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Wells Fargo Everyday Checking

Checking

Member FDIC

3.5

Monthly fee

$10.00

Waived with direct deposit or $500 minimum balance

Wells Fargo’s Everyday Checking has a $10 monthly service fee that can be avoided in one of a couple ways, including keeping a $500 minimum daily balance or having $500 or more in total qualifying direct deposits. Primary account owners who are 17-24 years old or customers who link the account to a Wells Fargo Campus ATM card or Campus Debit card can also avoid the fee. That said, other banks offer checking accounts with no monthly fees or minimum balance requirements.

Checking account holders can take advantage of approximately 12,000 Wells Fargo ATMs, which trails Chase and Bank of America’s networks of about 16,000 ATMs.

Wells Fargo Way2Save Savings

Savings

Member FDIC

3.5

APY

0.01%

With $0.01 min. balance for APY

Wells Fargo’s Way2Save account has a $5 monthly fee, waived with a $300 minimum daily balance or a recurring savings transfer from checking to savings. The bank makes it easier to waive this fee than some other national banks, but there are many online banks that don't charge a fee at all. The 0.01% annual percentage yield is very low.

Wells Fargo CD

CD

Member FDIC

1.0

Wells Fargo has very few standard CDs available online, and they come with a high $2,500 minimum deposit and low yields. There are also no term lengths above one-year available online. If you want to open a CD with a longer term, you have to go to a branch. In general, you can find better rates elsewhere online.

» Want to see the best options? Here's our list of the highest CD rates and the banks that offer them.

Banking experience

Wells Fargo offers extensive branch coverage. Its mobile banking apps offer check deposit, person-to-person payments and bill payments, and they're well-rated by app store users.

Customer service is available 24/7 by phone. It can also be reached through Facebook and Twitter.

Note that in the past few years Wells Fargo has been penalized by government regulators multiple times, including for the creation of unauthorized accounts for customers to meet sales targets, and then for charging unnecessary fees on mortgages and auto loans. The bank paid millions of dollars to affected consumers and made leadership changes in the wake of the scandals. As of 2021, the bank is under investigation by the Consumer Financial Protection Bureau for previous debit card usage requirements for customers to waive monthly fees.

Overdraft fees

Unlike an increasing number of banks that have reduced or eliminated overdraft fees completely, Wells Fargo charges an overdraft fee of $35, with a maximum of three fees per day. You can opt to use your Wells Fargo savings account, credit card or line of credit as a backup source of funds. There is no transfer fee when money is moved from those options to checking to cover an overdraft.

Wells Fargo checking accounts with direct deposit have a feature called Overdraft Rewind, which can erase fees for customers who receive direct deposits the day after overspending. Unlike overdraft protection, you don’t have to opt in to Overdraft Rewind. It’s an automatic feature but it’s limited — it will only help if you've overdrawn your account just before payday, for example.

The bank also does not charge an extended overdraft fee for accounts that are in the red for several days in a row. Some large banks tack on these charges, also called continuous overdraft fees, to negative-balance accounts.

Wells Fargo Everyday Checking

Checking

Member FDIC

3.5

Monthly fee

$10.00

Waived with direct deposit or $500 minimum balance

Wells Fargo’s Everyday Checking has a $10 monthly service fee that can be avoided in one of a couple ways, including keeping a $500 minimum daily balance or having $500 or more in total qualifying direct deposits. Primary account owners who are 17-24 years old or customers who link the account to a Wells Fargo Campus ATM card or Campus Debit card can also avoid the fee. That said, other banks offer checking accounts with no monthly fees or minimum balance requirements.

Checking account holders can take advantage of approximately 12,000 Wells Fargo ATMs, which trails Chase and Bank of America’s networks of about 16,000 ATMs.

Wells Fargo Way2Save Savings

Savings

Member FDIC

3.5

APY

0.01%

With $0.01 min. balance for APY

Wells Fargo’s Way2Save account has a $5 monthly fee, waived with a $300 minimum daily balance or a recurring savings transfer from checking to savings. The bank makes it easier to waive this fee than some other national banks, but there are many online banks that don't charge a fee at all. The 0.01% annual percentage yield is very low.

Wells Fargo CD

CD

Member FDIC

1.0

Wells Fargo has very few standard CDs available online, and they come with a high $2,500 minimum deposit and low yields. There are also no term lengths above one-year available online. If you want to open a CD with a longer term, you have to go to a branch. In general, you can find better rates elsewhere online.

» Want to see the best options? Here's our list of the highest CD rates and the banks that offer them.

Wells Fargo offers extensive branch coverage. Its mobile banking apps offer check deposit, person-to-person payments and bill payments, and they're well-rated by app store users.

Customer service is available 24/7 by phone. It can also be reached through Facebook and Twitter.

Note that in the past few years Wells Fargo has been penalized by government regulators multiple times, including for the creation of unauthorized accounts for customers to meet sales targets, and then for charging unnecessary fees on mortgages and auto loans. The bank paid millions of dollars to affected consumers and made leadership changes in the wake of the scandals. As of 2021, the bank is under investigation by the Consumer Financial Protection Bureau for previous debit card usage requirements for customers to waive monthly fees.

Unlike an increasing number of banks that have reduced or eliminated overdraft fees completely, Wells Fargo charges an overdraft fee of $35, with a maximum of three fees per day. You can opt to use your Wells Fargo savings account, credit card or line of credit as a backup source of funds. There is no transfer fee when money is moved from those options to checking to cover an overdraft.

Wells Fargo checking accounts with direct deposit have a feature called Overdraft Rewind, which can erase fees for customers who receive direct deposits the day after overspending. Unlike overdraft protection, you don’t have to opt in to Overdraft Rewind. It’s an automatic feature but it’s limited — it will only help if you've overdrawn your account just before payday, for example.

The bank also does not charge an extended overdraft fee for accounts that are in the red for several days in a row. Some large banks tack on these charges, also called continuous overdraft fees, to negative-balance accounts.

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