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Disclaimer:
I am not affiliated with Wells Fargo Bank, nor do I get any compensation when someone takes advantage of this offer. I just want to share this offer to my readers who are interested in earning a bonus.
UPDATE: AS of 2/20/2020 – I received my $400 bonus after meeting the requirements. See details below.
Many of you know that we try and take advantage of credit card signup bonus that allows us to travel for nearly free (click here). If there was one thing I need to do more, it’s to take advantage of bonus offers when you open up new accounts from different financial institutions. Thanks to Nancy, my wife, she clued me in on a special offer from Wells Fargo Bank.
What’s the deal
- Get a $400 welcome bonus for new Wells Fargo checking customers
- You must have a valid bonus offer code. 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
- You must have a valid bonus offer code. You are not eligible for this offer if:
- Click here for the offer.
- You can open the account online, or in-branch
- Make sure you get an in-branch offer code
- Fund your account with a minimum of $25 deposit
- Monthly Fee is $10, there are ways you can avoid this fee (see below)
- Offer expiration could vary with timing (please double check when you apply for this offer)
Bonus Requirements & Bonus Payment
To receive a $400 bonus, open a new, eligible Wells Fargo consumer checking account with a minimum opening deposit of $25. All account applications are subject to approval.
- Within 150 days of account opening, receive a total of $3,000 or more each month in qualifying direct deposits to the checking account opened for this bonus offer for three consecutive months.
- A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network by your employer or an outside agency.
- Non-qualifying direct deposits include transfers from one account to another, mobile deposits, deposits made at a banking location, or ATM.
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.
How to avoid the monthly service fee of $10
How I plan on meeting the bonus requirements
For me, I plan on meeting the requirement by having $2500 directly deposited from my salary over the next 3 months (I get paid 2x per month). I also confirmed the balance that the account needs to have during the 3 month period, “During this time, your new account balance must be $1 or more.” So to me, this means the money that is being direct deposited to my new Wells Fargo account can be used, as long as I have $1 or more left in the account.
I opened the account in October, and when I meet the requirements, I expect to see the $400 bonus sometime in January or February.
If you have the means of doing this, looks like an easy way of earning $400. Let me know if you plan on taking advantage of this offer.
UPDATE: I got the $400 Bonus and my lessons-learned (Feb 2020)
I scheduled $2,500 deposits per pay period which began at the end of November. By mid-February, right around the 3rd month of making direct deposits, I just noticed the $400 bonus appear.
- I didn’t have to wait 45 days for the bonus to hit my account. That was nice.
- Setting up my direct deposit was a pain (not a Wells Fargo issue, but with my company, but it worked out eventually)
- Once the direct deposited amount hits your account, you can do whatever you need with that money. In my case, I was able to withdraw as needed or transfer to my other account via Zelle.
It was that easy. So if you want to take advantage of this offer, click here.
Want another earning opportunity?
For another opportunity to quickly earn $75 just opening up another account, this time with SoFi Money Account. If you are already an existing SoFi customer, check your email to sign up for this offer of $75.