What Wells Fargo checking accounts require in minimum balance
Wells Fargo checking accounts do not all carry the same minimum balance rule. The requirement depends on which account type you open. Some accounts have no minimum at all, while others require you to keep a set amount on deposit to avoid a monthly fee.
The most common Wells Fargo checking products are the Wells Fargo Everyday Checking (no minimum), Wells Fargo Premier Checking (minimum varies), and Wells Fargo Active Cash Checking (no minimum). If you already have an account, your specific requirement appears in your account agreement and on your monthly statement.
Minimums can change, and Wells Fargo sometimes offers promotions that waive them temporarily. The best way to know your own account's requirement is to log into your online account, call 1-800-869-3557, or visit a branch with your account number.
Key Takeaways
- Wells Fargo offers checking accounts with no minimum balance requirement, such as Everyday Checking and Active Cash Checking.
- Premier Checking and some other accounts do carry a minimum balance requirement, which you can find in your account agreement or by calling customer service.
- If you fall below the minimum on an account that requires one, Wells Fargo charges a monthly maintenance fee, typically $10 to $15.
- You can avoid the fee by maintaining the required balance, setting up direct deposit, or switching to an account with no minimum.
How the minimum balance rule works
When an account has a minimum balance requirement, you must keep at least that amount in the account at all times during the statement period. If your balance drops below the minimum on any day, you may be charged a fee at the end of the month.
The fee is not automatic on every account. Some Wells Fargo checking products waive the fee if you meet an alternative condition—such as setting up a direct deposit of at least $500 per month, maintaining a linked savings account with a certain balance, or having a Wells Fargo credit card or mortgage.
Your statement shows whether you met the requirement each month and whether a fee was charged. If you were charged a fee and believe it was in error, you can contact Wells Fargo to request a reversal, though they are not required to grant it.
Accounts with no minimum balance
Wells Fargo Everyday Checking has no minimum balance requirement and no monthly maintenance fee. This account includes a debit card, online banking, and access to Wells Fargo ATMs. You can open it online or in a branch.
Wells Fargo Active Cash Checking also has no minimum balance requirement. It offers the same core features as Everyday Checking but includes a cash-back reward on debit card purchases (the rate varies and is set by Wells Fargo).
Both accounts are available to customers who meet Wells Fargo's standard account opening requirements, which typically include a valid ID and a Social Security number or ITIN. If you are unsure which account you have, your statement or online account dashboard will show the product name.
Accounts with a minimum balance requirement
Wells Fargo Premier Checking is designed for customers who want higher service levels and rewards. It carries a minimum balance requirement, though the exact amount varies by region and can change. Typical minimums range from $500 to $2,500, but you should confirm the current requirement before opening.
If you maintain the required balance, Premier Checking waives the monthly fee and includes benefits such as higher interest rates on the account balance, fee waivers on certain services, and priority customer service. If you fall below the minimum, a monthly maintenance fee applies.
Premier Checking also allows you to waive the fee through alternative conditions, such as setting up direct deposit or maintaining a linked savings account. Ask about these options when you open the account or call customer service to confirm what applies to your specific account.
What happens if you fall below the minimum
If your account requires a minimum balance and you drop below it, Wells Fargo charges a monthly maintenance fee. This fee is typically $10 to $15, depending on the account type, and appears on your statement at the end of the billing cycle.
The fee is charged once per month, even if you stay below the minimum for the entire month. If you bring your balance back above the minimum partway through the month, you may still be charged the fee for that month, because the requirement is based on your balance during the statement period, not just on the last day.
Repeated fees can add up quickly. If you are consistently falling below the minimum, switching to an account with no minimum requirement or meeting an alternative fee-waiver condition (such as direct deposit) is usually the better choice.
How to avoid the minimum balance fee
The simplest way to avoid a fee is to keep your balance above the required minimum. If that is not practical for your situation, look for an alternative fee-waiver condition. Most Wells Fargo checking accounts waive the monthly fee if you set up direct deposit of at least $500 per month—this counts as income deposited directly into your account by an employer, government agency, or other source.
Some accounts also waive the fee if you maintain a linked Wells Fargo savings account with a certain balance, have an active Wells Fargo credit card, or meet other criteria. The specific conditions depend on your account type, so check your account agreement or call 1-800-869-3557 to confirm what applies to you.
If none of these options work, you can switch to a Wells Fargo checking account with no minimum balance requirement. You can open a new account online or in a branch and transfer your money over. Closing your old account is optional—you can keep both open if you want.
Checking your account's minimum requirement
Your account agreement, which you received when you opened the account, lists the minimum balance requirement and the monthly fee amount. If you no longer have the agreement, you can request a copy from Wells Fargo by calling 1-800-869-3557 or visiting a branch.
Your monthly statement also shows whether you met the minimum during that billing cycle and whether a fee was charged. Online banking displays your current balance in real time, so you can check whether you are above or below the requirement at any moment.
If you are unsure which account type you have, log into your online account or call customer service with your account number. They can tell you the exact minimum, the monthly fee amount, and what conditions (if any) waive the fee.
Frequently Asked Questions
Can I switch from a checking account with a minimum to one without?
Yes. You can open a new Wells Fargo checking account with no minimum requirement online or in a branch, then transfer your money from the old account. You do not have to close the old account immediately, but you can once the transfer is complete. Closing an account does not hurt your credit.
Does Wells Fargo waive the minimum balance fee if I set up direct deposit?
Most Wells Fargo checking accounts do waive the fee if you set up direct deposit of at least $500 per month. However, the exact requirement varies by account type. Check your account agreement or call 1-800-869-3557 to confirm whether direct deposit waives the fee for your specific account.
What if I fall below the minimum for just one day?
If your account requires a minimum balance and you drop below it on even one day during the statement period, you may be charged the monthly fee. The requirement is based on your balance throughout the month, not just at the end. Some accounts calculate the minimum based on your average balance instead, so check your agreement.
Can Wells Fargo reverse a minimum balance fee?
Wells Fargo may reverse a fee if you contact them and explain the situation, but they are not required to do so. If you were charged in error—for example, if you met the minimum but were still charged—call 1-800-869-3557 and ask for a review. Reversals are more likely if this is your first fee or if you have been a customer for a long time.
Do I need a minimum balance to open a Wells Fargo checking account?
No. Wells Fargo does not require a minimum deposit to open a checking account. You can open an account with as little as $1 or even $0, depending on the account type. However, some accounts charge a fee if your balance falls below a certain amount after the account is open.