Cost of an Advance
The Direct Deposit Advance service is an expensive form of credit for short-term and emergency needs. It is not recommended as a long-term financial solution.
For every $20.00 you borrow, the Advance Fee will be $1.50.
|If you request… ||Your Advance Fee will be |
|$100 ||$7.50 |
|$200 ||$15.00 |
|$300 ||$22.50 |
|$400 ||$30.00 |
|$500 ||$37.50 |
Consider other forms of credit
You may want to talk to your Wells Fargo banker to see if you may qualify for another type of credit that may be less expensive.
Decide what works best for your financial situation
Suppose you had an unexpected available balance of $0 in your checking account, and you have an outstanding check of $200 and an automatic utility bill payment of $100 due. Depending on the options available to you, and which option you choose, the cost to borrow that $300 could vary greatly.
The chart illustrates the cost of borrowing $300 depending upon which type of credit is used and assuming full repayment of the credit in 30 days. For personal lines of credit and credit cards this means paying your full outstanding balance, not the minimum payment, and assumes no other balances on the line of credit or credit card account.
|Option ||Assumptions ||Total Cost to Borrow $300 for 30 Days |
|Personal Line of Credit ||13% APR ||$3.79 |
|Credit Card ||20% APR, 4% cash advance Fee ||$17.83 |
|Direct Deposit Advance ||Advance Fee: $1.50 per $20 ||$22.50 |
|Overdraft Fees ||2 Overdraft Items: $35 per item ||$70.00|