Good morning everyone, happy Friday! I just received my Wells Fargo checking account statement and noticed a few changes to how the $10 monthly service fee will be waived on the Wells Fargo Everyday Checking account, effective October 8, 2020. Here is what the statement says:
Effective with the fee period beginning after October 8, 2020, the option to avoid the $10 monthly service fee with 10 or more posted debit card transactions will no longer be available, and the minimum daily balance option will be lowered to $500. Once these changes are effective, the monthly service fee can be avoided with ONE of the following options each fee period:
– Maintain a $500 minimum daily balance
– $500 or more in total qualifying direct deposits*
– Linked to a Wells Fargo Campus ATM or Campus Debit
Here is a screenshot of the new changes:
By comparison, here is a screenshot of the current requirements to waive the $10 monthly service fee. The current minimum daily balance is $1,500. That is going to drop down to $500, which is very good news if you want to park $500 in the checking account and leave it alone. The $500 direct deposit requirement is not changing. The 10 debit card purchases requirement is going away. I never use my Wells Fargo debit card for anything, other than ATM cash withdrawals, so this is not a loss to me, but I have some friends that use their Wells Fargo debit card as they everyday card. If the primary account owner is between 17-24 years old or the account is linked to a Wells Fargo Campus ATM or Campus debit card, those requirements are not changing.
So these changes are either good news or bad news, depending on how you currently get the $10 monthly service fee waived. If you are paying the $10 monthly service fee on a regular basis, see if you can change your habits / behavior to waive the monthly service fee, or consider switching to another bank or credit union that has no or lower monthly fees. If you have any questions about these changes, please leave a comment below. Have a great weekend everyone!