Premier Checking is Wells Fargo's mid-tier checking account with higher balance requirements and more perks

Wells Fargo Premier Checking is a checking account designed for customers who maintain higher balances and want more features than a standard account. It sits between their basic checking and their wealth-management accounts. The account comes with a monthly service fee (currently $13, though this varies by region and can be waived if you meet balance or deposit requirements), but includes benefits like higher interest rates on balances, ATM fee reimbursement, and priority customer service.

The core trade-off is straightforward: you keep more money in the account, and Wells Fargo gives you better terms and service in return. If your balance regularly drops below the threshold, the monthly fee kicks in, so it only makes sense if you actually maintain the balance or meet the waiver conditions.

Key Takeaways

  • Premier Checking requires a minimum balance (typically $15,000 to $25,000 depending on your region) to waive the $13 monthly fee, or you can avoid the fee by setting up direct deposit of $500 or more per month.
  • The account pays interest on your balance at a rate higher than Wells Fargo's standard checking, though the actual rate is low and changes with market conditions.
  • You get reimbursement for out-of-network ATM fees and access to Wells Fargo's full ATM network without surcharges.
  • Premier Checking includes priority phone support and a dedicated relationship manager if your balance is high enough, though this varies by location.
  • If you do not maintain the minimum balance and do not have direct deposit, the $13 monthly fee will be charged to your account each month.

Balance requirements and how to avoid the monthly fee

Wells Fargo Premier Checking has a monthly service fee of $13, but you can waive it in two ways. The first is to maintain a minimum balance—typically $15,000 to $25,000, though the exact amount varies by state and can change. The second is to have direct deposits totaling $500 or more per month deposited into the account. If you meet either condition, the fee does not apply that month.

The balance requirement is checked on a daily basis, meaning you need to stay above the threshold every single day, not just on the last day of the month. If your balance dips below the minimum even once, you will owe the fee. Direct deposit is often the easier path if you receive a paycheck or regular income transfer, because it is automatic and does not require you to keep a large sum sitting idle.

If you fall short of both conditions, the $13 fee posts to your account automatically each month. Over a year, that is $156 in fees alone, which is why Premier Checking only makes sense if you can reliably meet one of the waiver conditions.

Interest rates and how they compare

Premier Checking accounts earn interest on your balance, and the rate is higher than Wells Fargo's standard checking account. However, the actual rate is low—typically less than 0.05% annually, depending on the current interest rate environment. This means if you have $20,000 in the account, you might earn less than $10 per year in interest.

The rate changes when the Federal Reserve adjusts its benchmark rates, so what you earn today may be different in six months. Wells Fargo publishes the current rate on their website, and you can call or visit a branch to confirm the exact percentage before opening the account.

For most people, the interest earned is not the main reason to open Premier Checking. The real value is in the fee waivers, ATM reimbursement, and service features. If you are comparing accounts purely on interest, you will find much higher rates at online banks and credit unions, but those accounts may not have the same ATM network or branch access.

ATM access and out-of-network fee reimbursement

Premier Checking includes unlimited reimbursement of out-of-network ATM fees. This means if you use an ATM that is not part of Wells Fargo's network and that ATM charges you a fee (typically $2 to $3), Wells Fargo will refund it. You still pay the fee at the moment of withdrawal, but it appears back in your account within one to two business days.

You also have access to Wells Fargo's full ATM network—over 13,000 ATMs nationwide—without any surcharge. This is useful if you travel or live in an area where Wells Fargo has branches. The combination of a large network and fee reimbursement means you can withdraw cash almost anywhere without worrying about charges.

To receive the reimbursement, you do not need to do anything special. The system tracks out-of-network withdrawals automatically and credits the fee back to your account. If a reimbursement does not appear within a few days, contact Wells Fargo customer service with the transaction details.

Customer service and account management features

Premier Checking customers get priority phone support, meaning shorter wait times when you call. Depending on your balance and location, you may also be assigned a dedicated relationship manager—a person at your local branch who knows your account and can help with questions or financial planning.

The account comes with online and mobile banking tools that are the same as standard checking, including bill pay, mobile deposits, and transaction alerts. You can set up automatic transfers, schedule payments, and monitor your balance in real time through the Wells Fargo app or website.

If you need to dispute a transaction or report fraud, Premier Checking customers are handled through the same fraud department as other accounts, but you may reach a representative faster due to the priority routing.

When Premier Checking makes sense and when it does not

Premier Checking is worth considering if you maintain a balance of $15,000 or more regularly, or if you receive direct deposits of $500 or more per month. In either case, the monthly fee is waived and you get the perks without paying extra. It also makes sense if you use out-of-network ATMs frequently, because the fee reimbursement saves you money over time.

Premier Checking does not make sense if your balance is typically below $15,000 and you do not have regular direct deposits. The $13 monthly fee will cost you $156 per year, and the interest earned on a lower balance is minimal. In that case, Wells Fargo's standard checking account (which has no monthly fee if you maintain a $500 minimum balance or have direct deposit) is a better fit.

It also does not make sense if you rarely use ATMs or if you are willing to pay occasional out-of-network fees. The reimbursement feature is valuable only if you actually use it regularly. Compare the total value of the perks against the $13 monthly fee to decide whether it is worth it for your situation.

How to open a Premier Checking account

You can open Premier Checking online, by phone, or at a Wells Fargo branch. Online, you will need your Social Security number, a government-issued ID, and an initial deposit (usually $25 minimum, though this can vary). The process takes about 10 to 15 minutes and your account number is issued immediately.

By phone, call Wells Fargo at 1-800-869-3557 and ask to open a Premier Checking account. A representative will walk you through the application and can answer questions about the balance requirements and fee waivers specific to your state.

At a branch, bring your ID and Social Security number. A banker can explain the account features in detail and help you decide whether Premier Checking or standard checking is the better choice for your situation. If you already have a Wells Fargo account, you can often upgrade to Premier Checking through online banking or by visiting a branch.

Frequently Asked Questions

What happens if my balance drops below the minimum for one day?

The monthly fee will be charged. Wells Fargo checks your balance daily, so even a single day below the threshold triggers the fee for that month. If you are close to the limit, set up a transfer from another account to keep yourself above the minimum, or rely on the direct deposit waiver instead.

Can I switch from standard checking to Premier Checking?

Yes. If you already have a Wells Fargo checking account, you can upgrade to Premier Checking through online banking, by calling customer service, or by visiting a branch. There is no fee to switch, and your existing account number may change or stay the same depending on how the upgrade is processed.

Does the interest rate change, and how often?

Yes, the rate changes when the Federal Reserve adjusts its benchmark rates, which happens several times per year. Wells Fargo updates their rates accordingly, usually within a few days. You can check the current rate on their website or by calling a branch.

What if I close my Premier Checking account—do I owe anything?

No. Closing a checking account is free. If you have a monthly fee pending for the current month, it will still post before the account closes, so close early in the month if you want to avoid that charge.

Is Premier Checking the same as Wells Fargo Platinum Checking?

No. Platinum Checking is a different account with different requirements and features. Premier Checking is the mid-tier option; Platinum is higher. Ask a Wells Fargo representative which account fits your needs, or compare the fee structures and perks on their website.