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To get the most value out of your accounts and services, you need the right information. Minimizing fees is all about choosing the right accounts to meet your financial needs, making smart choices in the services you use on a daily basis, and managing your account balance effectively.
When choosing an account, think about how you plan to use the account and the services you will need on a regular basis. Many accounts provide options to avoid a monthly service fee based on how you use or manage the account, such as by:
Keep in mind that options to avoid the monthly service fee may change at a future date. Wells Fargo keeps you informed of your current monthly service fee and ways to avoid the fee in the Monthly Service Fee Summary. The Monthly Service Fee Summary is available on your paper and online statement, and in your mobile and online banking secure session.
In many instances, a fee-based service has a free or lower-cost alternative that will allow you to achieve the same goal.
For example, Wells Fargo charges a fee for a balance inquiry at non-Wells Fargo ATMs. You can avoid this fee by using a Wells Fargo ATM, and you can get the same balance information with your phone using our Wells Fargo Mobile app or by calling us anytime at 1-800-869-3557 (1-800-TO-WELLS).
When you need money from your account, but you are not near your bank’s ATM network, consider making a small purchase at a nearby merchant and getting cash back from the transaction rather than paying a withdrawal fee for using an out-of-network ATM. Some merchants may assess a fee when you use your card for a purchase. This fee will be included in the total purchase amount. If you decide to use a non-Wells Fargo ATM, think about how much cash you will need over several days and withdraw the full amount at one time rather than paying for a series of small withdrawals.
You should always make sure that you have enough funds in your account to cover all of the transactions you initiate. If the bank, at its discretion, pays for an item on your behalf when you don’t have enough money in your account, this creates an overdraft or negative balance in your account. The amount needs to be repaid promptly, and you may be charged an overdraft fee. Alternatively, the bank may return the item unpaid. If this happens, the bank won’t assess a fee, but you may be charged late fees or penalties from the merchant who was expecting the payment.
The most effective way to avoid overdrafts and returned items is to keep an accurate record of your transactions and check your available balance before making a purchase or a withdrawal. Track all deposits and withdrawals from your account whether it is by check, ATM, debit card, or recurring payment (e.g., your car payment or gym membership fee).
Additional tips to keep in mind:
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Our overdraft fee for Business and Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means). We charge no more than three overdraft fees per business day for Consumer accounts and four overdraft fees per business day for Business accounts. Overdraft fees are not applicable to Clear Access Banking accounts.
Recurring debit card payments and other transactions, such as checks, ACH transactions, and other transactions using your account and routing number, may continue to be authorized into overdraft at our discretion if there isn't enough money in the account, even if the account is not enrolled in Debit Card Overdraft Service, and our standard overdraft fees and policies will apply.
The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.
Available balance is the most current record we have about the funds that are available for your use or withdrawal. It includes all deposits and withdrawals that have been posted to your account, then adjusts for any holds on recent deposits and any pending transactions that are known to the Bank. This balance may not reflect all of your transactions, such as checks you have written or debit card transactions that have been approved but not yet submitted for payment by the merchant.
Terms and conditions apply. Setup is required for transfers to other U.S. financial institutions, and verification may take 1–3 business days. Customers should refer to their other U.S. financial institutions for information about any potential fees charged by those institutions. Mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for more information.
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Subject to account eligibility requirements. Advances from linked credit accounts accrue interest from the date of each advance. Advances from credit cards accrue interest at the cash advance rate. Please see your credit agreement for more details.
Wells Fargo Bank, N.A. Member FDIC.
QSR-0823-00267
LRC-0723