If you have a job, then direct deposit isn’t a new concept to you. To briefly explain it, it is simply a convenient way to receive money from your employer or the government. Also, if you’re a Wells Fargo customer, you have another reason to consider setting up direct deposit, and that is to avoid monthly maintenance fees on certain accounts.
According to a 2020 survey by the American Payroll Association, nearly 94% of more than 34,000 respondents said they receive their paychecks y direct deposit. Continue reading to learn more about how to sign up for Wells Fargo direct deposit.
What Is Direct Deposit?
Simply put, direct deposit is the electronic transfer of funds straight into your Wells Fargo bank account from the person or organization that is paying you, which can be your employer or a government agency. Direct deposit is actually much faster and less expensive than issuing paper checks. Here are the things that qualify for direct deposit.
- Paychecks from your employer
- Benefits from the federal government, including Supplemental Security Income, veterans benefits, Social Security and civil service checks
- Benefits from state government agencies, such as pensions, retirement funds or unemployment checks
- Investment income, like profits from certificates of deposit, mutual funds and annuities
How To Set Up Direct Deposit With Wells Fargo
There a couple of different ways to setting up your direct deposit with Wells Fargo. Regardless of which way you choose, you will need to provide information about yourself and your account.
All you have to do to set up direct deposit is to follow these steps:
- Fill out a pre-filled Wells Fargo direct deposit form. You can find this form on Wells Fargo’s website.
- Alternatively, you can fill out the Wells Fargo direct deposit form by hand.
- Print out the completed form and hand it to your payroll department or HR representative.
- Verify that the direct deposit has taken effect.
With direct deposit from Wells Fargo, your money will be automatically deposited and available the same day. If you have any questions call Wells Fargo customer service, which is available 24/7, at 1-800-869-3557.
Wells Fargo Direct Deposit Frequently Asked Questions
Here are some popular questions that people have when they first set up their Wells Fargo direct deposit.
Does Wells Fargo Process Direct Deposits on the Weekend?
As long as your direct deposit doesn’t land on a weekend, you’re good because Wells Fargo doesn’t process direct deposits on the weekend. They generally do their banking on regular days which are Monday through Friday, except for bank holidays.
How Long Does It Take for Direct Deposit To Start?
Starting and processing times for direct deposits can vary depending on factors such as who is issuing the payment. The speed at which your direct deposit will start will depend on how quickly the payer takes to process your direct deposit request. This normally can be fast as two pay periods, but can go up to two months to complete the whole process.
Does Wells Fargo Offer Early Direct Deposit?
Wells Fargo does not offer early direct deposit. They are simply posted on the first available banking day.
You might be wondering to yourself now if you should set up a Wells Fargo direct deposit. Simply put, if you are a Wells Fargo customer, then it makes sense to set up direct deposit for recurring payments. It’s a convenient way to receive money but it can also help you save money because it helps waive maintenance fees. For more posts like this, check out our list of bank bonuses and Wells Fargo credit card bonuses!