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Key Takeaways
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Wells Fargo has changed its fee-waiver rules for Everyday Checking, raising the balance needed to avoid a monthly fee from $500 to $1,500.
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The new rules apply to statement cycles starting Oct. 25 or later, with the fee rising from $10 to $15 for fee periods starting on or after Nov. 29.
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That $15 fee adds up to $180 a year. If maintaining a $1,500 balance isn’t realistic, consider switching to a free checking account that will keep more money in your pocket.
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Wells Fargo’s New Fee Rules
Wells Fargo is updating how customers can qualify to have their Everyday Checking fee waived. The new rules are taking effect first, then the fee itself is rising in a second phase.
The updates are as follows:
- Oct. 25: New fee-waiver requirements took effect for fee periods beginning that day or later, including a higher minimum balance needed to avoid the charge.
- Nov. 29: The monthly fee increases from $10 to $15 for fee periods starting on or after this date.
If you have a Wells Fargo Everyday Checking account, now’s the time to review the updated fee-waiver rules to make sure you’ll still qualify to avoid the monthly charge. Otherwise, you could soon end up paying a fee you haven’t seen before.
Why This Matters for You
Banks can update account fees and balance requirements over time. If you miss the memo on the changes, you could end up paying more than you realize just to have an account with that bank. Check whether your checking account balance qualifies for a fee waiver (if your bank has one). The earlier you act, the better your chance of adjusting and avoiding charges.
Check Your Balance and Statement Cycle to Avoid a Surprise Fee
To avoid a monthly charge, Wells Fargo customers need to meet one of several requirements. Most remain the same, but one new rule means some customers could face a fee for the first time.
What’s Staying the Same
You can continue to avoid the monthly fee if you meet any of these criteria:
- Receive $500 or more in qualifying electronic deposits each fee period (for example, direct deposit)
- Are 17 to 24 years old and the account’s primary owner
- Receive qualifying military deposits through Wells Fargo’s Worldwide Military Banking program
What’s Changing
These rule changes began rolling out Oct. 25 and will apply as each new statement cycle begins:
- The minimum daily balance requirement will rise to $1,500 (up from $500).
- A new waiver option will let you qualify with $5,000 or more in combined Wells Fargo deposit and investment balances.
If you’re an existing Everyday Checking customer, start by checking your account balance. If it’s below $1,500 and you don’t meet any of the other fee-waiver criteria, you could see a monthly fee once your new statement cycle begins. (Because the timing of statement cycles varies by customer, your next cycle may start earlier or later than someone else’s.)
To stay fee-free, try to add enough funds to keep your balance above the $1,500 threshold before your new cycle begins.
Warning
Wells Fargo’s increased monthly fee of $15, which will begin rolling out in late November, could cost you up to $180 a year if you don’t meet any of the waiver requirements.
Smart Moves If You’re Facing New Fees
If you want to stay with Wells Fargo, one option is the Clear Access Banking account. Its $5 monthly fee is waived if you have qualifying direct deposits of $250 or more each month. There’s no minimum balance requirement to avoid the charge, but paper checks aren’t available with this account. Customers ages 13 to 24 or those receiving qualifying military payments can also get the fee waived.
If that account won’t work for you, you have plenty of other checking account options. You can of course move to a bank that doesn’t charge any monthly fees on checking—but you can also consider two additional possibilities that will help your money work harder for you.
Option 1: Move your checking account and high-yield savings account to the same bank
One option is to switch your checking to a bank that also offers a high-yield savings account paying a competitive rate. By opening both account types at one bank, you can easily move money between them while earning far more on your savings. Today’s best high-yield savings accounts pay 4% to 5% APY, which is many times higher than Wells Fargo’s 0.01% savings rate.
Option 2: Open a checking account where you can earn interest
Some banks and credit unions offer rewards checking accounts that pay a high interest rate—currently up to 6.75% APY—if you meet certain activity requirements, such as using your debit card frequently or setting up a monthly direct deposit. If you can meet the criteria, these accounts let you earn a strong return on your money while keeping the everyday flexibility of a checking account.
The Bottom Line
Switching your account from Wells Fargo may not suit everyone, but it’s worth knowing you have options. If you won’t be able to consistently meet the bank’s new waiver requirements, it makes sense to explore other accounts rather than lose $15 to fees every month.
Daily Rankings of the Best CDs and Savings Accounts
We update these rankings every business day to give you the best deposit rates available:
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
