How To Avoid Wells Fargo Overdraft Fees
Wells Fargo, like the majority of banks, charges overdraft fees to its customers to cover items that exceed your account’s balance. Wells Fargo overdraft fees range from $12.50 to $35.
Here’s what you need to know about the specific overdraft fees Wells Fargo charges and how to avoid bank overdraft fees altogether.
| Wells Fargo Overdraft Fees | |||
|---|---|---|---|
| Service | Description | Fee | Additional Information |
| Overdraft | Wells Fargo will charge an overdraft fee for any item it pays into overdraft. Consumer ATM and one-time debit card transactions will not be paid into overdraft unless the customer has added the debit card overdraft service to the account. Note that when there aren’t enough funds in an account or accounts that are linked for overdraft protection, the transaction might be declined. | $35.00 per item for consumer and business accounts; $15 for teen checking accounts | Limits on overdraft fees assessed per business day: No more than three for consumer accounts, eight for business accounts and two for teen accounts. No overdraft fees are assessed on accounts overdrawn $5 or less regarding both ending daily balance and available balance. |
| Savings Overdraft Protection Transfer | This optional service requires you to link an eligible savings account to your checking account. In the event of an overdraft, the bank will transfer money from your savings to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers. | $12.50 per transfer | No fees are charged unless funds have to be transferred. |
| Line of Credit Overdraft Protection Advance | This optional service requires you to link an eligible line of credit to your checking account. In the event of an overdraft, the bank will transfer money from your line of credit to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers. | $12.50 per advance | No fees are charged unless funds have to be advanced. |
| Credit Card Advance Overdraft Protection Transfer | This optional service requires you to link an eligible credit card account to your checking account. In the event of an overdraft, the bank will transfer money from your credit card account to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers. | Refer to your credit card agreement | No fees are charged unless funds have to be advanced. |
Wells Fargo Overdraft
Wells Fargo overdraft fees for both business and consumer checking accounts are $35 per item. The Wells Fargo Teen Checking account is subject to a lesser overdraft fee of $15 per item.
At its discretion, the bank might authorize recurring check or debit card payments that overdraw your account, even if the account is not enrolled in overdraft service. However, fees will still apply to overdrawn accounts according to the Wells Fargo overdraft policy.
Wells Fargo Overdraft Fees
Wells Fargo offers two overdraft protection services, which can be initiated or stopped at any time: overdraft protection and debit card overdraft service. When customers are enrolled in both services and an overdraft occurs, Wells Fargo will use overdraft protection first because it has the lower fees for the two services.
Overdraft Protection
You can lessen overdraft fees by opting for overdraft protection. Although you will still pay a fee with this service when you overdraw, you will typically pay less than the bank’s standard overdraft fee: $12.50 instead of $35. In addition, overdraft protection ensures that the person you’re paying receives their funds without delay.
Wells Fargo overdraft protection service allows you to link up to two eligible accounts — such as a savings and a credit account — to your checking account. The bank will access the funds in your linked accounts to cover any transactions that can’t be covered by your checking account balance.
The bank will assess only one overdraft protection transfer or advance fee per day, no matter how many transactions must be covered. For funds transferred from a savings account or home equity line of credit, a fee of $12.50 will apply. For funds from a credit card advance, the fee varies based on the amount of the advance, and interest accrues beginning on the date of the advance. Refer to your credit card agreement for further information.
Debit Card Overdraft Service
With debit card overdraft service, you can opt to have the bank approve Wells Fargo debit card and ATM transactions if you don’t have enough funds in your checking or linked accounts to qualify for overdraft protection when a transaction occurs. A standard overdraft fee of $35 per item will typically apply.
Avoid Wells Fargo Overdraft Fees
If your account experiences an overdraft, you won’t necessarily have to pay the price. Here are several ways to avoid Wells Fargo overdraft fees:
Make a Timely Deposit
When your checking account overdrafts, you can avoid the associated fees if you make a covering deposit before the cutoff time on the same business day. However, note that the entire amount of check deposits might not be available the same business day due to possible holds by the bank.
Cutoff times are displayed in all locations, according to Wells Fargo. Most Wells Fargo ATMs have a cutoff time of 9 p.m. local time, or 9 p.m. PST with the Wells Fargo mobile app.
Ask Politely
You might be able to get a fee waived if you’re a loyal bank customer — especially if you aren’t sure why the fee was charged and it’s a first-time incident. Contact your bank’s customer service department and ask for a detailed explanation of the fee and how you can avoid such fees in the future. Then, politely request a waiver of the fee. The customer service agent might be able to oblige.
Use Overdraft Rewind
Wells Fargo Overdraft Rewind gives you a second chance to avoid fees if your Wells Fargo account overdrafts and you don’t make a covering deposit by the end of the same business day. Just transfer enough money to cover the amount of the overdraft by 9 a.m. local time the next morning, and the bank will calculate a new balance, which will include your electronic transfer. As long as there’s enough money at that time to cover the overdrafts from the previous day as well as any pending debits, the overdraft fees will be waived. Overdraft rewind is a free, automatic feature of accounts that receive direct deposit.
With a bit of planning, you can avoid being overdrawn altogether. Use Wells Fargo online, mobile or text banking tools to help you monitor your account’s activity. You can set a low balance alert to receive an email or text when your account dips to a certain threshold. Then, you can transfer funds to increase your account’s balance to avoid making overdrafts.
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Information is accurate as of Aug. 11, 2022.
