$200 Bonus Offer – Forbes Advisor

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One of the most trusted brands in banking, Wells Fargo has been around for over 150 years and has established a nationwide retail presence of approximately 4,900 locations and more than 12,000 ATMs in most of the United States. . The bank currently offers cash incentives to open a personal current account.

If you’re thinking of moving your banking services to Wells Fargo, now might be the time to hop aboard this well-known Wells Fargo wagon.

How can you earn a Wells Fargo checking account bonus?

Earning a welcome bonus for a new checking account with Wells Fargo is simple. You have to:

  • Open a checking account online. (You can also open an account at a branch using an offer code.)
  • Make a minimum opening deposit of $25.
  • Receive $1,000 or more in direct deposits into the account within 90 days.

Here is the current list of Wells Fargo promotions for new accounts. Offer details are accurate as of September 27, 2022.

Wells Fargo Specials for 2022

Wells Fargo Daily Check: Earn $200

Wells Fargo calls Everyday Checking its “best checking account for managing everyday financial needs.” The account includes: free transactions at Wells Fargo ATMs; mobile access; digital payments via Zelle; a contactless debit card; and more. It also has a monthly service fee of $10.

  • What is the offer? Open a new checking account with a minimum deposit of $25, receive $1,000 in qualifying direct deposits in the first 90 days and earn a $200 bonus.
  • What is direct deposit? Any ACH (automated clearing house) deposit of your salary, pension, social security, or other regular income into your bank account counts toward the $1,000 goal.
  • When do you receive your bonus? Once the 90-day qualification period is over and you have met the requirements, the money will be deposited into your account within 30 days.
  • Is there a time limit on the offer? It is available to customers who open a new account by September 30, 2022.
  • Can you avoid monthly service fees? Wells Fargo will waive your monthly account service fee of $10 if you maintain a minimum daily balance of $500 or receive $500 or more in qualifying direct deposits during the month. Wells Fargo is also waiving maintenance fees for primary account holders between the ages of 17 and 24 and those who have linked a Wells Fargo Campus ATM or Campus Debit card to their checking account.

Wells Fargo Initiate Business Checking℠: No Bonuses Currently Available

Wells Fargo does not currently offer welcome bonuses for new business checking account customers, but sign-up bonuses of up to $1,500 for these accounts are not unusual.

Why does Wells Fargo offer sign-up bonuses?

Long-term customers are very valuable to banks. A checking account customer could potentially open a credit card, take out a mortgage, or hold a car loan.

To attract new customers, Wells Fargo and many other banks offer welcome bonuses as an alternative to spending their marketing budgets on advertising.

How to register in branch

If you prefer not to apply for a new checking account online, but prefer to do so at one of the Wells Fargo branches, the bank makes it easy for you.

Simply click on “OPEN IN BRANCH” on the welcome offer promotion pagefill in your name, email address and zip code, and Wells Fargo will give you a unique bonus offer code that you can take to a branch and use to open an account.

Bonus offer codes are valid for one time use only and must be provided to your banker when opening the account to qualify for the welcome bonus.

What else should you know about Wells Fargo checking account promotions?

Current customers, recent bonus recipients and employees are not eligible

Wells Fargo is targeting these introductory offers to attract new customers who do not yet have a personal checking account with the bank.

If you currently own a Wells Fargo checking account or have received a bonus for opening a Wells Fargo personal checking account within the last 12 months, you are not eligible to receive a welcome bonus if you open a new checking account now. .

Additionally, bank employees are not eligible to receive a welcome bonus for opening a Wells Fargo checking account.

You must keep the account open for a certain period of time

Wells Fargo requires your new account to remain open for the entire 90-day qualification period, plus the time required to deposit your welcome bonus. But then, Wells Fargo doesn’t charge any early account termination fees and won’t get your bonus back if you close your account soon after receiving your money.

Your bonus may be taxable

Generally, welcome bonuses for bank accounts are considered interest income for tax purposes. Although Wells Fargo does not explicitly state that you will receive a 1099 for your welcome bonus, you should not be surprised if your bonus amount is reported as interest income to the IRS and you get a 1099- INT.

You can receive both a personal and business welcome bonus

From time to time, Wells Fargo offers welcome bonuses to new business checking account customers, in addition to its personal checking promotions.

If Wells Fargo is running a new account promotion for small businesses, you may receive a bonus for a new business checking account even if you received a welcome bonus for opening a checking account at Wells Fargo.

And, having a corporate checking account with Wells Fargo will not make you ineligible for a personal checking account welcome bonus.

Find the best business checking accounts of 2022

Conclusion

Wells Fargo’s welcome bonus for new personal checking account customers is competitive with similar offers from other national banks. The bonus is relatively easy to get, with a direct deposit requirement that will be within reach for most people.

If you’re shopping for a new bank, have branches across the United States, and want to earn some extra cash, a Wells Fargo welcome bonus might be a great deal for you.

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