Wells Fargo, like many other banks, charges an overdraft fee for customers that charge more than they have in their account balance. Their overdraft fees can rage anywhere from $12.50 to $35. Here is what you need to know about their specific overdraft fees and how to avoid Wells Fargo overdraft fees altogether.
Wells Fargo Overdraft Fees
|Overdraft||Wells Fargo will charge an overdraft fee for any item it pays into overdraft. Consumer ATM and one-time debit card transactions will not be paid into overdraft unless the customer has added the debit card overdraft service to the account. Note that when there aren’t enough funds in an account or accounts that are linked for overdraft protection, the transaction might be declined.||$35.00 per item for consumer and business accounts; $15 for teen checking accounts||Limits on overdraft fees assessed per business day: No more than three for consumer accounts, eight for business accounts and two for teen accounts. No overdraft fees are assessed on accounts overdrawn $5 or less regarding both ending daily balance and available balance.|
|Savings Overdraft Protection Transfer||This optional service requires you to link an eligible savings account to your checking account. In the event of an overdraft, the bank will transfer money from your savings to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers.||$12.50 per transfer||No fees are charged unless funds have to be transferred.|
|Line of Credit Overdraft Protection Advance||This optional service requires you to link an eligible line of credit to your checking account. In the event of an overdraft, the bank will transfer money from your line of credit to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers.||$12.50 per advance||No fees are charged unless funds have to be advanced.|
|Credit Card Advance Overdraft Protection Transfer||This optional service requires you to link an eligible credit card account to your checking account. In the event of an overdraft, the bank will transfer money from your credit card account to your checking account to bring the account balance current. Only one transfer fee applies per day, regardless of the number of transfers.||Refer to your credit card agreement||No fees are charged unless funds have to be advanced.|
Wells Fargo Overdraft
Wells Fargo overdraft fees are going to be the same for both their business and consumer checking accounts at $35 per item. The Wells Fargo Teen Checking account, on the other hand, has a lesser overdraft fee of $15 per item.
At their own discretion, the bank can authorize recurring check or debit card payments that overdraw your account, even if the account is not enrolled in overdraft services. In this case, fees will still apply to overdrawn accounts according to their overdraft policy.
Wells Fargo Overdraft Fees
Wells Fargo offers two kinds of overdraft protection that can be either initiated or stopped at any time the customer wants. They come in the form of overdraft protection and debit card overdraft service. When customers are enrolled in both services and an overdraft occurs, Wells Fargo will choose the overdraft protection first since it has the lowest fees of the two.
You can lessen overdraft fees by opting for overdraft protection. Although you will still pay a fee with this service when you overdraw, you will typically pay less than the bank’s standard overdraft fee: $12.50 instead of $35. In addition, overdraft protection ensures that the person you’re paying receives their funds without delay.
With their overdraft protection services, you can link up to two eligible accounts to your checking account. The bank will then access the funds in your linked accounts to cover any transaction that you make that goes over your checking account balance.
The bank will then assess only one overdraft protection transfer or advance fee per day, regardless of the number of transactions covered. For funds transferred from a savings account or home equity line of credit, a $12.50 fee will apply. For funds from a credit card advance, the fee will vary based on the amount of the advance, and interest will accrue beginning on the date of the advance.
Debit Card Overdraft Service
With debit card overdraft service, you can opt to have the bank approve Wells Fargo debit card and ATM transactions if you don’t have enough funds in your checking or linked accounts to qualify for overdraft protection when a transaction occurs. A standard overdraft fee of $35 per item will typically apply.
Avoid Wells Fargo Overdraft Fees
There are a couple of things that you can do to avoid any Wells Fargo overdraft fees. Here are a couple of ways you can do just that:
Make a Timely Deposit
When your checking account overdraft, you can avoid any associated fees if you can make a deposit that will cover the charge that you are taking account. Keep in mind that the entirety of a check deposit will not be available the same business day due to any possible holds from the bank.
If all else fails, it doesn’t hurt to simply ask your bank to waive the fees. You will have higher chances if you are a loyal bank customer and especially if you aren’t sure why the fee was charged and if it is a first time offense. Simply contact your bank’s customer service department and ask for a detailed explanation of why you got the fee and how you can avoid it in the future. Then, you can politely ask for the fee to be waived.
Use Overdraft Rewind
Wells Fargo offers a feature called overdraft rewind that gives you a second chance to avoid fees if your Wells Fargo account overdrafts and you don’t make a covering deposit by the end of the same business day. Simply transfer enough money to cover the amount of the overdraft by 9 a.m. local time the next morning, and the bank will calculate a new balance, which will include your electronic transfer. As long as there is enough money to cover the charge of the overdraft, then the fees will be waived.
Overdraft fees can be a annoyance when it comes to using your cards and making purchases. They can start to add up if you’re not monitoring your balances properly. Thankfully for Wells Fargo customers, there are plenty of features and ways to avoid overdraft fees. For more posts like this, check out our list of the best Wells Fargo Promotions and Wells Fargo Credit Card bonuses.