Wells Fargo Joins Banks Eliminating NSF Fees

New Policy Will Also Limit Overdraft Fees

Andy Spears

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Photo by Johny vino on Unsplash

Wells Fargo announced this week that it is eliminating non-sufficient funds fees and taking steps to reduce overdraft charges. The move comes as other major banks — including Bank of America and Capital One — take steps to reduce or eliminate overdraft charges.

Wells Fargo outlined the following moves that will result in a less fee-heavy banking experience for customers:

By the end of the first quarter, customers will no longer pay a returned item fee if Wells Fargo returns a check or electronic transaction unpaid because the customer does not have enough available funds in the deposit account to cover the payment

Customers who overdraw their deposit account will have 24 hours to cover the overdraft before incurring an overdraft fee. The 24-hour grace period is expected to be offered in the third quarter.

The bank says the moves are designed to give customers more flexibility in managing their finances.

“Today’s changes are meant to improve our customers’ experience with Wells Fargo and make it easier for them to manage their bank accounts,” Mary Mack, CEO of Wells Fargo Consumer and Small Business Banking, said. “Embedding the customer perspective directly into our…

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .