Wells Fargo is raising major fees — do it before October 25 to avoid paying more

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What changes under Wells Fargo’s new fee rules?

Wells Fargo is updating how customers can qualify for a waiver of daily checking fees, with the new rules taking effect before the bank increases the fee itself.

Updates will be published in two phases:

• October 25: New fee waiver requirements take effect for fee periods beginning on or after that day, including the higher minimum balance required to avoid fees.
• November 29: Monthly fees increase from $10 to $15 for fee periods beginning on or after this date.

If you have a Wells Fargo Everyday Checking account, check the new rules before October 25 to see if you will still qualify for an exemption once they take effect.

Who needs to act before October 25, and who doesn’t

To skip paying a monthly fee, Wells Fargo customers still need to meet one of several requirements. But while most of the rules remain the same, one key requirement will change on October 25, meaning some people could face charges they didn’t have to pay.

What stays the same?

You can continue to avoid monthly fees if you meet the following:

• Have $500 or more in qualifying electronic deposits per fee period (e.g., direct deposit)
• Be between 17 to 24 years old and be the primary owner of the account
• Earn eligible military deposits through Wells Fargo’s Global Military Banking program

What changes?

Beginning with fee periods beginning October 25 or later, these updates will take effect:

• Minimum daily balance requirement will increase to $1,500 (from $500)
• The new waiver option will allow you to qualify with $5,000 or more in combined deposit and investment balances at Wells Fargo

The higher minimum balance of $1,500 means that some customers who previously avoided fees with just a few hundred dollars on deposits may need to adjust the amount they keep in the bank, or start paying the account each month.

Smart alternatives if you’re facing higher fees

If it’s not easy for you to meet Wells Fargo’s new exemption requirements on a regular basis, it may be worth exploring other accounts. The bank’s new $15 monthly fee adds up to $180 annually, while many other institutions offer free checking.

You have a few options. You can move to a bank that doesn’t charge fees, or you can consider two other possibilities that can help your money work harder.

Option 1: Move your checking account and high-yield savings account to the same bank

One option is to move your checking account to a bank that also offers a high-yield savings account at a competitive rate. By opening both types of accounts at one bank, you can easily move money between them while earning more money on savings. Today’s best high-yield savings accounts pay between 4% and 5% annual yield, which is several times higher than Wells Fargo’s savings rate of 0.01%.

Option 2: Open a checking account where you can earn interest

Some banks and credit unions offer rewards checking accounts that pay a high interest rate — currently up to 6% APY — if you meet certain activity requirements, such as using your debit card frequently or setting up a monthly direct deposit. If you can easily meet the criteria, these accounts allow you to earn a strong return on your money while maintaining the day-to-day flexibility of a checking account.

Bottom line

Transferring your account from Wells Fargo may not be for everyone, but it’s helpful to know that you have options. If you can’t consistently meet the bank’s new waiver requirements, it makes sense to explore other accounts rather than lose $15 to fees every month.

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