Recently, Wells Fargo made it easier for consumers to get the sign up bonus on their checking account due to coronavirus. It looks as though they are making some more changes to the actual checking account themselves by making it easier to avoid the monthly service fee.
Wells Fargo is making a change to their minimum daily balance in order to waive the $10 monthly service fee. It is being lowered from $1500 to $500. Additionally, the option of waiving the fee with 10 monthly debit transactions will be removed. Both of these changes are coming on October 8th.
The additional other ways to waive the fee are staying the same, which include $500 in monthly direct deposits, being in between the ages of 17-24, or having a Wells Fargo Campus ATM or Campus Debit card linked to your checking account.
While it may not sound like that much, having to pay the monthly service fee at your bank adds up over time. Why bother paying it if you don’t have to? You can always use that money for better things like paying off debt, or even investing it. The reduction in minimum daily balance is a very positive thing for most people. The only confusing thing for me is why they removed the 10 debit transactions a month as a way to avoid the fee? Unless this is a push to use their credit cards instead, it seems like a negative change.
Hopefully I’m not being out of touch, but I think keeping the $500 stashed away as your minimum shouldn’t be too hard for most people. It’s certainly better than the $2,000 that I have to keep in my credit union to avoid the monthly service fee!
Do you have a Wells Fargo checking account? Will this change make things easier for you to avoid the fee? Or were you relying on the 10 debit transactions per month? Let us know down in the comment section below!