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Wells Fargo Overdraft Rewind

CA, 94105 Change Location
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Overdraft Rewind

Your Direct Deposit may help reverse yesterday’s overdraft fees

Our free Overdraft RewindSM feature

With this free account feature, when the bank receives your direct deposit by 9 am local time, we will automatically include this amount in a reevaluation of the prior day’s transactions that resulted in an overdraft or returned/non-sufficient funds (NSF) item fee. The bank will calculate a new balance, which includes your pending direct deposit (less any pending debits), and use this balance to reevaluate the prior day’s transactions and waive any fees for transactions that would have been covered by your direct deposit.

We receive most incoming electronic direct deposits before 9:00 am each business day. With the Overdraft Rewind feature, we’ll initiate a “second review” of the prior day’s transactions on your account at 9:00 am local time. If you had an overdraft or returned/NSF item on the previous business day and your direct deposit would have covered it, we will use funds from your direct deposit to reevaluate the transactions and waive the overdraft or returned item/NSF fees that would have been assessed.

We’ll calculate a new balance, which includes your pending direct deposit (less any pending debits), and use this amount to reevaluate the prior day’s transactions on your account and waive the overdraft or returned/NSF item fees for transactions that would have been covered by your direct deposit.

On Thursday, your available balance is $50. That night, we pay an automatic ACH payment for $55.00 and a check for $60.00, leaving your account overdrawn by $65. Two $35 overdraft fees will be charged to your account.

On Friday, the bank receives your direct deposit of $500 before 9:00 am. We will reevaluate the overdraft decisions from Thursday night and will waive the overdraft fees if your direct deposit will cover the transactions that caused the fees.

Frequently asked questions

What is a “direct deposit”?

A direct deposit is an electronic credit that the bank receives through the Automated Clearing House (ACH) network. Many employers and benefit providers (like Social Security) allow you to provide them with your checking account and bank routing number so your deposit can be made automatically to your account on the pay date.

Why is there a 9:00 am deadline and what do we mean by “local” time?

The bank needs to finalize the posting decisions from the prior night’s processing. Any checks or payments that will be returned unpaid must be returned to the depositor’s bank by midmorning. With the Overdraft Rewind feature, the bank will use your new incoming direct deposit to help you avoid the cost of overdrafts and other implications (like late payment fees) associated with returned, or “bounced,” payments. The bank will start this review at 9:00 am in the “local” time zone where your account is located. You can find where your account is located by looking in the top right corner on the first page of your deposit account statement.

What if my direct deposit is delayed?

Most employers and benefit providers (like Social Security) have direct deposits ready for processing the day before the pay date. Direct deposits are typically received by 7:00 am. Due to bank processing deadlines, only direct deposits received by the bank before 9:00 am local time will be included in the Overdraft Rewind feature. 

Will the Overdraft Rewind feature reverse Overdraft Protection Transfers made the prior day?

No. When you have linked another Wells Fargo savings or credit account to your checking account for Overdraft Protection, the bank moves available funds or credit from the linked accounts to cover your transactions when there are insufficient funds in your checking account.

Why aren’t check deposits included?

Incoming electronic direct deposits are immediately available upon receipt because they typically cannot be reversed. While Wells Fargo often provides immediate availability for check deposits, a check deposit may be returned unpaid.

What if the direct deposit is not enough to cover all of the transactions from the prior day?

The bank will calculate a new balance, including your pending electronic direct deposit (less pending debits), and will reverse the overdraft or returned/NSF item decisions and associated fees from the previous business day if your electronic direct deposit can cover them. Any remaining transactions that exceed the new balance may be paid into overdraft, at the bank’s discretion, or returned unpaid. The bank’s standard overdraft and returned item fees will be assessed.

Are overdrafts and returned/NSF items different?

Yes. An overdraft is a negative balance in your account. An overdraft occurs when you spend more money than you have in your checking account and the bank pays your transaction. A returned/NSF item occurs when Wells Fargo returns an item (such as a check or other transaction presented for payment) unpaid because there is not enough money in the account to cover the item. Our fee for an overdraft or a returned item/NSF is the same.

Does this service allow me to spend more money than is available in my accounts?

No, this service does not affect the bank's decision to authorize transactions. The payment of transactions into overdraft is discretionary and the bank reserves the right not to pay.

What if I conduct more transactions in the morning before 9:00 am?

Transactions you initiate or are received by the bank prior to 9:00 am will impact your available balance. We will use your direct deposit less any pending debits to reevaluate transactions from the prior day with the Overdraft Rewind feature.

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