Checking, Savings, and Prepaid Monthly Service Fee Questions

Your Wells Fargo account statements will now provide you with information regarding your monthly service fee. Below are some answers to common questions about the monthly service fee summary.

Monthly Service Fee Summary

What does fee period mean as it relates to my monthly service fee summary?

“Fee period” is typically a monthly span of time after which Wells Fargo evaluates your account to determine if you will be charged a monthly service fee.

Why are my statement cycle and fee period not aligned to the same date?

Typically the monthly service fee and the statement cycle are the same and the fee will be charged on the last day of the statement cycle. In certain situations, there can be differences between your fee period and statement cycle, and you’ll see different dates on your statement. For example, if you have a savings account, one reason why the fee period may not match the statement period is that savings statements are quarterly. This means that there are three fee periods in every savings statement.

If your monthly service fee and statement cycle are not the same on a consumer account, and you would like them to align, please contact a Wells Fargo Phone Banker at 1-800-869-3557, 24 hours a day, 7 days a week, or visit a Wells Fargo store. For business account questions, please contact the National Business Banking Center at 1-800-225-5935, 24 hours a day, 7 days a week, or visit a Wells Fargo store.

What factors determine when my monthly service fee is charged?

The monthly service fees on checking accounts are typically charged on the day your fee period ends but this may vary slightly due to holidays and weekends. If you have a question about a fee you were charged on a consumer account, please contact a Wells Fargo Phone Banker at 1-800-869-3557, 24 hours a day, 7 days a week, or visit a Wells Fargo store. For business account questions, please contact the National Business Banking Center at 1-800-225-5935, 24 hours a day, 7 days a week, or visit a Wells Fargo store.

My monthly service fee summary shows a fee waiver for an automatic loan payment. What qualifies as an automatic payment?

Depending on your loan type, when you set up an eligible loan to have automatic payments made directly from your checking or savings account, these recurring transactions qualify your account for a fee waiver. To enroll in the service, call us at 1-800-869-3557, 24 hours a day, 7 days a week or visit a Wells Fargo store to speak with a banker. Note: Online Banking transfers, whether one-time or recurring, do not qualify an account for a fee waiver.

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. You do not need to take any action.

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

On your statement, we provide a list of different options that can help you qualify for a fee waiver. The check mark appears next to each of the criteria met during the fee period.

How do monthly service fee discounts work?

Depending on your account type, you may be eligible for a monthly service fee discount. Discounts may be available through two options:

  • Sign up for online only statements to reduce the monthly service fee on your account.
  • Sign up for qualifying direct deposits. This discount will show as a credit to your account after your monthly service fee posts.

Note: A discount cannot lower a fee to less than $0.

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

A qualifying direct deposit is an electronic deposit of your salary, pension, Social Security or other regular monthly income to your account by your employer or outside agency. If your account has a cumulative direct deposit requirement, we will add up the amounts posted to your account for all of your direct deposits during each fee period. Learn more about direct deposit.

Why don’t I see the monthly service fee summary information on all of my statements or accounts?

The monthly service fee summary information will be provided to most accounts beginning in 2013. However, a limited number of accounts may not be eligible to receive the monthly service fee summary information.

If you have a question about a fee you were charged on a consumer account, call us at 1-800-869-3557, 24 hours a day, 7 days a week, or visit a Wells Fargo store. For business accounts, please contact the National Business Banking Center at 1-800-225-5935, 24 hours a day, 7 days a week, or visit a Wells Fargo store.

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 via statement message, statement insert or letter in advance of the change to your account. Please refer to the effective date for when these changes will take place.

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. If the monthly service fee summary is available for your new account, it will appear on your next statement.

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

For consumer checking accounts, please review our consumer checking comparison chart to see your options. Then call a Wells Fargo Phone Banker 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 store and ask your banker for a complimentary financial review.

For Business account related questions, please review the business checking comparison chart. Then call the National Business Banking Center 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 store and ask your banker for a complimentary financial review.

Checking Packages

What is a checking package and what are the benefits?

A package is a combination of accounts and services that we offer to help you meet your everyday banking needs and provide money-saving benefits. Packages may include credit cards, loans, and other accounts for which you must qualify.

There are several checking account packages available through Wells Fargo. To learn more about our consumer checking packages and their benefits, use our consumer checking comparison chart. For more information about Business Services packages, view our business services comparison chart.

If I have several accounts, are they automatically linked to complete a package?

Your package automatically links all qualifying accounts and services to the package checking account. If you have questions about what consumer accounts are linked, please call us at 1-800-869-3557, 24 hours a day, 7 days a week, or visit a Wells Fargo store for assistance. For business accounts, please contact the National Business Banking Center at 1-800-225-5935, 24 hours a day, 7 days a week, or visit a Wells Fargo store.

How is my combined balance calculated?

Your combined balance is the total balance of your checking account plus any other eligible accounts that are linked to your checking account.

What accounts can be linked for combined balances so that I qualify for the monthly fee waiver?

The type of checking account you have determines which accounts can be linked. Your monthly service fee summary lists the account types that are eligible to be linked to the checking account to create the combined balance.

Why is my Business Services Package Checking account monthly service fee waived for the first 90 days?

Wells Fargo waives the monthly service fee for 90 consecutive days from the account opening date to give you to time to meet your package requirements. After the 90 days, the monthly service fee is waived if you meet both package and account requirements.

How do I waive my Business Services Package Checking account monthly service fee after the first 90 days?

Once you complete your Package, you can waive the monthly service fee in a number of different ways. Waiver options vary and are detailed in the  business account fee and information schedule.

Depending on your account type you may be able to waive the monthly service fee by making one of these qualifying transactions at least once during the statement cycle:

  • Qualifying transactions from a linked Merchant Services account. You’ll need a payment card transaction (e.g., Visa, MasterCard®, or Discover® Network) from a Wells Fargo Merchant Services product that is deposited to a linked Wells Fargo Business Services Package checking account.
  • Qualifying transactions from a Wells Fargo Business Payroll account. You’ll need a payroll transaction from a Wells Fargo Business Payroll Services product that is funded from a linked Business Services Package checking account.

Depending on your account type you may be able to waive the monthly service fee by having:

  • Direct Pay. Direct Pay through Wells Fargo Business Online® is an online payment solution designed specifically for time-sensitive payments. You can pay employees by direct deposit and pay vendors as fast as the next business day. Enrollment in Direct Pay will waive your completed Gold Business Services Package monthly service fee.
  • Recurring monthly automatic transfers. The total amount of recurring monthly automatic transfers from a qualifying Business Services Package to a Business Market Rate Savings account must meet the minimum dollar requirement during the statement cycle.
  • Minimum balances. Depending on your account, you can waive the monthly service fee with Average Ledger Balances or combined balances in your checking account. Combined balances look at average ledger balances in business checking, savings, and CDs along with outstanding credit balances. The deposit and credit accounts that you can use for combined balances are detailed in the  business account fee and information schedule and differ by business checking account types.