A major bank is raising its monthly fees, here’s how to avoid paying more

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What changes with Wells Fargo checking fees

Wells Fargo currently charges a $10 monthly fee on its daily checking account. These fees will be due soon It goes up to $15Unless you meet one of the requirements for waiver. In addition to raising fees, Wells Fargo is adjusting one of its key waiver criteria — while also adding a new way to avoid fees.

Updates will be published in two phases:

• October 25: The new fee waiver requirements take effect for fee periods beginning on or after that day.
• November 29: The higher monthly fee starts at $15 for fee periods beginning on or after that date.

If you have a Wells Fargo Everyday Checking account, it’s a good idea to review the new rules now to make sure you still qualify for an exemption.

How to avoid high fees before they arrive

To skip the new $15 monthly fee, Wells Fargo customers still need to meet one of several requirements. Most are still the same, but two will change this fall.

What stays the same?

You can continue to avoid monthly fees if you:

• 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, these updates go into effect:

• Minimum daily balance requirement increases to $1,500 (up from $500)
• New waiver option lets you qualify with $5,000 or more in combined deposit and investment balances at Wells Fargo

These updates mean that some customers who avoided fees by checking a few hundred dollars may need to adjust the way they bank — or explore another account type.

Other verification options to consider

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 $180 per yearwhile many other institutions offer free screening. You can simply move to a bank that doesn’t charge fees — or consider two other possibilities that can help your money work harder.

High-yield checking and savings in the same bank

One option is to transfer your check 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% to 5% APY, compared to Wells Fargo’s savings rate of 0.01%.

Earn interest with a rewards checking account

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.

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.

How to Find the Best Savings and CD Rates

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