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Kali Roberge is a personal finance writer who writes about using money mindfully to design the life you want. She co-hosts the Beyond Finances podcast and serves as director of operations for Beyond Your Hammock, a fee-only financial planning firm in Boston. Kali graduated with a BA in History and with honors from Kennesaw State University in 2011.
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1 About Overdrafts and Overdraft Fees
– Our overdraft fee is $35 whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means and we will charge no more than three (3) overdraft and/or returned item fees per day.
– We will also not assess an overdraft fee on items of $5 or less that cause an overdraft or returned item. If your account is overdrawn by $5 or less and there are no items returned for non-sufficient funds (NSF) after we have processed all of your transactions, we will not assess an overdraft fee on the items.
– The payment of transactions into overdraft is discretionary and the bank reserves the right not to pay. For example, the bank does not typically pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.
2 Overdraft Rewind: When the bank receives your electronic direct deposit by 9:00 a.m. local time where your account is located, we will automatically include this amount in a re-evaluation of the payment decisions from the prior business day’s account processing. The bank will calculate a new available balance, which includes your pending direct deposit (less any pending debits) and use this amount to help reverse the overdraft or non-sufficient funds (NSF) decisions and waive associated fees that would have been charged. You can find the state where your account is located on your account statement. Overdraft Protection Transfers/Advances and fees from the prior business day are not reversed with Overdraft Rewind. Other deposits, such as check(s), cash, or account transfers received after our initial nightly account processing are not included in Wells Fargo Overdraft Rewind. Go to wellsfargo.com/Overdraft-Rewind for more details.
3 Overdraft Protection transfers from a savings account count toward the Regulation D and Wells Fargo combined total limit of 6 transfers and withdrawals per monthly fee period. If the limit is exceeded, an excess activity fee for each transfer or withdrawal over the limit will be assessed. If the limit is exceeded on more than an occasional basis, your savings account could be converted to a checking account or closed.
4 The fee for Overdraft Protection transfers from a savings account is $12.50 and is charged to the checking account. We will transfer or advance the amount needed to cover the fee if the funds are available in the linked account. The fee for Overdraft Protection transfers from a credit account varies based on the amount of the advance.
Advances from a credit account accrue interest from the date each advance is made.
Please refer to your credit agreement for further details. You can link up to two eligible accounts (one savings and one credit account) to your checking account and choose which account we will use first to transfer or advance funds.
5 Subject to the bank’s funds availability policy. Certain “pending” deposits, specifically a cash deposit or a transfer from another account, that are made after the displayed cut-off time (where the deposit was made) will be included if they are made before we start our nightly process. If you make the deposit or transfer after we start our nightly process, it will not be included in the available balance that night.
6 Your mobile carrier’s message and data rates may apply.