Opening a Wells Fargo account costs nothing upfront

Wells Fargo does not charge an opening fee for most of its checking and savings accounts. You can open an account with no money down, though most accounts require you to fund them within a set period after opening — usually 10 business days — or the account may be closed.

The real cost comes later, in monthly maintenance fees. Wells Fargo charges a monthly fee on most checking accounts unless you meet certain conditions, such as maintaining a minimum balance or setting up direct deposit. Savings accounts typically have lower or no monthly fees, but the specifics depend on which account type you choose.

Key Takeaways

  • Wells Fargo does not charge to open a checking or savings account, but you must fund it within 10 business days or it may close.
  • Most Wells Fargo checking accounts charge a monthly maintenance fee of $10 to $15 unless you meet waiver conditions like direct deposit or minimum balance.
  • Savings accounts generally have no monthly fee or a lower fee than checking accounts.
  • You can open an account online, by phone, or in person at a Wells Fargo branch with a government ID and Social Security number.

Monthly maintenance fees on checking accounts

Wells Fargo's most common checking account, the Wells Fargo Core Checking, charges $10 per month. You can waive this fee by setting up direct deposit of at least $500 per month, maintaining a daily balance of $500, or maintaining an average daily balance of $1,500.

The Wells Fargo Preferred Checking account charges $15 per month and has the same waiver options. This account includes additional features like higher ATM reimbursement limits and priority customer service, but the monthly cost is higher if you do not meet a waiver condition.

If you are under 18, the Wells Fargo Student Checking account has no monthly fee. If you are 62 or older, the Wells Fargo Senior Checking account also has no monthly fee.

Savings account fees and minimum balances

Wells Fargo savings accounts typically have no monthly maintenance fee. The Wells Fargo Way2Save Savings Account and the Wells Fargo Savings Account both charge $0 per month, regardless of your balance.

However, some savings products, such as money market accounts, may have monthly fees or require a minimum balance to avoid fees. Money market accounts at Wells Fargo charge $25 per month unless you maintain a minimum balance of $2,500 or more.

How to open an account and what you need

You can open a Wells Fargo account online, by phone at 1-800-869-3557, or in person at any Wells Fargo branch. Online opening is the fastest route and takes about 10 minutes.

You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit method. You can fund the account immediately with a debit card, bank transfer, or check deposit. If you open online, you must fund the account within 10 business days, or Wells Fargo may close it.

Wells Fargo will also run a ChexSystems check, which is a banking history report. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Wells Fargo may deny your account.

Overdraft and ATM fees

Opening the account itself is free, but using it can carry costs beyond the monthly maintenance fee. Wells Fargo charges $35 per overdraft transaction if you spend more than your balance. You can opt out of overdraft protection, which means transactions will be declined instead of charged a fee.

ATM withdrawals at Wells Fargo machines are free. Withdrawals at out-of-network ATMs cost $2.50 per transaction, though some checking accounts offer reimbursement for a limited number of out-of-network fees per month.

Direct deposit and balance requirements to waive fees

The easiest way to avoid the $10 monthly checking fee is to set up direct deposit of at least $500 per month. Direct deposit is a recurring transfer from your employer or benefit provider into your Wells Fargo account. Once it is set up, the fee waiver is automatic.

If direct deposit is not an option, you can waive the fee by maintaining a daily balance of $500 or an average daily balance of $1,500 across the month. The average daily balance is calculated by adding your balance at the end of each day and dividing by the number of days in the month.

Student and senior accounts have no monthly fee regardless of balance or direct deposit, so if you fall into either category, you can avoid this cost entirely.

Frequently Asked Questions

Can I open a Wells Fargo account with no money?

Yes, you can open an account with zero dollars, but you must deposit money within 10 business days or the account will close. You can fund it online immediately after opening, so in practice most people deposit at least $1 on the same day.

What happens if I do not meet the direct deposit requirement?

If you do not set up direct deposit and do not maintain the required balance, Wells Fargo will charge you $10 per month on a Core Checking account. The fee is deducted automatically from your account on the same day each month.

Do I need a minimum balance to open the account?

No. Wells Fargo does not require a minimum balance to open a checking or savings account. However, some account types, like money market accounts, do require a minimum balance to avoid a monthly fee.

Can I open an account if I have been denied before?

If you were denied because of a ChexSystems flag, you can still open an account, but it may take longer or require additional verification. Contact Wells Fargo directly to discuss your situation before applying.

Are there any accounts with no monthly fee?

Yes. Wells Fargo Student Checking and Wells Fargo Senior Checking have no monthly maintenance fee. Savings accounts also have no monthly fee. If you do not fall into those categories, you must meet a waiver condition on checking accounts to avoid the fee.