Posted by Chuck on January 14, 2020
Bank Account Bonuses

Published on January 14th, 2020 | by Chuck

304

[Nationwide] Wells Fargo $400 Checking Bonus – Available Online

Update 1/14/20: This bonus is actually available nationwide at this link. Updated the post below. (ht CobblerSalad)

Update 1/14/20: Apparently, some areas of Virginia work as well. (ht YAR)

Update 1/13/20: Dallas, TX and Washington D.C. have now been added to the list of eligible areas.

Offer at a glance

The Offer

Direct Link to offer – Nationwide | (Another link which only works in select areas)

  • Wells Fargo is offering a bonus of $400 when you open a new checking account and complete the following requirements:
    • Set up a direct deposit and receive a cumulative total of $4,000 in qualifying direct deposits over the course of the first 3 months.

The Fine Print

  • Eligibility Requirements:
    • Everyday Checking is the only eligible account for the $400 bonus when opened online. If you do not qualify for Everyday Checking but do qualify for Opportunity Checking®, this offer can still be applied to the Opportunity Checking account.
    • This offer is intended for new checking customers only. You are not eligible for this offer if:
      • You are a current owner of a Wells Fargo consumer checking account
      • You are a Wells Fargo team member
      • You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months

Bonus requirements:

  • Open a new, eligible Wells Fargo consumer checking account with a minimum opening deposit of $25 by July 31, 2020. All account applications are subject to approval.
  • Within 90 days of account opening (the “qualification period”), receive a total of $4,000 or more in qualifying direct deposits to your new checking account during the qualification period.
  • A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network to this checking account by your employer or an outside agency.
  • Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM do not qualify.
  • After the initial 90 days of account opening, your bonus will be paid within the next 30 days if you have met all offer requirements.
  • Throughout the qualification period and until the bonus is paid, you must maintain a balance in your account greater than $0. Accounts with a zero balance may be subject to automatic closure pursuant to the terms of the Deposit Account Agreement.
  • Once the 90-day qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit any earned bonus into your new checking account within 30 days.
  • The new checking account must still be open at the time we attempt to deposit any earned bonus payment.
  • You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor.

Avoiding Fees

Monthly Fees

The Everyday Checking account comes with a $10 monthly fee. Get the fee waived with one of the following:

  • 10 debit card purchases and/or payments each statement cycle from this checking account, OR
  • Direct deposits totaling $500 or more each statement cycle, OR
  • Maintain a $1,500 minimum daily balance, OR
  • Link checking account to a Wells Fargo Campus ATM or Campus Debit Card

If you have a Wells mortgage, you might be able to get a higher-level account with no fees.

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Similar offer was available last year; the direct deposit requirement is a bit easier on this one since it’s $4k total versus $3k three times. Overall a terrific bonus if you can meet the direct deposit requirement.

Hat tip to Mdam0re

Useful posts regarding bank bonuses:



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Stephen
Stephen

I did this last year in Phoenix. It was very easy overall the and money posted quite quickly after meeting the requirements. Still have the account, although I thought it was $3k/mp in DD to waive the fee… Guess I can go update that part!

Lou
Lou

The key on this deal is knowing when the bonus posts. Is it immediately after the direct deposit? Or is it after the initial 90 days has passed?

Novacat05
Novacat05

Last year mine posted 3 business days after my last DD. I echo what Stephen said, this was a very easy bonus, once application was approved I had my online login set up in seconds, they were extremely clear about the bonus terms and that it was added to my account. Nothing ambiguous at all. Hoping I can churn this again this year after 12 months, $400 for very little work.

Lou
Lou

“my last DD” is not a useful point of reference. Was that after 90 days?

H.P.
H.P.

“My last DD” IS a useful point of reference. The requirement (last year) was three monthly DDs of $3K each. So, it depends on when you made your 3rd DD and met the requirement. Example: if you opened the account on July 1st, and made $3K DDs on 7/5, 8/5, 9/5, your bonus could be posted 3 business days after 9/5. Only 60+ days from account opening. On the other hand, another person who also opened the account on July 1st, but made $3K DDs on 7/30, 8/30, 9/30 wouldn’t get the bonus until early October, which is 90+ days from account opening.

I opened my account on 5/30/19, made $3K DDs on 6/10, 7/10, 8/10, and got my bonus on 8/12.

Steve
Steve

Another DP. I just got my bonus.
I made my DD on 12/22, 1/9, and 2/12. My bonus posted a week later after my last DD on 2/19. A bit slower than other but still under 90 days from account opening (12/5).

Boi
Boi

How can you churn the $400 again? Do you close the account after getting the bonus?

RMM
RMM

You may get to bank’s black list for such actions. Anyway it does not make any sense to close right after bonus due to limitation is 12mo after receiving bonus, not closing account.

Steve
Steve

Perhaps not right after, but unless you want to manage another account to keep it fee free, you probably want to close it.
On the other hand, WF accounts are useful for depositing MOs if you’re into that.

Ping
Ping

Suburbs of each city work too

Hari
Hari

Yes. Offer page has…

Participating Areas
Markets may include surrounding areas. Enter your ZIP code to check eligibility:

satellite
satellite

I think they go by ZIP code prefixes and they go wide. E.g. Bellingham, WA is included, but no one would call Bellingham a suburb of Seattle (it’s 90 miles away).

Henry
Henry

I received my last bonus on Dec. 18, and close the account on Sep. 19, so based on the terms, I should be eligible, right?

spicy
spicy

getting following error after asking ‘i’d want debit card’ screen. anyone else?

We are unable to process your request at this time. Review all accounts and services available from Wells Fargo or call 1-800-932-6736.

Av
Av

You need to have everything correct and be a clean application. Example if you are not a citizen you must apply in a branch.

Puzzles
Puzzles

I am a resident alien and application is under review after applying, which seems standard for this. Don’t think applying in-branch should be necessary for resident aliens (although we’ll see)

Jay mula
Jay mula

I just put citizen when the ask, even tho am not , it bypasses all the B.S so far as u have a valid ssn

ABHIRUP CHAKRABORTY
ABHIRUP CHAKRABORTY

I am not a citizen but was able to open one last year. Resident status is determined per IRS rules and not immigration status as far as I know.

Fred
Fred

Yes, permanent residents were able to apply online (successfully) last year.

Stampede
Stampede

I got the same error message.

DS
DS

My sister lives in Orlando can I use her address to open an account in my name?

Rolando G
Rolando G

Darn, I’m in Miami but I got my last bonus from Wells Fargo on 5/29. Hopefully this offer comes around in 6 months time.

satellite
satellite

Expiration date: July 31, 2020

Rolando G
Rolando G

Ooh, that’s nice, if they don’t end the offer early then I just need a reminder for in 6 months. Thanks!

Dubya
Dubya

oops. Nationwide expired 🙁

Steven
Steven

You can also waive the monthly fee if you are under 25!

Jake
Jake

Source??

Boi
Boi

It’s in the fine print. WF waives annual fee for the checking account until you’re 25.

dan
dan

is the bonus eligibility based on the acct opening date or bonus recd date? Thx

TW
TW

If I put parenthesis, this is how I understand it being bonus recd date:
“You have received a bonus (for opening a Wells Fargo consumer checking account) within the past 12 months”

Brach
Brach

ACCORDING TO THE OFFER I RECEIVED LAST WEEK IN A DIRECT MAILING FROM WELLS FARGO, “This offer is intended for new checking customers only. You must have a valid bonus offer code and be the intended recipient of the direct mail. You are NOT eligible for this offer if any of the following apply:
1) You are a current owner of a Wells Fargo consumer checking account.
2) You are a Wells Fargo team member.
3) You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months.”

Kevin
Kevin

Got last bonus on 05/08/2019. Was warned not to close wells fargo account too early in case bonus is clawed back so the account is still open. Any DP when to close the account and reapply this year 05/09/2020

Duke I.
Duke I.

If the terms doesn’t say you need to keep account open for a said amount of time you can close it anytime. No risk of forfeiting the bonus. Some of these banks services are so bad I close it immediately after receiving bonus out of spite. I did that with Fifth Third recently.

Jim
Jim

So… After bonus posts, close account. Wait 10 months. If bonus offer is still available, open a new account?

mothman69
mothman69

Yes but you would need to wait 12 months after receiving bonus, or keep account open and use as DD source for other bank bonuses and then close account about a month before re-applying for new WF bonus.

Chunk
Chunk

If you enter a zip code and it takes you to the page to open a new account (without any mention of the bonus).. do that mean you quality? I live in a city just outside of one of the listed cities.. about 1 hour away. Just curious before applying.

satellite
satellite

Yes

LaHossBoss
LaHossBoss

A bit late, but my address is is 2.5 hours away from closest branch (2 states hahaa) and it accepted my zip and application was approved instantly.

Brach
Brach

You are eligible for the bonus only if you meet all the requirements stated in the offer.. Do not assume that just because you were directed to the online application form to open a new checking account that the program that directed you there has determined that you are eligible.

Rachel
Rachel

Do you know when does the 12 month clock start ticking? Is it from the day of last account opening or the day of last bonus payment? If it starts with the last bonus payment date, then would someone be eligible for the new bonus if one opens an account before the 12 months anniversary of the last bonus but times that to receive the new bonus after the 12 months anniversary of last bonus? Obviously, if one applies to open an account after the last bonus payment date, it is clear that he/she would be eligible but I am interested in the answer to the previous scenario. If one has any experience with that, I would appreciate it if you can share. Rachel

Chase Security Team
Chase Security Team

Curious too

Kevin
Kevin

This offer is intended for new checking customers only. You are not eligible for this offer if:

You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months

Rachel
Rachel

Here is the response from WF. “Since you have been paid a bonus in the last 12 months, if you open an account before you have passed your one year mark, you will not be eligible for the promotion.

The promotion eligibility requirements begin at the date of account opening”

So, I think this resolved the mystery. One needs to be eligible on the day of opening the account, not after the fact, which makes complete sense, though we may not like it.

Brach
Brach

Why don’t you people just read the terms of the offer instead of consulting the peanut gallery?

The offer states that you are not eligible if “You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months.”

Clearly, the date you received the bonus, not the date you opened the account, determines when the 12-month look back period begins.

Dan
Dan

Oh man! They would make it easier this time around. Regardless, if you are eligible I highly recommend this; it was the easiest $400 I ever made (I did the 3X $3,000 each month for three months last year). ACH transfers from most banks and credit unions will count as direct deposit (I used Navy Federal Credit Union). Wells Fargo did not charge a fee for ACH back to NFCU.

Chunk
Chunk

so it looks like we should do 1,333 per month for 3 months

Ben
Ben

You’ll come up a dollar short… just do 1400 per month for safety.

Chunk
Chunk

ended up doing a 1340 transfer.. but based on some other replies.. I’m thinking to maybe just transfer the whole $4,000 at once, and it should work? Anyone else tried this?

JS
JS

Same question

Brach
Brach

Just read the terms of the offer.

Darrell
Darrell

Has anyone tried to do just one Direct Deposit of $4000?

Chunk
Chunk

don’t the ACH transfers / DDs have to be “reoccurring”?

Darrell
Darrell

I don’t know, it states in the offer as “Complete qualifying direct deposits
Receive a total of $4,000 or more in qualifying direct deposits to the new checking account within 90 days from account opening (the “qualification period”).”

Duke I.
Duke I.

One $4000 or more DD is sufficient for this particular deal. Does’t require a reoccurring DD.

Chunk
Chunk

but the terms say “over the course of the first 3 months.” it makes me think it has to be once a month or reoccurring? That’s what it sounds like when I read it outloud. Heck, if it works with only 1 transfer.. I’ll do 4k right now.

Jade
Jade

See my post below. I called in and the banker confirmed. Please do let us know how that goes.

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