Fight Wells Fargo Savings Account Fees and Get Them Waived

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Fight Wells Fargo Savings Account Fees and Get Them Waived

Whether you have a modest savings plan or a fairly aggressive one, paying excessive is always counterproductive. After all, savings accounts are meant for conserving funds, not spending them.

Unfortunately, Wells Fargo is notorious for having hidden fees and a host of unnecessary account charges. Worse still, there aren't always clear and easy ways for consumers to hold this company accountable on their own. The good news is that you can successfully fight these charges with DoNotPay.

As the world's very first AI Consumer Champion and a trusted online source of legal help and information, DoNotPay has extensive experience in addressing customer service problems like these. With the Fight and Waive Fees product from DoNotPay, you can avoid having to deal with automated customer support platforms, rude or under-informed branch tellers, and time-consuming appeals processes.

How Much Does Wells Fargo Charge per Transaction?

When opening a , you can choose from two account types: the Way2Save savings account and the Platinum savings account.

Both accounts have monthly maintenance fees that consumers must pay unless they take the necessary actions for avoiding them. The monthly maintenance fee for a Way2Save account is $5 and the monthly maintenance fee for a Platinum Savings account is $12.

Wells Fargo savings accounts allow you to make several withdrawals each month without having to pay any withdrawal fees. However, if you exceed the maximum withdrawal limit in any month, you'll pay a flat fee of $15 for each additional withdrawal you make. Although you can withdraw money from an in-network ATM at no additional cost, you'll pay a fee each time you conduct any business pertaining to your Wells Fargo account using an out-of-network ATM.

Wells Fargo Savings Account Fees Explained

Monthly maintenance fees cover the costs of managing and maintaining your Wells Fargo savings account when you aren't engaging in any other fee-based activities. When you have a consistently large account balance and when you limit withdrawal activities, hosting your account remains a profitable endeavor for this company. However, if you use your savings account in the same fashion that many consumers use checking accounts, monthly maintenance charges help justify and offset the bank's costs for providing these services.

How to Avoid Wells Fargo Savings Account Fees

There are several ways to avoid paying a monthly maintenance fee of $5 for your Wells Fargo Way2Save savings account. These include:

  1. Maintaining a minimum daily balance of $300 or more
  2. Making one or more transfers from a linked checking account as part of the "Save As You Go" program
  3. Making an automatic transfer of at least $25 throughout the fee period
  4. Making daily automatic transfers of $1 or from a linked checking account

You won't be charged a monthly maintenance fee for your Way2Save account if you're the primary account holder and are under the age of 24. However, with the Platinum Savings account from Wells Fargo, the only way to avoid the $12 monthly maintenance fee is by maintaining a daily balance of $3,500 or more. If your account balance ever dips below this minimum, you'll be charged $12 for each fee period until your account balance reaches the required minimum.

You are entitled to a maximum of 10 withdrawal transactions each month. When you exceed this number, withdrawing money from your account will cost $15 for each transaction irrespective of how it's conducted. This withdrawal fee will be charged in addition to any out-of-network ATM fees that you incur.

Do Wells Fargo Savings Accounts Have Hidden Fees?

Finding information on the company's website concerning the full range of fees that you're subject to paying as a Wells Fargo savings account holder isn't always easy. In addition to monthly maintenance fees, out-of-network ATM fees, and charges for exceeding the maximum number of account withdrawals during any fee period, you may be charged an:

  • Excess activity fee - $12
  • Stop payment fee - $31
  • Outgoing wire transfer fee - $30
  • Incoming wire transfer fee - $15
  • and other miscellaneous charges.

Although these and other fees will be detailed in the fine print of your new account paperwork, they aren't currently found in the marketing materials that consumers encounter when opening savings accounts online.

How to Appeal Wells Fargo Savings Account Fees on Your Own

There are several reasons why you might want to appeal Wells Fargo savings account fees. For instance, you should definitely attempt to have your monthly maintenance fee waived if you:

  • Are still below the age of 24 and are the primary owner of the account
  • Have consistently maintained the minimum balance for avoiding maintenance fees
  • Have performed multiple automatic transfers from a linked checking account

If you haven't completed multiple withdrawals and are still being charged $15 to take money out of your account, you should also reach out to Wells Fargo for a fee waiver. Wells Fargo should waive any fees that customers deem excessive, unnecessary or hidden. Fortunately, you have several ways to report and appeal excessive fees. These include:

  1. Calling the Wells Fargo customer service line at 1 (800) 869-3557
  2. Visiting a local Wells Fargo branch to submit your appeal in-person
  3. Use the company's Customer Redress Review program

Next Steps if You Can't Get Wells Fargo Savings Account Fees Waived on Your Own

Like many banking institutions, Wells Fargo is making it increasingly difficult for consumers to connect with live customer service representatives. It's also difficult to appeal fees in-person when visiting local branches. Although the Customer Redress Review program is intended to make resolving issues like these much easier, using it can also be time-consuming. You'll get a much faster response if you use the Fight and Waive Fees product from DoNotPay instead.

Here's how you can use DoNotPay to appeal fees:

  1. Search "appeal fees" on DoNotPay, choose the Fight and Waive Fees product, and select the type of fee you want to appeal.

  2. Select the merchant you want to appeal fees for and enter the details of your transaction, including an associated account if you have one.

  3. Submit your case! DoNotPay will generate the best argument for your case and make sure your fee waiver request gets sent to the merchant for processing.

Why Use DoNotPay to Fight Wells Fargo Savings Account Fees

DoNotPay can help you address multiple issues with your Wells Fargo bank accounts. In addition to appealing savings account fees, you can also use DoNotPay to get an instant chargeback or to quickly and successfully close your bank account. With DoNotPay, taking care of banking-related issues is always quick, simple, and hassle-free.

You can use the Fight and Waive Fees product to appeal more than just your . With DoNotPay, you can quickly and easily appeal fees with:

eBayEtsyHOASpirit AirlinesCoinbase
ShopifyPaypalAmerican AirlinesChase checkingRobinhood

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