wells Fargo account after it has been closed?
Yes, you can reopen your Wells Fargo account after it has been closed. However, you may have to pay a reopening fee.
