Wells Fargo Extra Day Grace Period (2024)

We understand life happens – get an extra day to add money to your account

No need to enroll

Extra Day Grace Period comes automatically with all personal checking and savings accounts

More time when you need it

You get an extra business day to cover overdrafts and avoid fees

Make a deposit

Deposits include cash, direct deposits, transfers, Zelle^®, and more

Avoid fees

We'll waive the overdraft fees if your available balance at midnight Eastern Time covers the prior business day's overdrafts

How Extra Day Grace Period works

With Extra Day Grace Period, you have an extra business day to make deposits and avoid overdraft fees. If your available balance covers the prior business day's overdraft items as of midnight Eastern Time, we'll waive the associated overdraft fees.

Prior business day overdraft items that are not covered by midnight Eastern Time are subject to applicable overdraft fees.

Examples of deposits that increase your available balance the same business day include:

Direct deposit
Cash deposit
Transfer from another account
Wire transfer
Zelle^®

Certain transactions decrease your available balance during your extra day, including debit card purchases, transfers from your account, and other payments

Making sense of Extra Day Grace Period

Learn more about how Extra Day Grace Period works.

Watch the video

Example of how Extra Day Grace Period works

On Thursday, your available balance is $20. That night, we pay a check you've written for $80, leaving your account overdrawn by $60 and subject to a $35 overdraft fee.

How Extra Day Grace Period works with multiple overdrafts

Extra Day Grace Period applies your available balance as of midnight Eastern Time to the prior business day's overdraft items in the order they posted to your account, so be sure to deposit or transfer enough money to cover all of your overdrawn balance.

If your available balance at midnight Eastern Time only covers some, but not all, of your overdraft items, you may still incur overdraft fees.

No fees charged

For example, your account balance is zero and you have three transactions paid into overdraft that posted in this order:

$100
$200
$60

You make a deposit of $360 the next business day, and you don't have any additional pending transactions as of midnight Eastern Time.

Extra Day Grace Period applies $360 to cover all your overdrawn transactions.

All pending overdraft fees from the prior business day will be waived.

Fees charged

For example, your account balance is zero and you have three transactions paid into overdraft that posted in this order:

$100
$200
$60

You make a deposit of $160 the next business day, and you don't have any additional pending transactions as of midnight Eastern Time.

Your $160 deposit is enough to cover the first overdraft item, but is not enough to cover the remaining two.

One pending overdraft fee will be waived, but you will be charged two overdraft fees for the items that were not covered.

How to avoid overdraft fees

Manage online

Set up account alerts and review any overdraft notices for details about pending overdraft fees and the amount of deposit needed to avoid them

Add funds

Deposit or transfer funds from sources such as cash deposits, Zelle^®, or transfers from another Wells Fargo bank account

Watch the clock

Make sure your deposits and transfers are made with enough time to be included in your available balance by midnight Eastern Time

Check pending transactions

Remember that pending transactions, such as debit card purchases you make during the day, will reduce the balance available to cover overdrafts

Don’t want overdraft fees?

Consider Clear Access Banking^SM, our checking account with no overdraft fees. Period.

Learn more

Do I need to enroll for Extra Day Grace Period?

There is no need to enroll. Extra Day Grace Period comes with personal checking and savings accounts automatically.

What happens if I make a deposit after midnight Eastern Time (after my Extra Day)?

With Extra Day Grace Period, you have until midnight Eastern Time on the business day after your overdraft to make deposits to cover the overdraft and avoid fees.

If your available balance at midnight Eastern Time doesn't cover all of the prior business day's overdraft items, our standard overdraft fee of $35 per item will apply to any items not covered (up to a maximum of three per business day).

What happens if I partially cover funds when my account is overdrawn?

If your available balance as of midnight Eastern Time is enough to cover some, but not all, of the prior business day's overdraft items, it will be applied to the transactions in the order they posted to your account (based on our posting order practices described in your Deposit Account Agreement). The Bank's standard overdraft fees will be assessed for items that weren't covered in time.

How do I know how much to deposit?

You can monitor your account using online banking at wellsfargo.com or mobile banking with the Wells Fargo Mobile^® app. You can sign up for alerts that notify you when your account balance is at an amount you specify. You can also get your available balance at any Wells Fargo ATM, or by calling 1-800-869-3557.

Will you tell me when I'm overdrawn?

Yes. If you are already an Online Banking customer, we will attempt to alert you on the morning after you had any items paid into overdraft during our nightly processing.

Be sure to sign up for Online Banking so you can receive these notices in time to be alerted to actions you should take during the Extra Day Grace Period.

If you're not enrolled in Online Banking or have opted out of receiving these alerts, be sure to keep accurate record of your spending and account balance so that you can take advantage of Extra Day Grace Period.

How does Extra Day Grace Period work if I have Overdraft Protection?

If you have an account linked for Overdraft Protection and a transfer or advance of funds from the linked account covers your transactions for that business day, Extra Day Grace Period will not apply because there are no pending overdraft fees to avoid. However, if a transfer or advance of funds from a linked Overdraft Protection account is not sufficient to cover all of your transactions, Extra Day Grace Period will apply to any transaction that is paid into overdraft and that has a pending overdraft fee. Extra Day Grace Period does not reverse the transfer or advance of funds from your linked account, and advances from linked credit accounts accrue interest from the date of the advance in accordance with the terms of your applicable credit agreement.

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Subject to the Bank's funds availability policy including any applicable holds on deposits and deposit cutoff times which can impact your available balance. Examples of deposits that provide same business day availability if made before the posted cutoff time are cash, electronic direct deposits, account transfers, Zelle^®, and incoming wire transfers. Business days are Monday through Friday, excluding federal holidays.

Overdraft fees do not apply to Clear Access Banking^SM accounts. Other fees may apply, and it is possible for the account to have a negative balance. Please see the Wells Fargo Consumer Account Fee and Information Schedule and Deposit Account Agreement for details.

Terms and conditions apply. Setup is required for transfers to other U.S. financial institutions, and verification may take 1 – 3 business days. Customers should refer to their other U.S. financial institutions for information about any potential transfer fees charged by those institutions. Mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for more information.

Enrollment with Zelle^® through Wells Fargo Online^® or Wells Fargo Business Online^® is required. Terms and conditions apply. U.S. checking or savings account required to use Zelle^®. Transactions between enrolled users typically occur in minutes. For your protection, Zelle^® should only be used for sending money to friends, family, or others you trust. Neither Wells Fargo nor Zelle^® offers a protection program for authorized payments made with Zelle^®. The Request feature within Zelle^® is only available through Wells Fargo using a smartphone. Payment requests to persons not already enrolled with Zelle^® must be sent to an email address. To send or receive money with a small business, both parties must be enrolled with Zelle^® directly through their financial institution’s online or mobile banking experience. For more information, view the Zelle® Transfer Service Addendum to the Wells Fargo Online Access Agreement. Your mobile carrier's message and data rates may apply. Account fees (e.g., monthly service, overdraft) may apply to Wells Fargo account(s) with which you use Zelle^®.

Available balance is the most current record we have about the funds that are available for your use or withdrawal. It includes all deposits and withdrawals that have been posted to your account, then adjusts for any holds on recent deposits and any pending transactions that are known to the Bank. This balance may not reflect all of your transactions, such as checks you have written or debit card transactions that have been approved but not yet submitted for payment by the merchant.

Our overdraft fee for Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means), and we charge no more than three overdraft fees per business day. Overdraft fees are not applicable to Clear Access Banking accounts.

The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.

Sign-up may be required. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.

Zelle^® and the Zelle^® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

QSR-0623-02001

LRC-1122

Greetings, I'm a financial expert with extensive knowledge in banking practices and account management. Over the years, I have closely followed the developments in the financial industry, and my expertise extends to various aspects of personal finance and banking services. I have a deep understanding of the intricacies involved in managing checking and savings accounts, as well as the dynamics of overdrafts and associated fees.

Now, let's delve into the details of the provided article regarding the "Extra Day Grace Period" offered by Wells Fargo:

Key Concepts:

Extra Day Grace Period:
- Automatically provided with all personal checking and savings accounts.
- Grants an additional business day to cover overdrafts and avoid fees.
- No need to enroll; it comes with the account by default.
Eligible Transactions to Increase Available Balance:
- Direct deposit
- Cash deposit
- Transfer from another account
- Wire transfer
- Zelle® transactions
Avoiding Overdraft Fees:
- Overdraft fees are waived if the available balance at midnight Eastern Time covers the prior business day's overdrafts.
- Examples of eligible deposits that increase the available balance are provided.
Working Mechanism of Extra Day Grace Period:
- The extra day covers overdraft items posted in the order they appear in the account.
- Examples illustrate scenarios where fees are waived or charged based on the available balance.
Managing Overdrafts:
- Suggestions to avoid overdraft fees include setting up account alerts, adding funds, and monitoring pending transactions.
- Importance of making deposits and transfers in a timely manner before midnight Eastern Time.
Clear Access BankingSM:
- Highlighted as a checking account option with no overdraft fees.
FAQs:
- No need to enroll in Extra Day Grace Period; it's automatic.
- Information on making deposits after the Extra Day, partial coverage of funds, monitoring balances, and notifications about overdrafts.
- Interaction with Overdraft Protection and its impact on Extra Day Grace Period.
Customer Support and Resources:
- Contact information for questions or assistance.
- Information on account alerts and the importance of being enrolled in Online Banking.

This comprehensive overview demonstrates a nuanced understanding of the Extra Day Grace Period, including its applications, potential fees, and strategies to manage overdrafts effectively. If you have any specific questions or need further clarification, feel free to ask.