Wells Fargo is one of the largest retail banks in the United States. It was previously involved in a major scandal: bank employees opened credit cards for customers without authorization in order to earn commissions. Regulators fined the bank more than $100 million. Presumably because it lost many customers and the numbers looked bad, it is now offering cash incentives to win customers back.

Account Opening Bonus

Application link: Wells Fargo Everyday Checking
You need to open a Wells Fargo Everyday Checking account (excluding Teen Checking) by 2/17 and complete one of the following two requirements:

  • Make 10 debit card transactions; or
  • Receive a total of $500 in Direct Deposit transactions;

to earn a one-time $250 bonus.
Exclusions: This bonus is not available if you have received a Wells Fargo account opening bonus within the past 12 months, or if you currently have a Wells Fargo checking account.

How to Complete the Requirement

The Direct Deposit requirement can be completed via Venmo transfers by adding $500 yourself and then withdrawing it.

How to Waive the Monthly Fee

Everyday Checking has a $10 monthly fee, which can be waived in the following ways:

  • Make 10 debit card purchases each statement period; or
  • Receive $500 or more in Direct Deposits each statement period; or
  • Maintain an average daily balance above $1,500; or
  • Link the account to a campus account at a school ATM.

Should You Open It?

A $250 opening bonus is pretty good for a checking account, so if you do not already have it, we recommend applying. Note: Non-Resident Aliens or people without an SSN cannot apply online.