Wells Fargo Prime Checking Review [2024]: Is it Worth the High Monthly Fee?

Wells Fargo Prime Checking overview

Founded in 1852, Wells Fargo is a well-established name in the banking industry with over 5,600 branch locations in the District of Columbia and 36 states. It’s also the third-largest commercial bank in the country, per the Federal Reserve.

Wells Fargo offers four personal checking accounts, and the Prime Checking account is one of the only two offering interest. However, the APY on this account may not be worth it when you consider the high monthly maintenance fee.

Look at these details so you can decide if the Wells Fargo Prime Checking account fits your needs.

Who is this account best for?

The Wells Fargo Prime Checking account is best if you like the convenience of going to a brick-and-mortar bank to handle your finances. The bank operates over 5,600 branches in Washington, D.C. and 36 states, and it has a convenient online map and search tool that can help you find out if there are locations near you.

This account is also a good fit if you make a lot of ATM transactions. Unlike many other banks, Wells Fargo doesn’t charge fees whether you use one of its 11,000 in-network ATMs or pick any location that is out of its network. I think this is especially a nice perk if you’re someone who travels a lot or just doesn’t want to have to spend time searching for a free ATM.

While this account also seems like a good option if you want a checking account that earns interest, the APY is minimal, and the high monthly fee on the account would probably negate any interest you may earn. It makes more sense to use the Prime Checking account to pay your bills and then stash your spare cash at an online bank or another place that is more profitable.

What we like about Wells Fargo Prime Checking

No ATM fees

The most significant benefit of the Wells Fargo Prime Checking account is the lack of ATM fees for transactions made at in-network and out-of-network ATM locations in the U.S. and internationally.

While other bank ATM operators might charge you fees when you use an out-of-network machine, Wells Fargo won’t. Plus, Wells Fargo will also reimburse fees for one domestic and one international out-of-network ATM transaction per fee period (which is every 25 to 35 days).

Relationship benefits

Wells Fargo rewards you with certain relationship benefits when you link other Wells Fargo accounts to your Prime Checking. These perks include special interest rates on linked savings accounts and CDs and interest rate discounts on eligible new personal loans. The bank will also waive its $25 monthly service fee if your eligible linked account balances total at least $20,000.

Overdraft coverage

Overdraft fees are expensive, so it’s worth finding ways to avoid them. In many cases, Wells Fargo charges $35 if it pays a transaction when you don’t have sufficient funds in your account. There are some exceptions, such as if you resolve the shortage during the extra day grace period provided or the overdrawn amount doesn’t exceed $10.

However, with Wells Fargo’s overdraft protection, you can link a savings account, credit card, or line of credit to cover overdrafts at no charge, which can help you manage your money better.

You can link up to two Wells Fargo accounts to cover your excessive transactions.

For example, if there isn’t enough money in your linked savings account, the money will be taken from your credit card at no charge. While I always try to keep an eye on my balance to avoid shortages, I like the peace of mind that Wells Fargo’s overdraft protection provides.

Fee waivers

With the Wells Fargo Prime Checking account, you can benefit from waivers for common fees that some other accounts charge. You won’t pay for personal checks, cashier’s checks, money orders, stop payments, or incoming wire transfers. There are also no non-sufficient funds fees for returned items.

What Wells Fargo Prime Checking could improve

Monthly maintenance fee

Unless you have $20,000 in your Prime Checking account or across your eligible linked Wells Fargo accounts, you have to pay a $25 monthly maintenance fee. This is a definite drawback because many other checking accounts don’t charge monthly fees or have lower ones with more reasonable waiver options. I’ve managed to avoid these fees with my bank accounts.

Below-average checking APY

While the Wells Fargo Prime Checking account does earn interest, it’s minimal. The 0.01% (as of 07/01/24) APY is well below the average checking account interest rate of 0.08% (as of 7/02/24). You would need to keep $2,500 in the account for one year just to earn $25 in interest or to cover one monthly maintenance fee. Some competing accounts offer a much better return with up to a 3.30% APY.

Overdraft charges

If you don’t enroll in overdraft protection or link an account to cover your transactions, Wells Fargo can charge you $35 for any transaction over $10 that it pays. You won’t pay more than three of these fees per day, but that could still add up to $105 in overdraft charges. For comparison, many online banks don’t charge these fees at all.

Foreign transaction fees

The Wells Fargo Prime Checking account levies a 3% fee when you use your debit card for international purchases where the foreign currency is converted to U.S. dollars. I avoid accounts that charge foreign transaction fees because I travel often. But if you don’t plan to use this account for international transactions, this fee is less of an issue.

Featured Checking Account

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Discover®️ Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.¹ No minimum deposit or balance. FDIC Insured.

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Earn up to $450

When you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

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Wells Fargo Prime Checking customer experience

If you prefer to work with a bank that has physical locations that you can go into, then Wells Fargo is a good choice because it’s the third-largest U.S. commercial bank with 5,600+ branches across the majority of states. You can also reach a Wells Fargo representative through chat features on the bank website and mobile app or call them at (800) 869-3557. Other options include mailing letters and visiting the bank’s Twitter and Facebook pages.

The Wells Fargo website and mobile app have a robust FAQ section where you may find the answers to your questions on accounts, fees, debit cards, and more. I have a Wells Fargo credit card and use the mobile app to get answers to any questions I may have about my account.

Alternatives to consider

While the Wells Fargo Prime Checking account has some advantages, its monthly maintenance fee and foreign transaction fees may be reasons to explore other options. The APY is also relatively low compared to what some of the best banks offer.

SoFi Checking and Savings

When you open a SoFi high-yield checking account, you automatically get a savings account, which also earns interest.² SoFi’s checking account earns a 0.50% (as of 10/31/24) APY with direct deposit, which is around six times the going rate nationally.³

The SoFi savings account earns up to 4.20% APY if you use direct deposit.

There are no overdraft fees, monthly service fees, or ATM fees with SoFi banking. The bank also covers the 0.9% foreign convenience fee for foreign currency transactions with your debit Mastercard, leaving you with just a 0.2% foreign exchange fee. Member FDIC.⁴

Visit SoFi | Read our SoFi Checking and Savings review

Bank of America Advantage Banking

If you’re looking for convenient access to your funds, Bank of America is a solid choice. It has thousands of ATMs and financial centers, so you can easily deposit cash and talk with an actual person.

Bank of America also has a highly-rated mobile app, so if banking on the go is a priority, this is a good choice. The main downside to Bank of America’s Advantage Banking checking accounts is that they do have fees. There are options for the fees to be waived, but if you prefer not having the possibility of being assessed a fee, this may not be a fit.

I especially like the range of accounts that Bank of America offers, including its Bank of America Advantage SafeBalance Banking®, which is a simple checking account with no overdraft fees.⁵⁶ Member FDIC.

Visit Bank of America | Read our Bank of America Advantage Banking review

Discover® Cashback Debit

The APY on the Wells Fargo Prime Checking is minimal. If you’re looking to get a little more out of your account, Discover® Cashback Debit account is a solid option. You earn 1.00% cash back on up to $3,000 in purchases each month.⁷

The downside to this account is that it’s essentially online-only (there is one branch in Delaware). If you’re someone who never steps into a branch, though, it could be a good fit. And it has an extensive ATM network.

This account also sets itself apart from Bank of America and Wells Fargo’s offerings by not having a monthly service fee. Member FDIC.⁸

Visit Discover | Learn more in our Discover Cashback Debit review

FAQs

Bottom line

The Wells Fargo Prime Checking account offers notable benefits, particularly if you frequently use ATMs and want to avoid fees for in- and out-of-network transactions. The account’s relationship benefits and overdraft protection are also appealing, especially if you have other linked Wells Fargo accounts. However, the $25 monthly maintenance fee makes it less ideal if you can’t maintain a $20,000 minimum balance across your linked accounts.

Additionally, the foreign transaction fees and relatively low interest rates may encourage you to explore other options, mainly if high-interest or fee-free accounts are a priority. Ultimately, this account is most suitable if you value the convenience of Wells Fargo’s physical branches and extensive free ATM access.

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Discover®️ Cashback Debit Benefits

• Earn 1% cash back on up to $3,000 in debit card purchases each month¹
• No minimum deposit, no minimum balance, and no account fees
• Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
• 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

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