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Making Sense of Overdrafts

Transcript: Making Sense of Overdrafts

Making Sense of Overdrafts

Sometimes overdrafts happen, even when you closely monitor your money.

Maybe you've set up an automatic payment to be deducted from your checking account each month. Or wrote a check that didn't clear right away. You know it's going to happen, but it slips your mind. After all, life gets busy.

You use your debit card to buy groceries, or gas. Or pay some bills.

And on the day the payment is withdrawn or the check clears, you don’t have enough money in your account to cover it. And you're left with a negative balance.

Now, one of two things can happen.

The first is Wells Fargo can return your payment unpaid. The payee may apply late fees, and we may charge you a non-sufficient funds fee. Plus, late payments can affect your credit history.

Or, at our discretion, we may pay your payment into overdraft. Your payment might be on time, but this will result in an overdraft on your account, and an overdraft fee may be charged.

We've got some tips to help you avoid overdrafts and returned transactions.

Use your account's tools to track when money comes in and out. Try to time payments to be after paydays, or when you'll expect to see money in your account. Set up Direct Deposit so your payroll or benefit checks are automatically deposited.

Get in the habit of checking your account regularly. It’s easy with online banking and our mobile app. You can check your available balance or transfer money between accounts when you're on the go. But it’s important to remember that your available balance includes only the transactions Wells Fargo knows about, so it's important to keep track of anything that's pending or hasn't posted to your account yet.

Set up low balance alerts to notify you by email, text message or push notification when your account balance reaches an amount you specify.

Finally, consider enrolling in Overdraft Protection as a back-up plan.

When you link your Wells Fargo savings or credit card account to your checking account, we'll transfer or advance available funds to cover any shortfalls. Transfer or advance fees may apply, but it may help you avoid more expensive fees.

Sure, no one plans on an overdraft, but these tips can help you avoid one.

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

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 BankingSM accounts. The overdraft and/or non-sufficient funds (NSF) fee for Wells Fargo Teen CheckingSM 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.

Transfer or advance fees apply to Overdraft Protection.

Overdraft Protection is not available for Clear Access BankingSM accounts.

When using low balance alerts to keep track of your account balance, sign up may be required, and availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates apply.

Add Overdraft Protection Enroll Online