Wells Fargo Preferred Checking review August 2019 | finder.com

Wells Fargo Preferred Checking account review

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Wells Fargo Preferred Checking
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An interest-bearing checking account designed for customers with high balances.

With Wells Fargo Preferred Checking, you’ll earn interest on your balances over $15 while you budget for everyday purchases and other expenses. Plus, you’ll have the safety and security of banking with one of the Big Four. But, watch out for fees for using your card abroad.

APY0.01% on balances of $500+
Monthly fee$15 per month
To waive the fee• $10,000 or more in combined deposit balances, OR
• Direct deposits totaling $1,000 or more, OR
• A linked Wells Fargo home mortgage
Minimum deposit to open$25
ATM transaction fee$0
Out-of-network ATM fee$2.50
Overdraft fee$35
Deposit methods Ways to deposit
Cash
  • Cash by teller
  • Cash by ATM
Check
  • Check by teller
  • Check by ATM
  • Mobile/remote check deposit
Transfer
  • Bank transfer
  • Wire transfer
  • Direct deposit

What are the benefits of the Wells Fargo Preferred Checking account?

  • Earn interest. You’ll earn 0.01% interest on any balance above $500.
  • Wide-ranging support. Get customer service anytime you need it with 24/7 support.
  • Mobile app. Download the mobile app to send payments, deposit checks and more.
  • Easy access. This account comes with a debit card that offers fee-free access to over 13,000 ATMs and 5,800 branches.
  • Overdraft protection. Choose from two optional overdraft services that ensure your transactions are covered.
  • Tools. Get access to a suite of budgeting and spending tools that help you get the most out of your money.

Wells Fargo ATM network and fees

The Wells Fargo Visa debit card allows you to make purchases almost anywhere and comes with chip technology to protect your account when you shop. You’ll get free access to over 13,000 Wells Fargo ATMs and 5,800 branches. But if you choose to use a non-Wells Fargo ATM, you’ll be charged the following fees:

  • Domestic ATM fee: $2.50 per withdrawal, transfer or inquiry — plus fees from the ATM owner
  • Foreign ATM fee: $5 per withdrawal — plus fees from the ATM owner

What should I look out for?

  • Opening deposit requirement. This account requires a $25 minimum deposit to open.
  • Monthly service fee. There’s a $15 monthly fee which Wells Fargo will waive if you:
    • Maintain a monthly $10,000 in combined deposit balances.
    • Schedule direct deposits totaling at least $1,000 a month.
    • Link a Wells Fargo mortgage account.
  • Overdraft fees. You’ll be charged $35 for each transaction that overdraws your account.
  • Miscellaneous fees. Wells Fargo has higher fees than some of its competitors, so watch out for things like stop payments and lost cards.
  • Longer processing times. Wells Fargo doesn’t process transactions on weekends, which can lead to longer processing time for transactions and payments.
  • Limited branch availability. Wells Fargo has no branches in HI, KY, LA, MA, ME, MO, NH, OK, RI, VT or WV.

Case study: Adrian’s experience

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Adrian Tomkins
Senior Product Manager

I went with a Wells Fargo checking account because it was recommended by a close friend when I first arrived in the US. The process for getting started was straightforward and relatively fast.

I’ve had the account for almost a decade now and only have a couple of small grievances.

I was disappointed when I was charged a fee for a check.
I was also surprised by the high fees charged for international money transfers, but that appears to be a fairly common drawback across all banks — money transfer services are typically much better.
Overall, the account has proved satisfactory for my needs. The convenience found in the number of branches and ATMs works well for me, and I’ve always been impressed with the customer service, especially in branches.

Compare with other checking accounts

Name Product APY ATMs Fee
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Free at over 56,000 ATMs around the world
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01% on balances of $5+
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
$25/month
(can be waived)
Get $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.
0.01%
38,000 fee-free ATMs nationwide
$0
No overdraft fees. No monthly maintenance fees. No monthly service fees. No minimum balance fees. No deposit required. No foreign transaction fees. Over 38,000+ fee-free MoneyPass ATMs.
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.

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How much do I need to open an account?

There’s a minimum deposit of $25 to open this account.

How do I apply?

You can open this account online, by phone or at a branch:

Online

  1. Visit the Wells Fargo website, hover over Banking and Cards, then click Checking accounts.
  2. Click Compare all accounts.
  3. Scroll down to Preferred Checking and click Open Now.
  4. Choose an individual or joint account, then sign in if you have a Wells Fargo online banking account.
  5. Enter your personal information, verify all details and click Continue.
  6. Choose your account options, fund your initial deposit and review the terms.
  7. Submit your application.

By phone

Call 877-250-2239 at any time to speak with a customer service representative.

At a branch

Make an appointment or visit your local branch to get started.

Eligibility

To open this account, you’ll need to meet a few eligibility requirements:

  • Make a minimum deposit of at least $25.
  • Have a valid Social Security number or tax ID
  • Have a valid state-issued ID
  • Have a valid US address

Required information

Regardless of how you choose to open an account, you’ll be asked for the following information:

  • Name and date of birth
  • Address
  • Social Security or tax ID number
  • Driver’s license or other state-issued ID
  • Contact information
  • Employment information

What other checking options does Wells Fargo offer?

If you want to explore other options, Wells Fargo offers several other checking accounts:

  • Wells Fargo Teen Checking. A no-fee checking account that’s designed to help teens develop responsible money habits.
  • Wells Fargo Everyday Checking. A low-fee checking account that provides easy access to your money when you need it.
  • Wells Fargo Opportunity Checking. If you can’t qualify for another checking account because of past credit history, this limited account can help you get back on your feet.
  • Wells Fargo Portfolio Checking. A full-feature checking for a higher monthly fee.

Bottom line

The Preferred Checking account can earn you interest if you carry a balance over $500. But it might not be worth opening if you don’t qualify to waive the $10 monthly fee.

As always, compare your options to find the best checking account for your financial needs.

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