Wells Fargo Everyday Checking
Fees
Minimum Deposit
Promotion
Our Rating
Wells Fargo Everyday Checking
Fees
Minimum Deposit
Promotion
Our Rating
Wells Fargo is one of the largest banks in the U.S offering a variety of checking account options. Its most popular is the Wells Fargo Everyday Checking account. As the name suggests, this account is designed for everyday checking activities for those who have average or fairly modest banking requirements and habits.
This account aims to make banking easy with convenient features and few requirements. It is available to those aged 17 and older and provides all the standard features you would expect from a checking account with some nice touches to create an all rounder product that could work for most people.
Wells Fargo Everyday Checking: Account Features
Explore the features of Wells Fargo Everyday Checking:
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Overdraft Protections
This account has optional overdraft protections to avoid overdrafts and declined transactions. Firstly, you can link an eligible Wells Fargo account to authorize payment of transactions if you have insufficient funds in your Everyday Checking account. There are no transfer fees for this service.
There is also the Extra Day Grace Period feature, which provides an additional business day to make a deposit to cover any overdraft. If you return the account to the black within this time, you can avoid Wells Fargo overdraft fees.
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Early Pay Day
If you receive your salary or other payments via direct deposit, the Early Pay Day feature allows you to access your funds up to two days earlier. This feature is automatic when you set up a direct deposit.
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Fees
This account has a $10 monthly service fee, which can be waived if you maintain a $500 minimum daily balance, have $500 plus in qualifying direct deposits or if the primary account owner is aged under 24.
The account also has other fees including wire transfer fees, returned item fees and an out of network ATM fee.
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Zelle
Zelle is integrated into the Wells Fargo platform, so you can receive and send money instantly using the Zelle service.
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Minimum Deposit
Although there is no minimum balance requirement for day to day activity, you do need to deposit at least $25 to open the Everyday Checking Account.
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Check Writing Capabilities
Although the accounts are still called “checking,” many comparable accounts no longer offer check writing. However, the Everyday Checking does facilitate physical checks, but the fees vary according to the design and style.
Is It the Right Checking Account For You?
There is no easy answer to this question as whether you consider the account to be good will depend on your circumstances, requirements and preferences.
There are positives and potential negatives to the Everyday Checking account, which will help you to determine whether it would be a good choice for you.
Pros | Cons |
|---|---|
Multiple Ways to Avoid the Monthly Fee | Not Interest Bearing |
Highly Rated App | Low Interest |
Wide Product Line | Numerous Fees |
No Balance Requirements |
- Multiple Ways to Avoid the Monthly Fee
While having a monthly maintenance fee is a little annoying, Wells Fargo offers multiple ways to avoid this fee, making it easier to avoid being charged.
- Highly Rated App
One of the main perks of Wells Fargo is its mobile app. This is highly rated on both Google Play and the Apple Store. It incorporates many great features, meaning you can manage your money on the go.
- Wide Product Line
One of the most attractive features of the Everyday Checking account is that you can link it with other Wells Fargo products and Wells Fargo has a comprehensive product line to choose from.
- No Balance Requirements
Unlike some checking accounts, you don’t have to maintain a minimum balance with this account, but having at least $500 in the account will help you avoid maintenance fees.
- Not Interest Bearing
Unlike some comparable checking accounts, the Everyday Checking account is not interest bearing. So, even if you carry a large balance in the account, you’ll not receive any interest on your funds.
- Numerous Fees
In addition to the Wells Fargo monthly fee, there are other fees to consider with the Everyday Checking account.
You’ll need to check the terms and conditions fully to ensure that you won’t be hit with multiple charges for your typical banking activities.
Is This Checking Account a Good Fit for Your Needs?
The Everyday Checking account is a fairly basic checking account with a few bells and whistles, making it a good checking account choice for those who prefer simplicity. You can opt into the overdraft protections to minimize fees if you slip overdrawn, but otherwise managing your account is quite straightforward.
However, if you’re the type of customer who is looking to maximize the returns on any bank account, this is not likely to be a good choice for you. Even if you link a Wells Fargo savings account for easy transfers, you’re not likely to get the most competitive rates, particularly compared to online banks.
Is Wells Fargo a Good Bank to Work With?
Wells Fargo does have a comprehensive product line with multiple options for each account type. This makes it a decent option if you prefer to choose the account best suited to your needs. However, the rates are typically lower than average and Wells Fargo does not have a particularly good reputation.
For example, Wells Fargo Way2Save offers only 0.01% APY, and Platinum savings offers a bit higher rate of 0.26% – 2.51% APY, but still low compared to other banks.
So, if you’re an existing Wells Fargo customer and have had a positive experience, there is a good chance that you’ll enjoy working with them via an Everyday Checking account. But, if you’re completely new to Wells Fargo, you may want to read through the negative reviews for yourself for any red flags for you.
For example, if you intend to manage your account online and will not be visiting a branch, surly branch staff is not likely to be a problem for you. On the other hand, if you prefer in person support, you may be wary of a bank with numerous negative comments about the levels of service offered in local branches.
If you're looking for Wells Fargo premium checking options, you can check out the Prime or Premier checking accounts, which offer more banking options.
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How to Open a Wells Fargo Everyday Checking Account?
There are a number of ways to open a Wells Fargo Everyday Checking account. While you can simply pop into a local branch and have a representative help you, one of the easiest ways to open this account is online via the Wells Fargo website.
- Find the Everyday Checking Product Page: From the Wells Fargo official website, you will need to find the Everyday Checking page. You will find this under the “Personal” tab on the top bar and then you’ll find Everyday Checking under the “Checking” section. Once you’ve read through the product details and are happy to proceed, you just need to click the red “Open Account” button.
- Confirm Your Customer Status: The first screen you’ll see requires you to confirm whether you’re an existing Wells Fargo customer. If you have any Wells Fargo account, you can log in at this point and the application form will be pre-filled with details from your profile.
- Complete the Application: This is quite a standard application form and you’ll need to complete all the mandatory fields. This includes your name, address, date of birth, Social Security Number and email address. You will also need to click the box to consent to a credit search.
- Review and Submit: After you complete your application, you will see a review summary for you to read through and confirm before you hit “Submit.”
- Fund the Account: Since the Everyday Checking requires a minimum of $25 to open, the final stage of the application is to provide details for the initial deposit.
FAQs
Does Wells Fargo Everyday Checking offer a promotion?
Wells Fargo does occasionally have promotions for new customers applying to open an Everyday Checking account. As of October 2024, you can get up to $300 when opening a new account and meet the relevant conditions.
How do you close a Wells Fargo Everyday Checking account?
The easiest way to close a Wells Fargo Everyday Checking account is to pop into your local branch or call the customer helpline.
A Wells Fargo representative will be able to initiate the account closure and explain the closure process to you, so you will know if you need to take any further actions.
Does Wells Fargo Everyday Checking earn interest?
No, the Everyday Checking account is not interest bearing. So, regardless of your account balance, you won’t earn any interest on your funds.
How We Review Checking Accounts: Our Methodology
The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:
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Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.
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Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.
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Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account
