Wells Fargo Direct Deposit
|Wells Fargo is known for its wide variety of products and services that it offers to its customers. This variety includes various accounts, loans, mortgages, investments and insurance plans. For customers having checking account, the bank has another gem in its inventory with the name of Wells Fargo Direct Deposit Advance.
Wells Fargo Direct Deposit Advance
The checking account holders of Wells Fargo bank enjoys the facility of Direct Deposit Advance service which offers a temporary source of credit when customers need help in managing unexpected or emergency expenses. Customers may qualify for this line of credit subject to maximum up to $500, with loan advances deposited automatically in their checking account. The funds borrowed by this service can be accessed like any other funds in customers’ checking account i.e. via ATM, personal check, Debit Card or any Wells Fargo Store Location as long as customers have positive balance in their account.
Customers must note that Wells Fargo Direct Deposit Advance service is expensive and customers must repay quickly to save money as the advances are intended to assist with short-term cash needs. Customers must note that as of now the service is available in limited locations only and locations like Pennsylvania, Florida, Georgia are not included.
Wells Fargo Direct Deposit Qualification Criteria
Customers may qualify for direct deposit advance if their personal checking accounts:
Customers who successfully fulfill the requirements can remember the following about the credit limit:
- Is an eligible consumer checking account.
- Is in good standing.
- Receives a minimum recurring direct deposit of $ 100 or more every 35 days.
If the account qualifies, available credit limit will be shown in the Direct Deposit Advance Section of the monthly checking account statement. Customers must not that for every $210 they borrow, they will be charged a cash advance fee of $1.50 which is a one-time transaction charge which is part of deposit advance policy of the bank.
- Their credit limit is based on half of their monthly qualified direct deposit income rounded up to the nearest $100, or a maximum of $500, whichever is less.
- Customers may make advances as often as they like in increments of $20 up to their available credit limit.
Wells Fargo Direct Deposit Advance Payment Plan
Customers who are using the Direct Deposit Advance Service of the Wells Fargo Bank can repay in two methods viz., Automatic Deduction and payment by mail.
Automatic Deduction: Using this method, customers can be relaxed as any outstanding advances and fees are automatically repaid online when any direct deposit of $100 or more is made into their consumer checking account. In case, no qualifying direct deposit is received or if any outstanding balance is not paid in full within stimulated time, the full amount of the outstanding advance including fee will be automatically debited from customers’ account as per Bank’s policy.
Also with this feature customers get payment plan which is an optional feature that allows customers the flexibility to auto repay their outstanding advance in smaller payments over a longer period of time. This can also be done using mobile net.
Payments by Mail: Customers must note that if they select the Payment by mail method, they can’t enroll in payment plan. This method requires a $100 refundable set up fee and advances can only be completed by calling Wells Fargo at 1-800-TO-WELLS. In this method a late fee of $35 is assessed if the total payment is not received by the payment due date. Customers can make payments by mail to the mailing address provided on the invoice or by telephone transfer.
Wells Fargo Direct Deposit Set Up
The Wells Fargo Bank provides its customers another free service with name of Direct Deposit which automatically deposits recurring income received in to any Wells Fargo checking or savings account customers choose. This income can be from various sources like salary from employer, Social Security, Pensions and retirement plans, the Armed Forces, VA Benefits and annuity or dividend payments. Customers can follow three simple steps to set up their Direct Deposit:
Step 1: Gather Account Information: Customers need to provide the information like the account type, account number, routing number (RTN or transit number) etc.
Step 2: Contact your employer or payer before setting up Direct Deposit: Customers must confirm with their employer or payer if they offer Direct Deposit services and if they do, customers’ payer may need them to fill up a form and provide a voided check to process their request for Direct Deposit.
Step 3: Monitor your account: Customers can monitor their accounts online and as it may take one or two months before their Direct Deposits go into effect, they can look for the same after four weeks of their request posting.
Wells Fargo Direct Deposit Customer Service
In case of any query or problems, customers can call dedicated customer service center at toll free phone number 1-800-TO-WELLS (1-800-869-3557) 24/7 even on holidays like Saturday and Sunday. They can also download direct deposit authorization form from official website of the bank. Customers can go through FAQ on the official website of the bank to find answers to common questions like various bonuses available, help for bankruptcy, tax refunds, post time, advance limits and slips etc. You can inquire about deposit time and what will be processing time for deposits made in midnight or on Saturday by contacting the bank at its contact number.
Business customers can call on the dedicated contact number 1-800-421-4714 to learn about various payroll solutions for their employees available with the bank. Also the customers of Wachovia bank must note that until their accounts are transferred to Wells Fargo, they can’t get benefit of any services of Wells Fargo bank.