Banking » Guides » How Much is Wells Fargo Overdraft Fees and Can You Avoid It?
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How Much is Wells Fargo Overdraft Fees and Can You Avoid It?

The Wells Fargo overdraft fee is $35. You can avoid it by linking your savings to a checking account, using overdraft protection, and more.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

Wells Fargo overdraft fees
(Photo by Sulastri Sulastri/Shutterstock)

Does Wells Fargo Charge Overdraft Fees?

The standard overdraft fee at Wells Fargo is $35 per transaction. For each business day, the bank can charge up to 3 overdraft fees. So this means that the maximum amount of total overdraft fees can be $105 per business day.

One thing to remember here is that Wells Fargo does not charge overdraft fees on declined or returned transactions.

As the Wells Fargo website points out, an overdraft occurs when you do not have enough money in the account to pay for a transaction, but the bank agrees to pay for it anyway.

When it comes to overdraft at Wells Fargo, there are several things to consider:

  • Coverage – Overdraft at Wells Fargo covers checks and automatic bill payments. However, it is important to keep in mind that overdraft does not cover everyday transactions, such as purchases at a grocery store or gas station. It also does not cover any cash withdrawals at ATMs.
  • No guarantee of overdraft – Wells Fargo website explains to its customers that there is no guarantee that the bank will always pay for overdraft transactions. This issue is decided on an individual basis. So if a customer has regular deposits coming into the account, then the bank is more likely to approve an overdraft transaction.
  • Option to remove overdraft coverage – One thing to keep in mind about banking with Wells Fargo is that you can remove standard overdraft coverage by visiting a branch or calling 1-800-869-3557. In this case, if you have insufficient funds in the account, all of the transactions will be automatically declined. The upside to this choice is that you can avoid paying any overdraft fees.
Wells Fargo overdraft protection
Add/change overdraft protection (Screenshot from Wells Fargo app)

How Much Wells Fargo Overdraft Fee Compared to Other Banks?

In recent years, many banks and other financial institutions changed their overdraft policy. This is more common as one of the online bank advantages, but not only. Many of them, now offer a grace period and other alternatives to eliminate overdraft fees.

Here are some of the banks that don't charge an overdraft fee:

  • Axos Bank
  • Ally
  • Citibank
  • Capital One 360
  • Discover
  • Chime

For example, if we compare Bank of America and Wells Fargo, we can see that Bank Of America has much lower fee. Also, Wells Fargo charges a maximum of only 3 times per business day ($105 overall), while Bank of America can charge you 2 times per day ($20 overall).

Bank/institution
Overdraft Fee
Max Per Day
bank of america bank logo
Bank of America
$10
2 per day
TD_Bank logo
TD Bank
$35
3 per business day
pnc bank logo
PNC Bank
$36
4 per 24 hours
Wells_Fargo-Logo
Wells Fargo
$34
3 per business day
us bank logo
US Bank
$36
4 times per day
chase bank logo
Chase Total Checking®
$35
3 per business day

How Long Before Wells Fargo Charges Overdraft Fee?

Wells Fargo offers its customer an extra day grace period when it comes to overdraft fees. This benefit is automatic, and you do not need to enroll to take advantage of that.

This means that if your checking account balance becomes negative due to an overdraft, you have until the end of the next business day to transfer or deposit funds to bring the balance back to zero. In this case, you will avoid paying any overdraft fees.

If the balance on your account remains negative by the end of the next business day, Wells Fargo will charge you a $35 standard overdraft fee per transaction, up to 3 transactions per business day.

However, overdraft services are not available for Clear Access Banking accounts:

WF Overdraft protection
Wells Fargo overdraft protection options (Screenshot from Wells Fargo app)

How Can I Get Wells Fargo To Waive Or Refund Overdraft Fees?

If you have failed to take advantage of the extra day grace period and ended up with an overdraft fee, there is still some chance to get the bank to waive the fee. There are several ways to approach this:

  • Calling customer service – The way to deal with this issue is to call Wells Fargo customer service at +1 (800) 869-3557. In this case, it is important to have all your bank account information. Here, you need to state your case politely and explain why the overdraft fee should be removed. In some cases, they might decide to waive the overdraft fee, especially if it is the first time it has happened.
  • Secure email – One alternative to making a call is to send a secure email to Wells Fargo using online banking. Those messages are encrypted so criminals can not get their hands on your personal and financial information.
  • Appointment – If you prefer a face-to-face meeting to explain your case, you can set an appointment. In this case, one of the bank representatives will talk to you and eventually will come up with a decision.

Does Wells Fargo Offer 24 Hours Grace Period?

Wells Fargo offers an extra day grace period instead of the standard 24-hour overdraft fee policy. In this case, the overdraft fee will be waived if customers cover the negative balance by the end of the next business day.

Consequently, this approach is even better than the 24-hour overdraft fee policy, since this gives potentially more time to customers to address this issue, ranging from 24 to 48 hours. So this gives customers plenty of time to take action and avoid paying any overdraft fees.

How Does Wells Fargo Overdraft Protection Work?

An overdraft fee is one of the most expensive bank fees, and this is something you can avoid in most cases. The overdraft protection at Wells Fargo allows you to link one savings account and one credit card account to your checking account.

If insufficient funds are available in your checking account to complete a transaction, then the necessary funds will be transferred from your savings account to the checking account. As a result, you avoid the frustration of declined transactions and also avoid paying any overdraft fees.

At the same time, if you do not have sufficient funds in your savings account, the money will be taken from your credit card account within your credit limit and transferred to the checking account.

With Wells Fargo, you do not have to pay any fees for using overdraft protection. To change, enroll or remove overdraft protection, you can visit the Wells Fargo branch or call 1-800-869-3557.

Which Additional Tools Does Wells Fargo Offer To Prevent Overdrafts?

Besides the extra day grace period and overdraft protection, Wells Fargo also offers its clients additional tools to avoid overdrafts. Here are some details about those:

  • Early Pay Day – As the name suggests, this feature allows those Wells Fargo clients who have set up a direct deposit to receive their paychecks up to two days earlier than their payday. This can help prevent overdrafts for those customers whose balances are running low just before payday. You do not need to enroll in the program or pay any fees to get the benefits of early payday.
  • Clear Access Banking – This is one of the checking accounts that Wells Fargo offers its customers. One distinction here is that it has no overdraft fees. So if you have insufficient funds to complete the transaction, it will be rejected instead of going into an overdraft. This account has a $5 monthly service fee, waived for all account holders under 25. No minimum balance is required, and you only need to come up with $25 to open this account.
WF Early Payday
(Screenshot from Wells Fargo app)

What is The Wells Fargo Debit Card Overdraft Service ?

An overdraft service is an optional tool Wells Fargo offers to its customers. If customers decide to enroll, then when they have insufficient funds to complete the transaction, the bank may pay for the purchase.

This covers daily transactions, such as purchases at grocery stores, restaurants, and gas stations.

The downside is that you will be charged a $35 fee per item. If you do not want to pay this fee, you can choose not to enroll in debit card coverage. As a result, when you have insufficient funds to complete the transaction, it will be rejected, and you do not have to pay any overdraft fees.

What is The Wells Fargo Debit Card Overdraft Service ?

An overdraft service is an optional tool Wells Fargo offers to its customers. If customers decide to enroll, then when they have insufficient funds to complete the transaction, the bank may pay for the purchase.

This covers daily transactions, such as purchases at grocery stores, restaurants, and gas stations.

The downside is that you will be charged a $35 fee per item. If you do not want to pay this fee, you can choose not to enroll in debit card coverage. As a result, when you have insufficient funds to complete the transaction, it will be rejected, and you do not have to pay any overdraft fees.

FAQs

Wells Fargo offers an extra day grace period to its customers. This means that customers can transfer or deposit funds to their accounts before the end of the next business day and avoid any overdraft fees.

This means that customers have between 24 to 48 hours to take action and bring their account balance back to positive territory.

Yes. Wells Fargo charges a monthly service fee – but the monthly fee can be waived if you meet certain conditions.

There is no hard limit on how many times will Wells Fargo let you to use an overdraft. The decisions are made on an individual basis. So if one has very little or no deposit going into a checking account, the bank might decide not to approve any overdraft transactions.

However, for each business day, Wells Fargo can charge overdraft fees up to 3 times.

There is no standard limit on how many times Wells Fargo can waive overdraft fees for each client. If you use the grace period to deposit or transfer funds to your checking account, fees will be waived every single time.

On the other hand, if you miss this opportunity and ask them the bank to waive the fee, then there is no guarantee that they will agree to that. Decisions like this are made on a case-by-case basis.

There is no standard rate for how much you can use overdraft with Wells Fargo checking account.

How much overdraft bank allows depends on such factors as regular deposits coming into the account as well as the size of savings accounts and CDs, the client possesses.

Fortunately, Wells Fargo overdraft fees are not charged immediately. Instead, the bank gives you some time until the end of the next business day to fill any deficit in your checking account and avoid paying any overdraft fees in the process.

Wells Fargo might decide to forgive and waive overdraft fees, depending on the circumstances. However, firstly you need to contact the bank and ask them to waive the overdraft fee.

There is no guarantee of a 100% success rate, but it might be worth trying since in many cases banks agree to waive overdraft fees.

Wells Fargo charges a flat fee of $35 for overdraft, per transaction, up to 3 times per business day – a maximum of $105 per day.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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