Wells Fargo charges a monthly fee on most checking accounts, but you can waive it
Wells Fargo's main checking account, called Wells Fargo Everyday Checking, costs $10 per month. However, you do not have to pay it if you meet one of their waiver conditions — the most common being a minimum daily balance of $500 or a direct deposit of at least $500 per month into that account.
Wells Fargo also offers Wells Fargo Clear Access Banking, which has no monthly fee and no minimum balance requirement. This account is designed for people who are new to banking or rebuilding their banking history, though anyone can open one. The tradeoff is that it has fewer features than Everyday Checking — for example, it does not include overdraft protection.
If you already have a Wells Fargo account and are paying the $10 monthly fee, you can switch to Clear Access Banking or meet one of the waiver conditions to stop paying. The choice depends on which features matter to you and whether you can maintain a $500 balance or set up a direct deposit.
Key Takeaways
- Wells Fargo Everyday Checking costs $10 per month unless you maintain a $500 daily balance or receive a $500 direct deposit each month.
- Wells Fargo Clear Access Banking has no monthly fee and no minimum balance, making it free for anyone to use.
- Both accounts come with a debit card, online banking, and mobile app access at no extra cost.
- If you are paying the monthly fee and do not want to, switching to Clear Access Banking or setting up direct deposit are your main options.
What the $10 monthly fee covers and what it does not
The $10 monthly fee for Everyday Checking is straightforward a maintenance charge — it does not buy you extra services. You get the same debit card, online banking, mobile app, and customer service whether you pay the fee or waive it. The fee exists because Wells Fargo charges for the account itself, not because you are using premium features.
What the fee does not cover: overdraft fees, ATM fees outside the Wells Fargo network, wire transfer fees, or cashier's check fees. Those are separate charges that explore to any account type. If you overdraw your account by even one dollar, Wells Fargo charges an overdraft fee on top of the monthly maintenance fee.
How to waive the $10 monthly fee
Wells Fargo offers three main ways to waive the monthly fee on Everyday Checking:
- Maintain a $500 daily balance. Your account balance must be at least $500 every single day of the month. If it drops below $500 even once, you do not waive the fee for that month. This is the hardest condition to meet if you live paycheck to paycheck.
- Receive a direct deposit of $500 or more per month. A direct deposit is when your employer or a government agency (like Social Security) sends money straight into your account. The deposit must be at least $500 and must happen at least once per month. This is easier to meet if you have a job or receive benefits.
- Link your account to a Wells Fargo savings account. If you open a Wells Fargo savings account and link it to your checking account, the monthly fee is waived. However, the savings account itself may have fees or minimum balance requirements, so this is worth checking before you open one.
If none of these conditions fit your situation, switching to Clear Access Banking is simpler than trying to meet a waiver condition you cannot maintain.
Clear Access Banking: the no-fee alternative
Clear Access Banking is Wells Fargo's account with no monthly fee and no minimum balance. You pay nothing to have the account open, and there is no condition you have to meet each month to keep it free. You get a debit card, online banking, mobile app, and the ability to set up direct deposit.
The main limitation is that Clear Access Banking does not include overdraft protection. If you overdraw the account, Wells Fargo will decline the transaction rather than covering it and charging you a fee. For some people this is actually better — it prevents you from going into debt — but if you are used to overdraft protection, this will feel like a restriction.
Clear Access Banking also does not come with a checkbook by default, though you can request one. If you write checks regularly, you will want to ask about this before opening the account.
Other Wells Fargo checking accounts and their fees
Wells Fargo offers a few other checking accounts aimed at specific groups. Wells Fargo Teen Checking is free and designed for people under 18; it comes with parental controls and no overdraft fees. Wells Fargo Student Checking is free for college students and waives the fee as long as you are enrolled; after graduation, it converts to Everyday Checking and the $10 fee applies unless you meet a waiver condition.
If you are over 55, Wells Fargo offers Wells Fargo Preferred Checking, which costs $12 per month but includes benefits like higher interest rates on linked savings accounts and waived fees on certain services. Whether this is worth it depends on how much money you keep in savings and how often you use those services.
What happens if you cannot meet the waiver conditions
If you cannot maintain a $500 balance and do not have a direct deposit, you have two realistic options: switch to Clear Access Banking, or look for a checking account at a different bank or credit union that has no monthly fee.
Many community banks and credit unions offer free checking with no minimum balance and no direct deposit requirement. If you are already a Wells Fargo customer and the $10 fee is a burden, it is worth comparing what other banks in your area offer. Some online banks also offer free checking with no strings attached.
Before you switch banks, make sure you understand what you will lose: Wells Fargo branch access, any existing direct deposits you have set up, and any linked accounts or services. Switching takes time, but if you are paying $10 a month for a service you do not use, the math may favor moving.
Frequently Asked Questions
Can I switch from Everyday Checking to Clear Access Banking without closing my account?
Yes. You can convert your existing Everyday Checking account to Clear Access Banking by visiting a Wells Fargo branch or calling customer service. You keep the same account number and routing number, so any direct deposits or automatic payments you have set up will continue without interruption.
If I set up direct deposit, does it have to be from my job?
No. Direct deposit can come from your employer, but it can also come from Social Security, unemployment benefits, tax refunds, or other government payments. The requirement is that the deposit be at least $500 and happen at least once per month. Transfers you make yourself from another bank do not count.
Does Wells Fargo charge to close a checking account?
No. You can close a Wells Fargo checking account at any time with no fee. If you have a balance, Wells Fargo will send you a check or transfer the money to another account you specify. There is no penalty for closing.
What is the difference between the daily balance requirement and the average balance?
Wells Fargo uses daily balance, meaning your account must be at least $500 every single day of the month. It is not an average — one day below $500 means you do not waive the fee. This is stricter than some banks that use average balance, where you only need to average $500 across the whole month.
If I get the fee waived one month, do I have to keep meeting the condition every month?
Yes. The waiver is month-to-month. If you meet the condition in January, the fee is waived in January. If you do not meet it in February, you pay the fee in February. You have to maintain the condition every single month to keep avoiding the charge.