Making Sense of Overdraft Rewind – Checking Accounts – Wells Fargo

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Making Sense of Overdraft Rewind®

Transcript: Making Sense of Overdraft Rewind®

Overdrafts can happen to anyone. So, it’s a good thing your consumer checking account comes with Overdraft Rewind.

With this automatic feature, today’s direct deposit can waive overdraft fees from yesterday’s transactions.

In other words, on the morning we receive your direct deposit, we calculate a new balance and if it covers overdrafts from the prior business day, we’ll waive or refund the associated overdraft fees.

Here’s how it works.

First, your paycheck or income benefit must be received by Wells Fargo as an electronic direct deposit. Other deposits, such as checks, cash, or transfers between accounts, are not direct deposits and are not covered by Overdraft Rewind.

Let’s say on a Thursday, your available balance is $1,300. Then your rent check and your car payment are processed by Wells Fargo.

Unfortunately, you don’t have enough money to cover them, and your account is overdrawn. Two $35 overdraft fees would be charged to your account.

Early Friday morning, your paycheck is received as a direct deposit, and your account activity shows it as a pending deposit with funds immediately available for use.

At 9:00 a.m. local time — which is based on where your account is located — Wells Fargo initiates a second review of the prior business day’s transactions.

If the direct deposit, minus any newly pending debits, covers any prior business day transactions that resulted in overdraft or non-sufficient funds fees, we will waive or refund those fees.

If the incoming direct deposit is not enough to cover all of Thursday’s transactions, we’ll pay as many of your transactions as possible with the new funds from your direct deposit.

Any remaining transactions that exceed your available balance may be paid into overdraft at our discretion or can be returned unpaid. If that happens, our standard overdraft and returned item fees will be assessed.

Wondering if your direct deposit will arrive before the 9:00 a.m. deadline?

Most employers and income benefit providers, such as Social Security and retirement accounts, have direct deposits ready for processing the day before the pay date. Wells Fargo typically receives direct deposits by 9:00 a.m.

Due to bank processing deadlines, only direct deposits received by the bank before 9:00 a.m. will be included in Overdraft Rewind.

Overdraft Rewind is an automatic feature of your consumer checking account, so there’s no need to enroll or sign up. Just set up Direct Deposit for your paycheck or other income so the Overdraft Rewind feature can be available when you need it.

© 2020 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.

Overdraft Rewind is an automatic feature of your consumer checking account. 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 a direct deposit is received by 9:00 a.m. local time where your account is located (noted on your account statement), 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. The bank receives most direct deposits through the Automated Clearing House (ACH) network before 9:00 a.m. Direct deposits include your salary, pension, Social Security, or other regular monthly income electronically deposited through the ACH network by your employer or an outside agency. Other deposits, such as check(s), cash, or account transfers received after our nightly account processing, are not included for purposes of Overdraft Rewind.

Our overdraft fee for Business and Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means); our fee for returning items for non-sufficient funds is $35 per item. We charge no more than three overdraft and/ or non-sufficient funds (NSF) fees per business day for Consumer accounts and eight per business day for Business accounts. Overdraft and/or non-sufficient funds (NSF) fees are not applicable to Clear Access Banking℠ accounts. The overdraft and/or non-sufficient funds (NSF) fee for Wells Fargo Teen Checking℠ accounts is $15 per item and we will charge no more than two fees per business day.

The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.