Wells Fargo's $400 Checking Bonus: A Solid Deal with a Few Caveats

Let's talk about a bank bonus that's been making the rounds. Wells Fargo is dangling a $400 carrot for opening a new checking account. That's real money for what seems like a straightforward task. But as with any financial offer, the devil is in the details. Is this a no-brainer, or is there more to the story? Let's break it down.

What You Actually Need to Do

The core requirement is simple: open a new Everyday Checking account and have at least $1,000 hit that account via direct deposit within the first 90 days. You'll need to use a specific offer code when you apply online to be eligible for the bonus.

It's crucial to understand what Wells Fargo counts as a 'qualifying direct deposit.' It must be an automatic electronic deposit from an employer, pension, Social Security, or similar regular income source via the ACH network. What doesn't count? Transfers you initiate from another bank, mobile check deposits, or cash deposits at a branch or ATM. Even if your bank offers 'early payday' access, the deposit only counts once it officially posts on the scheduled pay date.

Navigating the Monthly Fee

The Everyday Checking account carries a $15 monthly service fee. That's not ideal, but the good news is you can avoid it. You have a few paths to a fee waiver, and you'll want to pick one that works for you to keep your bonus profit intact.

• Maintain a $500 minimum daily balance. (Note: This is increasing to $1,500 for fee periods starting on or after October 25, 2025.)
• Have $500 or more in total qualifying electronic deposits in a statement cycle.
• Be between 17 and 24 years old.
• Have a linked Wells Fargo Campus ATM or Debit Card.
• Receive a qualifying military direct deposit through their Worldwide Military Banking program.

Important Eligibility Hurdles

This offer is strictly for new checking customers. If you already have a Wells Fargo consumer checking account, you're out of luck. The same goes if you've received a bonus for opening one of their checking accounts in the last 12 months. Wells Fargo employees are also excluded.

Your account needs to stay open through the entire 90-day qualification period and when the bonus is deposited. The fine print mentions that accounts with a zero balance can be closed by the bank without notice, so don't drain it completely right after your direct deposits clear if you're still waiting for the bonus.

Practical Tips and Things to Watch

First, remember that the bonus is taxable income. Wells Fargo will report it if required, and you'll need to account for it on your taxes.

While there's no official 'early account termination fee,' it's generally wise not to close the account immediately after getting the bonus. Keeping it open for a few extra months can help you avoid any potential issues with the bank's bonus terms and maintain a good relationship for future offers.

Plan your direct deposits. Make sure your employer or benefits provider uses ACH. A single deposit of $1,000 works, or you can split it over a couple of paychecks. Just ensure the total within that 90-day window meets the threshold.

Bottom Line

• A $400 bonus for a $1,000 direct deposit is a strong, competitive rate of return.
• The $15 monthly fee is a real cost if you don't meet one of the waiver conditions—plan for this.
• This is a great option if you don't currently bank with Wells Fargo and can easily route a direct deposit.

Common Questions