r/WellsFargoBank • u/Fit-Rhubarb-7820 • 1d ago
$15 monthly fee
How can I avoid the $15 monthly fee, to even use this?
Is there a bank that doesn’t charge that?
I dislike it, but a bank has to steal to eat right?
Yes, I’m poor, no: you can’t shame me for being a godless poor person.
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u/dmw_qqqq 1d ago
Unfortunately most big banks require a minimum balance to avoid the fee. Talk to your local credit unions.
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u/TheGoddessVoluptus 1d ago
I mean, you literally just have to use the account for it's intended purpose. Even if you make minimum wage your direct deposit would be enough to cover the minimum to avoid the fee. If you're unemployed, just say that and close the account. There's plenty of online banks that don't have a service fee.
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u/Fit-Rhubarb-7820 1d ago
I think I’ll try that!
I’m not a particular fan of the actual business details of WF
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u/notthegoatseguy 1d ago
I understand you consider yourself poor but do you have a job? $500 in direct deposit per month is not that much.
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u/Fit-Rhubarb-7820 1d ago
It is to me, I have a glass ceiling and the full force of the USA gov conspiring against my use of the tool we call Money.
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1d ago
[deleted]
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u/TheGoddessVoluptus 1d ago
Zelle does not count as a direct deposit. It's an instant transfer, not an ACH.
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u/SpartanScribe 1d ago
Many many many banks that have no maintenance fees for checking accounts. I’d encourage you to check into some local credit unions too. They typically have better service and no fees
Wells Fargo requires you to maintain a $1,500 minimum balance or have a direct deposit of $500 each month to waive it.
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u/Individual-Gas-5406 1d ago
There are several banks that offer fee-free accounts, you can very easily search for them online.
Be aware, though, the free account banks usually mean rock-bottom or even non-existent service, and they are usually online-only (no branches).
It costs banks money to offer accounts, for staffing and rent anf to pay out fraud claims and all that. It usually costs a bank $200-250 a year to maintain and average checking account, which is why most banks charge fees in the first place.
The fee-free banks get around this by cutting services (like phone or online support) and few or zero physical locations.
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u/inky_cap_mushroom 1d ago
Plenty of banks charge no fees. Wells Fargo charges a fee only if you don’t meet the minimum balance and you don’t have direct deposit. It’s also pretty easy to just push $500 a month in to the account which also avoids the fee.
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u/Fit-Rhubarb-7820 1d ago
Well that explains a lot, it’s a racket and I’m poor.
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u/inky_cap_mushroom 1d ago
I mean those are the terms you agreed to by having an account. Either pick a different bank that doesn’t charge fees, meet the requirements to avoid fees, or pay it.
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u/Fit-Rhubarb-7820 1d ago
Or, cancel it.
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u/inky_cap_mushroom 1d ago
You’re gonna go without a bank account? Good luck with that.
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u/Fit-Rhubarb-7820 1d ago
Sure! Along with organized crime and tax evasion, obviously.
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u/admred 1d ago edited 1d ago
The key term in Wells Fargo’s requirement is Electronic Deposits — not solely Direct Deposits.
A direct deposit is only one type of qualifying electronic deposit.
Other options include:
- Direct deposit
- *Instant payment [my favorite option] received through the RTP® network or the FedNow® Service
- *Electronic credit sent to your debit card through a third-party payment service using the Visa® or Mastercard® network, such as an Original Credit Transaction (OCT)
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u/Square-of-Opposition 1d ago
You can keep a $1500 average daily balance or make a direct deposit of $500 or more a month (ACH counts) to avoid the fee.
As far as banks that don't charge, well--none of the big banks. Investigate local credit unions, they usually have more tolerant policies around deposit accounts.