Guide to Wells Fargo Checking Accounts: Accessible Options for Brick-and-Mortar Banking
Updated April 17, 2024 at 1:01 pm
With over 4,500 branches and 11,000 ATMs in 37 states across the U.S., Wells Fargo stands out as one of the most accessible banks nationwide for those who prioritize in-person banking. Several Wells Fargo checking accounts cater to different needs, depending on your relationship with the bank and personal financial priorities. Let’s explore the various options to see if any align with your needs.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Vault’s Viewpoint on Wells Fargo Checking Accounts
- If simplicity, accessibility, and flexible account management are your priorities, Everyday Checking accounts offer essential features and a readily waivable monthly fee.
- Wells Fargo’s standard checking accounts do not accrue interest, a common feature among major brick-and-mortar banks. Because of this, don’t expect to accumulate earnings on balances you hold there.
- Prime and Premier Wells Fargo checking accounts provide extra perks to customers maintaining higher total balances, which includes savings and investments.
Types of Wells Fargo Checking Accounts
Currently, Wells Fargo offers four distinct checking accounts for both new and existing customers. Two of them—Everyday Checking and Clear Access—are tailored for regular users who want all of the essential features without needing to maintain high balances. The other two—Prime Checking and Premier Checking—are premium accounts for customers intending to save and invest larger amounts with Wells Fargo, and seeking a higher tier of relationship benefits.
Wells Fargo was founded in 1852 as a freight shipping, banking and stagecoach passenger service company. In 1905, the banking branch split off on its own, but kept a nod to its beginnings with the stagecoach that still appears in its branding. Over the following decades, through various mergers and name changes, Wells Fargo Bank grew to become one of the largest financial institutions in the U.S., and it remains so in 2024. With over $1.7 trillion in assets, Wells Fargo is the third-largest bank by assets in the country today.
Prospective customers should be aware that Wells Fargo’s reputation has been damaged by a slew of scandals and improprieties that have made the news over the past decade. In the most egregious instance, the bank acknowledged creating 1.5 million fake deposit accounts and over 600,000 fake credit card accounts in customers’ names to meet aggressive sales goals between 2002 and 2016. In December 2022, the bank paid $3.7 billion in restitution and civil penalties for mismanagement (including charging customers illegal fees and interest). It also consistently lags in retail banking satisfaction surveys. Ultimately, your decision to bank with Wells Fargo hinges on your comfort level in light of this information.Now, let’s break down the different Wells Fargo checking accounts to help you weigh their benefits against any potential concerns.
Everyday Checking
Vault Verified
Expert Take
If you’re looking for an account that will meet all your daily needs without extra bells and whistles, Everyday Checking should fit the bill. It’s the preferred option for many Wells Fargo customers, offering flexible features and a waivable monthly fee (maintain $500+ in the account or receive $500+ in qualifying monthly direct deposits). Customers aged 17-24 or students with a linked Wells Fargo Campus card enjoy fee-free access.
Features of Everyday Checking accounts include check writing privileges, optional overdraft protection, a contactless debit card, built-in fraud protection, and more. The Wells Fargo Mobile app connects you with more features like a digital wallet, person-to-person Zelle transfers and mobile check deposit. Although Everyday Checking accounts are interest-free, watch for promotions and bonuses to boost earnings.
Pros
- Simple checking account option with access to all the essential daily checking features
- Mobile app facilitates on-the-go banking
- Minimal requirements to waive the monthly service fee
Cons
- Not an interest-bearing account, so you’ll earn nothing on balances
- Comes with all the basic checking features but limited additional features
- Charges a fee for paper checks
Who Is This Best For?
Everyday customers seeking a straightforward, low-fee account
Prime Checking
Vault Verified
Expert Take
Prime Checking is the first of Wells Fargo’s premium account tiers. For individuals with Wells Fargo accounts—including savings accounts, certificates of deposit, IRAs or investment accounts—it might make sense to open or upgrade to Prime Checking. To waive the $25 monthly service fee, account holders must have a total of $20,000 in statement-ending balances across all of these qualifying accounts.
Features of Prime Checking accounts mirror Everyday Checking, with added perks like waived transaction fees at non-Wells-Fargo ATMs, free wire transfers, and free personal checks, cashier’s checks, and money orders. If you have linked savings accounts or CDs, you’ll receive a boosted “Relationship Interest Rate” on those balances as a Prime account holder.
Pros
- Free checks, cashier’s checks, money orders and incoming wire transfers
- Boosted interest rates and fee waivers on linked Wells Fargo savings services
- Discounts on Wells Fargo loans and other services like foreign currency exchange and safe deposit box rentals
Cons
- Required $20,000 in qualifying Wells Fargo accounts to make Prime Checking fee-free
- Low APY (0.01% APY on balances)
- No premium customer service
Who Is This Best For?
Customers with over $20,000 in qualifying linked Wells Fargo accounts
Premier Checking
Vault Verified
Expert Take
Premier Checking, Wells Fargo’s highest tier checking account, encompasses the features and benefits of their other accounts alongside exclusive banking relationship benefits. But the price of entry is high for Premier Checking accounts: you’ll need at least $250,000 in qualifying linked balances if you want to avoid the steep $35 monthly service fee.
Additional perks in the Premier tier include no-fee international debit purchases, priority phone support, waived fees for incoming and outgoing wire transfers, and access to personal investment planning and advice. Premier customers benefit from a dedicated Premier banker who can provide tailored advice and connections within the Wells Fargo network.
Pros
- Ideal for customers who plan to manage a lot of their money through Wells Fargo services
- Fee waivers and ATM fee reimbursements
- 24/7 priority customer service and free personal investment planning and advice
Cons
- Even in this high tier, low interest offered on checking balances
- Expensive monthly fee if accounts fall below the $250,000 mark
- Wells Fargo is not a leading bank for investments
Who Is This Best For?
High-balance customers who value premier banking perks
Clear Access Banking
Vault Verified
Expert Take
Clear Access Banking, though not a traditional checking account, offers similar features with standard checking accounts at Wells Fargo while targeting teens and students. It’s fee-free for those aged 13-24 and accommodates individuals with complicated banking histories or low credit.
Lacking overdraft fees and check writing abilities, Clear Access Banking prioritizes digital transactions via debit or ATM card, Zelle, or digital wallets. After a year, account holders can upgrade to any of the other Wells Fargo checking accounts.
Pros
- Accessible to teens and students
- Offers second-chance banking for customers with complicated banking histories
- Mobile banking features
Cons
- No interest on balances or rewards on debit purchases
- No overdraft protection, charges that cannot be covered will be declined (some account holders prefer this to fees)
- Limited to digital transactions, no checks available
Who Is This Best For?
Teens, students, and people who want help managing their money
How To Open Wells Fargo Checking Accounts
To proceed with opening any of the types of Wells Fargo checking accounts above, you’ll complete the following steps.
- Provide your information: You’ll be asked to provide personal details like your address and phone number whether you open an account online, over the phone, or in-branch.
- Have ID ready: You’ll need two acceptable forms of ID, including at least one primary form (driver’s license, passport, state ID card or other photo ID). Secondary forms of ID include a birth certificate, Social Security card, debit or credit card and more. If none of your IDs list your address, they may also require a proof of address document.
- Fund your account: Be prepared to make an initial deposit of at least $25 regardless of the account type you’re opening. If opening an account in person, you can use cash or check. If opening an account online, you can transfer funds from an existing account.
- Set up online banking: Once you’ve been approved for any Wells Fargo checking account, set up online banking right away so to become familiar with its features and manage your preferences.
Alternatives to Checking Accounts at Wells Fargo
Wells Fargo Everyday Checking vs Chase Total Checking
If your top banking priority is access to brick-and-mortar branches and ATMs, Wells Fargo’s network is surpassed only by JPMorgan Chase. With over 5,000 branches and 15,000 ATMs across 48 states nationwide, you’re unlikely to find yourself far from a Chase Bank. Moreover, Chase Total Checking accounts offer many of the same features as Wells Fargo Everyday Checking, and the institution doesn’t carry as controversial a history, ranking highly in customer banking satisfaction.
However, Chase Total Checking isn’t an interest-bearing account, giving it no edge in the APY department. Plus, it’s tougher to waive the $12 monthly fee: you’ll need a minimum daily balance of $1,500, $500+ of monthly direct deposits, or $5,000 in linked qualifying accounts to avoid that cost.
Wells Fargo Everyday Checking vs Ally Bank Spending Account
As an online-only bank, Ally Bank lacks physical infrastructure and doesn’t accept cash deposits—although you can make free withdrawals at over 43,000 Allpoint ATMs nationwide. If you prefer face-to-face banking or often make cash deposits, you’re better off with Wells Fargo or a different local brick-and-mortar option.
Despite this limitation, the Ally Spending Account is a well-rounded checking account with no monthly service or overdraft fees. Its APY is divided into two tiers: 0.10% for accounts with balances under $15,000 and 0.25% for accounts over that amount. While these aren’t the highest checking account interest rates in the market, they’re an improvement over earning no interest at all.
Wells Fargo Everyday Checking vs Axos Bank Rewards Checking
For those aiming to maximize interest, it might be worth navigating through a few hoops to build your own APY of up to 3.30% with Axos Bank Rewards Checking. You’ll qualify for this higher rate if you receive monthly direct deposits of $1,500 or more, maintain linked Axos investment accounts with a qualifying daily balance, and complete other qualifying activities. If meeting these requirements is a challenge, you might find it more efficient to keep most of your funds in a high-yield savings account to earn interest, then transfer money as needed to your chosen checking account.
As a digital institution, Axos Bank isn’t ideal for customers who need to deposit a lot of cash or prefer in-person banking. However, it is fee-free by default, unlike checking accounts at Wells Fargo.
Frequently Asked Questions
What Is the Minimum Balance for Wells Fargo Checking?
To fund your account initially, you’ll need a deposit of $25 or more, regardless of the type of account you choose. Once your account is open, there’s no specific minimum balance required to maintain it. However, to keep your account fee-free, there are different criteria to consider. Everyday Checking necessitates a minimum daily balance of $500 to waive the fee, unless you qualify for an alternative waiver method. For Prime, you’ll need $20,000 in qualifying linked account balances to waive the monthly fee, and for Premier accounts, it’s $250,000.
Can I Change My Wells Fargo Checking Account Type?
Absolutely, you have the option to upgrade or downgrade your account while retaining your existing account number. In most instances, you can schedule an appointment with a banker at your local Wells Fargo branch or call customer service to request the account conversion. There are exceptions; for instance, if you opened a Clear Access Banking account due to an inability to qualify for other types of Wells Fargo checking accounts, you’ll need to wait 365 days before making the switch.
What Fees Does Wells Fargo Charge?
Similar to most banks, Wells Fargo imposes various fees associated with checking accounts. In addition to the monthly service fees, it’s essential to carefully review overdraft fees, ATM fees, foreign transaction fees, check ordering costs, wire transfer fees, and money order fees. The charges may vary depending on the type of Wells Fargo checking account you have. However, regardless of your account type, Wells Fargo doesn’t charge withdrawal fees for accessing cash at their ATMs or stop payment fees for canceling checks and ACH transfers.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
