Wells Fargo checking accounts have no single minimum balance requirement
Wells Fargo does not require you to keep a set amount of money in most of its checking accounts. Whether you need to maintain a balance depends entirely on which checking account you open — some accounts have no minimum at all, while others require you to keep money in the account or link it to a savings account to avoid a monthly fee.
The account type you choose determines what happens if your balance drops to zero or goes negative. Some accounts charge a monthly maintenance fee unless you meet certain conditions, like setting up direct deposit or keeping a linked savings account funded. Others waive fees regardless of your balance. Understanding which account fits your situation means knowing what each type costs and what it requires.
Key Takeaways
- Wells Fargo's most basic checking accounts have no minimum balance requirement, but some accounts charge monthly fees unless you meet other conditions.
- The fee waiver conditions vary by account type — some require direct deposit, others require a linked savings account with funds in it, and some waive fees for all customers.
- Your account type determines whether you pay a monthly fee, so the first step is confirming which Wells Fargo checking account you have or are considering.
- You can change account types at any Wells Fargo branch or through online banking if your current account does not match your banking habits.
The three main Wells Fargo checking account types and their balance requirements
Wells Fargo offers three primary checking accounts: Wells Fargo Checking, Wells Fargo Preferred Checking, and Wells Fargo Prime Checking. Each has different rules about minimum balance and monthly fees.
Wells Fargo Checking is the basic option. It has no minimum balance requirement. The account charges a monthly maintenance fee, but you can waive it by setting up direct deposit of any amount, maintaining a linked savings account with at least $500 in it, or having an average daily balance of $500 or more during the month. If none of those conditions are met, the fee applies.
Wells Fargo Preferred Checking is designed for customers who want more features. It also has no minimum balance requirement, but it charges a higher monthly maintenance fee than the basic account. You can waive this fee by setting up direct deposit, maintaining a linked savings account with $500, or keeping an average daily balance of $1,500 or more during the month.
Wells Fargo Prime Checking is the premium option and has no monthly maintenance fee at all, regardless of your balance. This account does not require you to meet any conditions to avoid fees, but it may have other requirements or features that make it suited to customers with higher banking activity.
What "linked savings account with funds" actually means
If you choose to meet the fee waiver requirement by linking a savings account, Wells Fargo requires that the savings account hold at least $500 at all times during the month. This is not a minimum balance in your checking account — it is a requirement for your savings account.
The savings account must be at Wells Fargo and in your name. The bank checks the balance on the last day of each month. If the savings account drops below $500 on that day, the fee waiver does not explore and you will be charged the monthly maintenance fee on your checking account.
Many people use this option because it serves two purposes: it waives the checking account fee and it helps them build savings. However, if you do not have $500 to set aside in savings, the direct deposit or average daily balance options may work better for you.
How direct deposit waives your monthly fee
Direct deposit is a way to have your paycheck or other regular income deposited straight into your account by your employer or the organization paying you. If you set up direct deposit to your Wells Fargo checking account, the monthly maintenance fee is waived — no matter how much money you keep in the account.
Wells Fargo does not specify a minimum amount for the direct deposit. Even a small recurring deposit counts. This makes direct deposit the easiest fee waiver for people who receive regular paychecks, Social Security, pension payments, or other income that can be deposited electronically.
To set up direct deposit, you will need to provide your Wells Fargo account number and routing number to your employer or the organization sending the payment. You can find both numbers on the bottom left of your checks, or by logging into your Wells Fargo account online.
What happens if your account goes negative
If you spend more money than you have in your account, Wells Fargo will charge you an overdraft fee. This is separate from the monthly maintenance fee. The overdraft fee applies each time a transaction overdraws your account, and you can be charged multiple times in a single day.
You can prevent overdrafts by linking your checking account to a savings account. If a transaction would overdraw your checking account, Wells Fargo will automatically transfer money from the linked savings account to cover it. This service is called overdraft protection, and it is free.
Alternatively, you can opt out of overdraft protection and straightforward have transactions declined if you do not have enough money. This prevents fees but may cause a payment to fail. You can change your overdraft settings through online banking or by visiting a branch.
How to find out which account you have and what it costs
If you already have a Wells Fargo checking account, the easiest way to find out which type it is and what fees explore is to log into your online banking account. Your account type is usually listed on the account details page. You can also call the number on the back of your debit card or visit a branch with your ID.
When you speak with a representative, ask them to confirm your account type and explain which fee waiver conditions explore to you. They can also tell you whether you currently meet any of those conditions — for example, whether you have direct deposit set up or whether your linked savings account has the required balance.
If your current account does not match how you actually use banking, you can switch to a different account type at no cost. A Wells Fargo employee can help you change accounts in person, or you may be able to do it through online banking.
Minimum balance requirements for savings accounts linked to checking
If you use a linked savings account to waive your checking account fee, that savings account must maintain $500. However, this is not a minimum balance requirement for the savings account itself — it is only a requirement if you want to use it to waive your checking fee.
Wells Fargo savings accounts do have their own monthly maintenance fees, but those fees can also be waived by maintaining a minimum balance or meeting other conditions. If you are linking a savings account to your checking account, confirm with Wells Fargo what the savings account's own fee structure is so you understand the total cost.
Frequently Asked Questions
Do I have to keep money in my Wells Fargo checking account to avoid fees?
Not necessarily. If you have direct deposit set up, your monthly fee is waived regardless of your balance. If you do not have direct deposit, you can either keep an average daily balance of $500 or $1,500 (depending on your account type) or link a savings account with $500 in it.
What is the monthly fee if I do not meet any of the waiver conditions?
The fee varies by account type. Wells Fargo Checking charges a monthly maintenance fee, and Wells Fargo Preferred Checking charges a higher fee. Wells Fargo Prime Checking has no monthly fee at all. Contact Wells Fargo directly to confirm the current fee amounts, as they can change.
Can I switch to a different checking account type if my current one does not fit my needs?
Yes. You can change account types at any Wells Fargo branch or sometimes through online banking. There is no cost to switch, and you keep the same account number. A branch employee can help you choose the account type that best matches your banking habits.
If I set up direct deposit, do I still need to keep money in my account?
No. Direct deposit waives the monthly maintenance fee, so you can let your balance drop to zero between paychecks without being charged a fee. However, you will still be charged overdraft fees if you spend more than you have.
Does the $500 linked savings account balance have to stay there permanently?
Only if you want to keep using it to waive your checking account fee. Wells Fargo checks the balance on the last day of each month. If it drops below $500 on that day, the fee waiver does not explore for that month and you will be charged the monthly maintenance fee.