Overdraft & Fee Waivers - Overdraft Rewind | Wells Fargo

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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 automatic Overdraft Rewind® feature

If we receive an electronic direct deposit by 9:00 a.m. local time, the bank will automatically reevaluate transactions from the previous business day. Overdraft, returned item and non-sufficient funds (NSF) decisions may be reversed and associated fees may be waived or refunded.

Overdraft Rewind® is an automatic feature of a consumer deposit account that receives direct deposit. There is no additional sign-up or enrollment required.

On the morning of every business day, we will review your account to determine if you received an electronic direct deposit after the prior business day's nightly processing. If an electronic direct deposit is received by 9:00 a.m. local time, we will calculate a new account balance that includes the pending direct deposit(s), less any pending debits. If this newly calculated balance covers transactions that resulted in overdraft or non-sufficient funds (NSF) fees, or Overdraft Protection Transfer or Advance Fees, during the prior business day's nightly processing, we will waive or refund those fees. We may also reverse returned item (non-sufficient funds/NSF) decisions.

Overdraft Rewind® does not reverse the transfer or advance of funds from a linked Overdraft Protection account. Only direct deposits deposited electronically through the Automated Clearing House (ACH) qualify.

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. Other deposits, such as checks, cash, or transfers between accounts, are not direct deposits and are not included for purposes of Overdraft Rewind®.

Why is there a 9:00 a.m. 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 a.m. in the local time zone where your account is located. You can find where your account is located by reviewing 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 a.m. Due to bank processing deadlines, only direct deposits received by the bank before 9:00 a.m. local time will be included in the Overdraft Rewind® feature. 

Do I need to enroll in or sign up for Overdraft Rewind®?

No, Overdraft Rewind® is an automatic feature of a consumer deposit account that receives Direct Deposit. There is no additional sign-up or enrollment required.

Will the Overdraft Rewind® feature refund or waive Overdraft Protection Transfer or Advance Fees?

Yes, if your incoming direct deposit(s), less any pending debits, covers the transaction(s) that resulted in the Overdraft Protection Transfer or Advance Fees, we will waive or refund those fees. Please note that Overdraft Rewind® only waives or refunds Overdraft Protection Transfer and Advance Fees. It does not reverse the underlying transfer or advance of funds from your linked Overdraft Protection account.

Will Overdraft Rewind® also reverse the transfer or advance of funds from my linked Overdraft Protection account?

No. Although Overdraft Protection Transfer or Advance Fees may be waived or refunded, Overdraft Rewind® does not reverse the underlying transfer or advance of funds from your linked Overdraft Protection account.

It is important that you review your accounts to determine any actions you wish to take for the funds that were transferred or advanced. For example, you may wish to transfer these funds back to your linked savings account, or make a payment towards the advance of funds from your linked credit 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 my incoming direct deposit is not enough to cover all of the transactions from the prior day?

Transactions on your account that exceed our Overdraft Rewind® feature's newly calculated 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/non-sufficient funds (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/non-sufficient funds (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 returned/non-sufficient funds (NSF) item 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 a.m.?

Transactions you initiate or are received by the bank prior to 9:00 a.m. 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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