Wells Fargo is one of the oldest and largest banks in the US with a history dating back to 1852. And perhaps it’s because this bank has so much overhead that its fees are so high. Since banks without overhead costs are known to offer lower fees and higher APYs because they don’t have to worry about keeping physical branches up and running. Fortunately, many of Wells Fargo’s checking account fees and savings account fees are avoidable if you know how.
Wells Fargo’s monthly checking and savings account fees vary depending on the type of account, but service charges are avoidable if you meet at least one of the listed requirements.
| Account | Monthly fee | Can you waive it? | How to avoid it |
|---|---|---|---|
| Wells Fargo Everyday Checking | $10 | Yes | Satisfy at least one of these requirements:
|
| Wells Fargo Clear Access Banking | $5 | Yes |
|
| Wells Fargo Prime Checking | $15 | Yes | Satisfy at least one of these requirements:
|
| Wells Fargo Portfolio | $30 | Yes | Satisfy at least one of these requirements:
|
| Wells Fargo Way2Save Savings | $5 | Yes | Satisfy at least one of these requirements:
|
| Wells Fargo Platinum Savings Account | $12 | Yes |
|
Aside from monthly account fees, the bank also charges ATM, transaction and penalty fees. Here’s an overview of the most common fees and how to avoid them.
| Type of fee | Cost | How to avoid it | How it compares to the average industry cost |
|---|---|---|---|
| Overdraft Returned Items | $35 | Monitor your account closely or sign up for Wells Fargo Overdraft Rewind or Overdraft Protection. | This cost aligns with the industry average. |
| Out-of-network ATM fee | $3 | Use Wells Fargo ATMs whenever possible. | Average fee at other banks ranges from $2 to $3.50 |
| International ATM fee | 3% + 3% | Pay with a travel credit card that offers no or a lower international transaction fee | Flat fees range from $2 to $7, and 3% is standard |
| International transaction fee | 3% | Pay with cash in the local currency or a travel credit card with no fee | 3% is standard, though some accounts from other banks, like Capital One 360, SoFi® Checking and Savings and Charles Schwab High Yield Investor Checking charge less |
There is no fee for transferring money from your Wells Fargo savings to your Wells Fargo checking account.
Call 800-869-3557 to speak with a Wells Fargo representative and clearly explain why you would like the fee waived. Admit fault if necessary and explain it won’t happen again. If you’re not getting anywhere, suggest that you might end your relationship with Wells Fargo. And if all else fails, call the support line again to speak with a different representative.
Wells Fargo charges some of the highest fees in the US, likely because it’s one of the country’s largest banks and has the most overhead. Many younger, online-only banks offer similar products and services with far more affordable fees. If banking at a branch isn’t important to you, check out our guide to today’s best free checking accounts.
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