Posted by William Charles on June 2, 2019
Bank Account Bonuses

Published on June 2nd, 2019 | by William Charles

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Wells Fargo $400 Checking Bonus – Available Online

Update 6/2/19: The original signup link isn’t working properly anymore (it redirects to a generic page). Use this link only going forward. Updated the link below as well.

Update 4/16/19:  Below in branch link is now valid until December 31st, 2019.

Update 3/1/19: This new signup link offers the option to do this $400 bonus in branch if that interests you for some reason. (Previous link was online only.) Hat tip reader SMan

Offer at a glance

The Offer

Direct link to offer | Current Link

  • 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 monthly total of $3,000 in qualifying direct deposits into your new account for 3 consecutive 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 Everyday Checking account online with a minimum opening deposit of $25 by July 26, 2019. All account applications are subject to approval.
    • Within 150 days of your account open date, receive a cumulative monthly total of $3,000 in qualifying direct deposits to the checking account opened for this bonus offer for three consecutive months. During this time, your new account balance must be $1 or more.
    • A qualifying direct deposit is the customer’s 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.
    • Non-qualifying direct deposits for purposes of this offer include transfers from one account to another (for example, transfers between your own accounts, or person-to-person transfers using a transfer service such as Zelle®), or deposits made at a branch or ATM, or through mobile deposit.
  • Bonus Payment:
    • We will deposit the bonus into your new checking account within 45 days after meeting all offer requirements.
    • The new checking account must remain open in order to receive any earned bonus payments.
    • 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.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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

This is the biggest public bonus they have offered, it does require higher direct deposits but I think still it’s better than other offers they have had (they did have a $500 checking/savings bonus in some states in branch). I don’t expect this to last long, so I think if you’re interested I’d sign up sooner rather than later. I’ll be adding this to our best bank bonus page.

Hat tip to reader Robert D

Useful posts regarding bank bonuses:



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Frito Pendejo
Frito Pendejo

Looking at the “what counts as DD” page I suspect a real employer DD will be needed here as all the ACH success datapoints are years old and there are a ton of ACH failure datapoints for usual ACH hubs.

I’m willing to switch my real DD for this one though. Applying now

LC
LC

i updated it in the previous thread just last month but dont think it had been added. Either Robinhood or Vanguard sell investment 100% works.

Frito Pendejo
Frito Pendejo

Thanks! I don’t have a vanguard account so I’m just gonna change my real DD to be sure I get it. $400 is worth the hassle to me, especially when there aren’t really any other reqs. I was just approved.

Thanks Doc

LC
LC

$400 seems worth real DD setup.

Bruce
Bruce

LC For vanguard sell investment, do you mean put funds into something like prime money market, then sell it off and have the funds deposit into wells fargo?

Sarah D
Sarah D

IME vanguard transfers always code as ‘sell investment’. And AFAIK this is literally true because your sweep account in vanguard is actually a money market, so when you transfer money you actually are selling an investment (which is designed to not fluctuate in value, rather than grow)

sid
sid

That’s some nice info…thanks!

Jenny
Jenny

Not sure if I get the Vanguard thing. I have a Van IRA and must take a RMD. Would selling and transferring 3K monthly to WF make the DD?

danny
danny

i used robinhood iirc when i got my bonus two years ago

Erik
Erik

@LC How do you know that Vanguard sell investment 100% works?

LC
LC

its either Vanguard or Robinhood. I narrowed it down based on what i tried between 4 people.

billy
billy

With robinhood can I just leave it in the cash account W/O buying ETF’s?

Kevin
Kevin

yes

gwn81
gwn81

Square Cash (the CashApp) also works, although I’d probably anticipate problems pushing that much money through it.

getmoneygetbutss
getmoneygetbutss

Square cash worked? that’s sweet! but how can it work when other reports say venmo didn’t work?

missjenniferd1
missjenniferd1

Frito Pendejo , there’s a bunch of recent dp’s on the last wells fargo
offer, they just posted they all got their bonus on 2/21-2/22, and all of them were ach’s…. i think wells fargo just stopped posting all the bonuses so quickly, and changed to posting them all the way at the deadline. some people closed their accounts when the bonus didnt post right away, and i feel bad for them about that, because i have a feeling most would have received the bonus had they waited.
https://www.doctorofcredit.com/wells-fargo-200-checking-bonus-available-nationwide/

Frito Pendejo
Frito Pendejo

Thank you! I’ll take alook

Matt
Matt

I got the bonus last month with a combination of Fidelity and real DDs. I used Fidelity transfers when a couple of my paychecks fell on holidays last year. Just make sure you return tax forms they send you – I thought I didnt get the bonus bc of my Fidelity transfers and when I SM’d WF about it that was the reason, and bonus posted a few weeks after sending back paperwork

joanne
joanne

Did you receive tax forms via email or US mail. My Fid transfer states Moneylink. Did yours state that on your WFC account?

j
j

I transferred from Fidelity and it’s showing as “FID BKG SVC LLC MONEYLINE” in the Wells Fargo online banking. Should this work?

Emporio
Emporio

William Charles : I can confirm that ACH transfers from E*Trade to Wells Fargo (initiated via E*Trade) are still working as ‘DD’s: I opened this account on 2/25/19, received 3 incoming E*Trade ACH transfers of $3K over 3 consecutive months and was credited with the $400 bonus on 5/15/19.

elegua
elegua

“Within 150 days of your account open date, receive a cumulative monthly total of $3,000 in qualifying direct deposits to the checking account opened for this bonus offer for three consecutive months. During this time, your new account balance must be $1 or more.”

So does this means that i have to setup a work direct deposit to this account totaling 3k for 3 consecutive months?.

TIA.

Frito Pendejo
Frito Pendejo

Yes, or some other ACH that gets counted as DD (see the “what counts as direct deposit” section of this website

elegua
elegua

Thanks, i applied and got approved, i really don’t want to mess with this so moving that 3k from my work to this account until i get the bonus, i can do pull from my checking account later, Thanks Will for charing this.

getmoneygetbutss
getmoneygetbutss

So does it have to be 3 separate DD each in the amount of 3K? or just one single DD in the amount of 3K within 3months? can regular ACH transfers from another bank count as a DD? or does it have to be from work? can someone kindly clarify? depositing 3k in 3 months doesn’t sound like much to get back 4K in addition to maintaining a daily balance of 1.5k to avoid $10 fee.

hardh8
hardh8

I would like this clarify also.

Stephen
Stephen

I read it as 9k total: Set up a direct deposit and receive a cumulative monthly total of $3,000 in qualifying direct deposits into your new account for 3 consecutive months.

Keyword for me is monthly total.

Moria
Moria

What is considered Monthly, the actual month or month of bill cycle for statement period?

missjenniferd1
missjenniferd1

statement cycle

Tony
Tony

Mistakenly pulled all my money out of the account and left $0 balance for about one week before I realized account balance must be $1. Any DP showing whether I still qualify for the bonus?

Burton
Burton

If you are using a real work direct deposit then I’d wait until a few days after the bonus should have posted then call and ask. If they are willing to deny your bonus over $1 then ask to be transferred to someone who can close your account for you.

akjohnny
akjohnny

bummer… I would much rather do this than BOA $300 bonus… it’s been less than 12 months since I closed my WF checking account 🙁

Frito Pendejo
Frito Pendejo

The fine print says 12mo since you got the bonus, not 12mo since having an account. If you got the bonus >12mo ago you should qualify.

Burton
Burton

I’m considering this as well. I’ve had an account open for many many years but I barely use it and have been tempted to close it for months. If I were to close it, it would free up the minimum balances I currently have there for better uses and I could revisit in June to see if this offer is enough to win me back.

Ron
Ron

I currently own a Wells Fargo checking account (haven’t received any bonus in the last 12 months) . According to you I can close it and open a new one a few days later become eligible if I set up DD right ?

arizonapv
arizonapv

That’s what the terms imply. The terms say you cannot have received a bonus in the last 12 months.

Master Allan
Master Allan

Oh joy! I have been shamefully procrastinating on two targeted mailers for a $200 bonus expiring on the 25th. Double the cash just in time. Thanks doc. Biggest bonus offered? I won’t procrastinate on that $400 contribution to my net worth.

Ho
Ho

Opened one last month for the $200 bonus, but didn’t receive the bonus yet. If I close it and open the new one, any chance I can get the new bonus? Technically, I didn’t receive the bonus before…

Lukas
Lukas

LOL, I’m in the same situation (except I applied for $250 promo). I’ll go to my branch today and close my account so that I can apply with this promo.

Betelgeuse
Betelgeuse

I wonder the same thing. Wonder if they will match the bonus…

arizonapv
arizonapv

@Ho, yes you can close the account and open the new one because according to the fine print, you have not received a bonus within the past 12 months. Maybe send a message to them and ask if they will match the bonus?

Eddy Cue
Eddy Cue

arizonapv Arizonapv, do you think/know this strategy will work? I signed up for the $250 last month and obviously havent even started the DD yet. I just emailed to see if they will match but if this is a valid option i am happy to do it although i am a bit wary if they will approve me again (and this bonus is a lot better and the requirements work for me)

Betelgeuse
Betelgeuse

I got an email back that they won’t match the offer. 🙁

samzee
samzee

Crap. I did the $200 wells fargo one just 2 weeks ago. I guess I would close the account if they don’t match!

Eddy Cue
Eddy Cue

Oh crap. So is it a good idea to close the account and try to reapply?

Betelgeuse
Betelgeuse

Based on comments from users in the 1099 thread I think the upside is that if you go the 10$ debit route they don’t send 1099 for the 200$.

arizonapv
arizonapv

Betelgeuse @Betelgeuse is there a minimum for the debit card purchases or did you mean to say 10 debit tranx instead of saying $10?

Lisa
Lisa

I meant the 10 transaction at 1$ min so about 10$ a month.

Terry
Terry

I do 50c at a time and that keeps my acct fee free.

Betelgeuse
Betelgeuse

To get 200$ bonus they require 1$ min. To keep fee free prob no min.

Sam
Sam

Unsure but I will ask them as well. I still need to transfer money out of my wells fargo account before I asked for it to be closed.

Sam
Sam

They don’t match. I open my with $200, and since my code is already applied, they can’t add it again. I asked them to close the account instead, and wait a few days before opening again.

My account was only 1 week ago. I haven’t even gotten my debit card yet!

Sam
Sam

Coming back to this to warn people.

Wait 1 week or so before re-opening the new account. I sent in my reques to SM to close the account on the 22nd (Friday), and it was closed on the 23rd. And than I open a new account on the 24th.

I’d asked SM, and they mention that my account was closed (old account), and new one account was open on the 24th. So I might not qualify.

Just warning, wait a few days after closing the account before opening a new account. Like 1 week.

Betelgeuse
Betelgeuse

How does waiting a week make any difference though? If when opening the account it has the language that the bonus is attached it’s probably better not to contact them.

Sam
Sam

Figure out the reason. since the account is closed on a Saturday (23rd), the account was ‘closed’ to me but it needs to be finalize on monday (the 25th). So when I open it on Sunday, it still shows that my old account was open to their system (CSM).

I don’t care enough for well’s fargo so I just ask them to close it again. I’ll wait a week for my 3rd account to be open.

So…just wait until 1-2 business day.

arizonapv
arizonapv

@Eddy Cue Looks like they will not match the bonus, so yes, your best recourse is to close the account and reopen. Best to wait a little bit. Just say you needed the money for something else ?

bbug1
bbug1

$3000 a month! That would eliminate most social security payments, including mine. I guess they are targeting employed individuals.

Jack
Jack

Employed here, paid every two weeks and I can’t make that requirement. After taxes, insurance and retirement, I get 1250 per check.

Betelgeuse
Betelgeuse

You can temporarily stop 401k contribution.

joE
joE

DO NOT decrease your contribution below your employer match, that’s giving away free money. Your best best is to adjust your withholding. google IRS withholding calculator and see were you stand with the pace you are on for federal taxes.

DM
DM

same thought, set your allowances to like 50 for a while and you will zero out fed taxes on your check.

Donot
Donot

I was going to say this is the worst advice of the week… but if you increase the 401k contribution later on to make it up I guess it is OK.

Samuel
Samuel

If you stop your 401k for 3 months and make it up later, it won’t make up the matching contributions you miss out on.

Ben
Ben

It might. It might not. It depends on whether your 401k plan has a “true up” provision.

Frito Pendejo
Frito Pendejo

Change your W4, or reduce your 401k contrib (then increase it later)!

DD
DD

– deleted – incorrect –

Emporio
Emporio

I agree that $3K in DDs is a high bar for a lot of people. If you happen to own your own business/LLC, you can sign up for a no monthly fee basic “Dwolla” payments platform account. It’s supposed to be used for making bank to bank payments from your business to customers and vice versa. But it can in practice also be used to pay yourself and have funds deposited into this WF account (though this does violate their terms and conditions). In my experience, this codes as a direct deposit. The cost to transfer the funds is only 0.5% of the transfer amount so $1.5 for transferring $3K and securing the $400 bonus. Just be aware that there are complaints that Dwolla transfers take awhile to complete.

doc
doc

While this seems to be a good tip, half a percent of 3k is $15. Although, the Dwolla site states that the maximum fee would be $5 per transfer. So, still not a bad deal, assuming this works.

missjenniferd1
missjenniferd1

im looking into this..(i dont make $3000 a month, but i opened the account anyway).
im not a business, is dwolla easy to set up, or will i be required to prove im a business? Emporio

missjenniferd1
missjenniferd1

thinking further on this, for me this will not be worthwhile to use dwolla, because if i pay myself $3000 three times, that’s a total of $9000… wouldnt dwolla then report that as income to the irs? im in the 10% tax bracket, and if i pay myself $9000, i’d owe $900 in taxes, completely defeating the purpose of this bonus, plus i would be in debt $500 more…. am i misunderstanding this dwolla thing?

Tonei Glavinic

The only tax form Dwolla issues is the 1099-K, which is an information return required for companies who receive more than $20,000 over the course of 120+ transactions through an online payments processing platform. The transfers would not be reported to the IRS as potentially taxable income.

Natalia from New Orleans
Natalia from New Orleans

deleted

elegua
elegua

Are you sure about that ??

“Set up direct deposit and receive a cumulative monthly total of $3,000 in qualifying direct deposits into your new account for 3 consecutive months.”

DD
DD

I must have misunderstood too. Thanks.

Stan
Stan

you need a real DD with WF. very unlikely to be able to fake it.

Dan
Dan

Very unlikely? Based on what? The data points here say otherwise

Bd
Bd

What is the definition of Wells Fargo “consumer checking account”? I currently have a Business account, in which I just received a $500 bonus. Am I eligible for this promotion?

arizonapv
arizonapv

@Bd yes you are eligible. Consumer (personal) accounts are treated separately from Business accounts.

Bd
Bd

Thanks.

ZQ
ZQ

I did the previous $250 one, can we call the bank and ask for a match?

arizonapv
arizonapv

Please call and let us know what they say.

Sam
Sam

They don’t match. I open my with $200, and since my code is already applied, they can’t add it again. I asked them to close the account instead, and wait a few days before opening again.

My account was only 1 week ago. I haven’t even gotten my debit card yet!

Sam
Sam

Who’s the real Sam?!?! *One of us needs to add an initial!*

Novacat05
Novacat05

Wow, $400, I’m applying this weekend. I can meet this with real DD.

Looking at the link to the deal landing page, it includes “prospect-test-a”, that’s a little concerning like this wasn’t supposed to be public yet… but the link to open an account from that page does have a “mktoffer=HPP119” tag so it seems like it is applying some kind of offer…

Deke
Deke

I just got approved and the last page after approval stated “Offer status: Your bonus offer code has been linked to this application.” So crossing my fingers that all works out.

Alp!
Alp!

Thanks for this comment. I was concerned on the ‘review application’ that there was no mention of offer. But when I submitted, the next page stated the message you quoted. Mine went pending but I expect approval.

Cindy
Cindy

I opened this account for this offer, and abided by the rules in April. They are wanting to know my offer code, which I don’t have any longer ~ had it when I opened the account. Does anyone remember it? Thank you!

Scott
Scott

Just set mine up and saved off URL and noticed that “february-prospect-test”
in there – I’m hoping I got in on ground floor 🙂

Y
Y

same…also the feb in front it, whether means the offer will be ended next week

Mike
Mike

I opened wells fargo checking account 2 years ago. Can i close my account and open new account to get te bonus?

arizonapv
arizonapv

@Mike, yes you should close the account because you cannot be a current owner of a cking account. Then you will be good to go because it’s been over 12 months since you received a bonus.

Burton
Burton

Should I pull the money out before I go to close the account? I’d prefer if they handed me a check so I could walk across the street and deposit at a different bank but I don’t want to wait for a check in the mail. I also don’t want to get hit with a monthly fee for dipping below the minimum balance.

Novacat05
Novacat05

I’d transfer your remaining balance to another external account and then as soon as it’s “zero’ed out”, contact them and ask to close your account. I don’t think any bank would hit you with a monthly fee if you request to close out your account immediately after draining the account.

RMSMKE
RMSMKE

Can I close an existing account and apply for this one? I didn’t receive a bonus on the other one. If so, how soon can I apply?

arizonapv
arizonapv

@RMSMKE yes you can close the existing account and apply for this one. I would wait a week or two (but that’s just me), but you probably could apply as soon as the account shows as being closed.

strykker31
strykker31

Signed up and approved!

Jay
Jay

Do you get the account number right away? The only way I can meet 3 consecutive DD is to start with my paycheck next week, that means I got to open today and set up DD today. Thanks a lot.

arizonapv
arizonapv

Yes you get the account # right away.

Hari
Hari

Great! I’ve been ignoring Wells Fargo bonuses in the past. Jumped on this now and i’m happy.

R2G2
R2G2

applied, approved, should be easy to meet requirements, ty DOC

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