Checking and Savings Monthly Service Fee Questions – Wells Fargo

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Checking and Savings Monthly Service Fee Questions

    

Your Wells Fargo checking and savings statements provide you with information regarding your monthly service fee (excludes Portfolio by Wells Fargo®, retirement, IOLTA, RETA, and analyzed business accounts). Below are some answers to common questions about the monthly service fee summary.

Do you have a question about a fee charged on your account?
For consumer accounts: Call us at 1-800-869-3557, 24 hours a day, 7 days a week, or visit a Wells Fargo branch. For business accounts: Call us at 1-800-225-5935, 24 hours a day, 7 days a week, or visit a Wells Fargo branch.

Monthly service fee summary

About fee periods

What is a fee period?

The fee period is the range of dates we use to calculate monthly service fees. Checking and savings account statements have an individualized monthly service fee summary that shows the fee period for the account.

For all Portfolio by Wells Fargo programs, the fee period begins on the first business day of the calendar month. On the last business day of the calendar month the fee period ends and the monthly fees are calculated.

How will my monthly service fee be calculated if my fee period ends on a weekend or holiday?

Weekends and federal holidays are non-business days. If your fee period ends on a weekend or federal holiday, your monthly service fee will be calculated and posted to your account on the last business day prior to the weekend or holiday.

I see “You Paid” in the monthly service fee summary of my statement. Does that mean I need to pay a fee?

If you see a dollar amount in the “You Paid” column, it is the monthly service fee amount your account was already charged for the fee period. The monthly service fee will be reflected in the Transaction History section of your account statement. You do not need to take any action.

What does the check mark mean on my monthly service fee summary?

We provide the list of options that can help you avoid the monthly service fee on your account. The check mark appears next to each of the ways to avoid the monthly service fee you met during the fee period.

How to avoid the monthly service fee

What is included in the 10 or more posted debit card transactions (any combination of posted debit card purchases or posted debit card payments of bills) requirement option to avoid the monthly service fee for select checking accounts?

The following posted debit card transactions are included:

Debit card purchases made using PIN, signature, online, phone, or digital wallet.

Debit card payments including one-time or recurring. Examples: utility bill/gym membership.

The following transactions are Not included:

  • Any transaction at an ATM (Wells Fargo or non-Wells Fargo)
  • Automated Clearing House (ACH) transactions. ACH transactions are set up using your checking account number and routing number – NOT a debit card number.

Debit card purchases and debit card payments must post during the fee period to be counted toward the total of 10 or more. Transactions received after the applicable cut-off time or on a non-business day (Saturday, Sunday and federal holidays) are posted on the next business day.

What is considered a qualifying direct deposit and how is the total amount calculated?

A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income electronically deposited through the Automated Clearing House (ACH) network to this checking account by your employer or an outside agency. Transfers from one account to another, mobile deposits, deposits made at a banking location, or ATM do not qualify as a direct deposit. If your account has a total amount of qualifying direct deposit requirement, we will add up the amounts of all direct deposits posted to your account during each fee period. Click here to learn about setting up direct deposit

How is my combined balance determined?

Your monthly service fee summary lists what accounts are eligible to be linked, such as checking accounts, or credit cards. The monthly service fee summary also lists the type of account balance such as minimum daily balance, average ledger balance, or most recent statement balance, that can contribute to the combined balance. The combined balance is determined one business day prior to the last business day of your fee period.

What accounts can be linked for the combined balance option to avoid the monthly service fee?

Eligible accounts that can be linked are determined by the type of checking account you have. Your monthly service fee summary lists the account types that are eligible to be linked to the checking account to create the combined balance. Accounts linked to a Wells Fargo Checking account cannot simultaneously be linked to any other Wells Fargo Checking account to meet the combined balance option to avoid the fee. For consumer accounts, only qualified accounts with the same account owner as the checking account will be linked automatically. For business accounts, only qualifying accounts under a single Taxpayer Identification Number will be linked automatically. Talk to a banker to link qualifying accounts where the accounts owners vary.

Do Portfolio by Wells Fargo® statements have a monthly service fee summary?

The Portfolio by Wells Fargo statement does not have a monthly service fee summary at this time. The Portfolio by Wells Fargo program has a $30 monthly service fee, which can be avoided when you have one of the following statement-ending qualifying balances:

Portfolio by Wells Fargo with Portfolio Checking

  • $25,000 or more in qualifying linked bank deposit accounts (checking, savings, time accounts (CDs), FDIC-insured retirement accounts) OR
  • $50,000 or more in qualifying linked bank, brokerage (available through our brokerage affiliate Wells Fargo Advisors®) and credit balances (including 10% of mortgage balances).

Portfolio by Wells Fargo with Prime Checking

  • $25,000 or more in any combination of qualifying linked bank, brokerage (available through our brokerage affiliate Wells Fargo Advisors®) and credit balances (including 10% of mortgage balances).

The Wells Fargo Premier Banking TeamSM is available to assist you 24 hours a day, 7 days a week at 1-800-742-4932. They can help you link your Portfolio by Wells Fargo program to Wells Fargo Online Banking. If you think your combined balance may fall below the minimum statement-ending qualifying balance requirement to avoid the monthly service fee, please call us to discuss other account options that may be better suited to your needs.

My fees are different than expected

I noticed a change in my monthly service fee. How can I avoid the fee?

Your checking and savings accounts are subject to a monthly service fee even if a fee was not assessed in the past. You can avoid this fee by meeting the requirements found in the monthly service fee summary included on your statement. Or, you can switch to a different type of account that allows for other ways to avoid the monthly service fee.

I would like to switch to a different type of account that would allow me other ways to avoid the monthly service fee. What are my next steps?

For our most popular consumer checking accounts, please review our Consumer Checking Comparison Chart to see some of your options. Then call us at 1-800-869-3557, 24 hours a day, 7 days a week, to ask us to convert your account. You can also visit a Wells Fargo banking location and ask your banker for a complimentary financial review.

For Business accounts, please review the Business Checking Comparison Chart. Then call us at 1-800-225-5935, 24 hours a day, 7 days a week, to ask us to convert your account. You can also visit a Wells Fargo banking location and ask your banker for a complimentary financial review.

I recently switched to a new account. Why does the monthly service fee summary show the monthly service fee for my old account?

The monthly service fee summary provided is based on the fee period of your previous account. The monthly service fee summary for your new account will appear on your next statement.

Why is the fee information in the monthly service fee summary different from the information I recently received as a message in my statement?

The fee information included in the monthly service fee summary on your statement is accurate as of the date of the fee period provided.

From time to time, information on your account may change. Wells Fargo will communicate these changes on your account with a statement message, statement insert or letter in advance of the change to your account. Please refer to the effective date provided in the communication for when these changes will take place.

What fees other than monthly service fees are calculated monthly for my consumer account?

If applicable, the check image option fee and document copy fee are calculated and posted to your account on the last business day of the monthly fee period.

What fees other than monthly service fees are calculated monthly for my business account?

Other fees that are calculated and posted to your business account on the last business day of the fee period include check image option, document copy, transactions, deposited item, cash deposit processing, coin order, currency order and money services business fees. If applicable on your account, these monthly fees are in addition to your monthly service fee.