Yes, you read that right–a $300 checking account bonus available to new customers nationwide!

Wells Fargo routinely proves how much they want your business with excellent welcome offers such as this one. From now until the end of July 15, 2022, Wells Fargo will provide all new checking account customers with $300 after jumping through a few hoops.

We know this is a lucrative checking account bonus and we’re excited to see Wells Fargo offer it. Just be sure this checking account would be right for you even without the bonus before signing up.

How to Get the $300 Checking Bonus From Wells Fargo

The Wells Fargo Everyday Checking account is Wells Fargo’s most popular account and from now until the July 15, 2022 you can snag $300 for opening it.

Here’s how to earn the $300 bonus (Online or In-Person)

1. Use this link to receive your offer code. Then, enter this code when opening your new Everyday Checking account or provide it to the banker helping you.
2. Deposit at least $25 into your new checking account before July 15 (this is the minimum opening deposit).
3. Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 days from account opening (the qualification period).
4. $300 will then be deposited into your account within 30 days of meeting the above requirements.

The $1,000 direct deposit requirement is fairly standard for checking account bonus offers like this. Just remember this can be in the form of salary, ACH transfers from an employer, social security, income from a rental property, side-hustle or small business, etc.

Finally, you must have a positive balance for this entire period in the account (and it goes without saying, but the account must not be closed for any reason).

If you do not meet these offer requirements within 90 days of opening your account, you will not receive the bonus. But if you ​do​ follow these steps, the bonus will be automatically deposited into your checking account within 30 days. Please keep in mind that this bonus will be considered taxable income.

Certain groups of people will not be eligible for this offer, including current owners of Wells Fargo consumer checking accounts, Wells Fargo employees, and any individuals that have received a Wells Fargo bonus offer on a new consumer checking account within the past year. So you don’t technically have to be a new Wells Fargo customer, but you can’t already have a checking account with them.

Locations That Qualify for the $300 Checking Account Bonus

When Wells Fargo first rolled out this lucrative promotion in the beginning of 2020, it was exclusively available to residents of Orlando, Florida and Phoenix, Arizona.

Now, it’s available nationwide and the requirements for qualifying are a lot less strict. Simply apply online or visit the Wells Fargo branch location nearest to you and open an account with the printed-out code.

How to Avoid Fees With the Wells Fargo Everyday Checking Account

As with many checking accounts offered by large, national banks, you will have to meet a few requirements to avoid a monthly maintenance fee.

The Wells Fargo Everyday checking account will charge you a monthly service fee of $10, but this can be avoided in a few different ways.

1. First, if you are between the ages of 17 and 24, this maintenance fee will be automatically waived for you.
2. If you are older than this, you can avoid the monthly fee by maintaining an average daily balance of at least $500.
3. You may also avoid the fee by setting up direct deposits totaling $500 or more into this account (does not include peer-to-peer transfers or mobile deposits).
4. Lastly, you can avoid the fee by linking this account with a Wells Fargo Campus ATM Card or Campus Debit Card in good standing.

Some other account fees (listed below) cannot be avoided, but you should still know about them.

• $12.50 per overdraft transfer (when you’re enrolled in overdraft protection),
• $35 per overdraft or returned item when you’re not enrolled in overdraft protection,
• $2.50 per transaction using an out-of-network ATM in the U.S., and $
• 5 per transaction using an out-of-network ATM outside of the U.S.

Withdrawals from Wells Fargo ATMs are, of course, free.

Wells Fargo Checking Account Features and Perks

By and large, this checking account is basically your standard checking account. However, it does boast a few features and perks that help to make it more attractive.

One of the most advertised features is the Debit Card On or Off feature. This is unique to Wells Fargo and is a good safety measure that could save your account balance in the event of card theft or loss.

Simply turn off a card temporarily that you’ve had stolen or misplaced without canceling it, and your balance will be protected until you turn it back on.

With an Everyday Checking account, you’ll have access to the usual—but still nice—features available through this bank such as:

1. Online and mobile bill pay and transfers.
2. 24/7 customer service.
3. Over 13,000 Wells Fargo ATMs.
4. Debit Card Overdraft Services (customer must opt-in). Details below.
5. Overdraft Rewind. Details below.
6. Card-free ATM access. Allows you a one-time ATM code for use at a Wells Fargo ATM right from the bank’s mobile app.
7. Text banking. Access your account balance, transactions, due dates, and more via text message.

If you add Debit Card Overdraft services to your account, your debit card transactions could be approved and put into overdraft (at the discretion of Wells Fargo), rather than just having them automatically declined when you can’t pay for them based on your balance.

You will incur a fee of $35 for every overdraft applied, but this will be waived if you can get the money to pay for the transaction into your account on the same business day.

Overdraft Rewind, a much less common practice, is a free account feature that will allow you to dodge an overdraft fee if your account receives a direct deposit covering the full amount of the transaction that went into overdraft by the next day. You might not take advantage of this all the time, but it could come in handy once in a while.

Final Thoughts

This is a very solid checking account bonus by Wells Fargo. 

The Everyday checking account that the bonus is applied to is quite versatile and can be beneficial to a wide array of customers.

The $300 bounty for becoming a new checking account customer is also on the high end for bonuses of these types, which generally stay in the $100 – $200 range.

Just keep in mind that you’ll need to enroll in direct deposit right away to reach that $1,000 minimum.

Also, in the longer run, if you see yourself having trouble avoiding the monthly fees, this could eat away at the cash bonus over time, so be sure you can meet these requirements comfortably.