DOC Compass — Offers, decoded

This deal has now expired, there is another $200 Wells Fargo checking bonus and it doesn’t require a direct deposit. More information here.

Confirmed as nationwide. It seems that RI & LA zip codes won’t work but if you put in another zip it will work and then you can enter your real mailing address during sign up. YMMV if this ends up with you getting the bonus or not.

Offer at a glance

Maximum bonus amount: $200
Availability: Nationwide, excluding RI & LA
Direct deposit required: Yes, $500+ for three consecutive months
Additional requirements: None
Hard/soft pull: Soft
ChexSystems: Mixed reports, likely doesn’t pull
Credit card funding: Can fund up to $50 online
Monthly fees: $10, waivable
Early account termination fee: None
Household limit: None
Expiration date: October 1st, 2018

The Offer

Direct link to offer

Receive a sign up bonus of $200 when you open a new Everyday checking account with Wells Fargo and complete the following requirements:
- Set up direct deposit and receive at least 3 consecutive monthly direct deposits of $500 or more within 150 days of account opening

The Fine Print

You cannot be:
- A current owner on a Wells Fargo consumer checking account
- A Wells Fargo team member
- A recipient of a consumer checking bonus in the past 12 months (limit one bonus per customer)
A qualifying direct deposit is the customer’s salary, pension, Social Security, or other regular monthly income of an accumulated $500 or more, electronically deposited through the Automated Clearing House (ACH) network to this checking account by your employer or an outside agency.
A non-qualifying direct deposit is transfers from one account to another or deposits made at a branch or ATM
During this time, your new account balance must be $1.00 or more.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Geographic Eligibility

Not sure if this is geographically restricted like previous offers. I tried a few major places (Los Angeles/NYC) and they all worked whereas last time they didn’t. You have to enter your zip code when you click the link so it’s easy to tell if your area is eligible or not.

Avoiding Fees

Monthly Fees

The Everyday Checking account comes with a $10 monthly fee. Get the fee waived with one of the following:

10 debit card purchases and/or payments each statement cycle from this checking account, OR
Direct deposits totaling $500 or more each statement cycle, OR
Maintain a $1,500 minimum daily balance, OR
Link checking account to a Wells Fargo Campus ATM or Campus Debit Card

If you have a Wells mortgage, you might be able to get a higher-level account with no fees.

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

This is probably the worst variation of this offer, previous $200 deals didn’t require a direct deposit and they have offered $250 and $300 in the past as well. That being said nationwide deals like this from Wells Fargo are rare. Wells Fargo isn’t exactly strict when it comes to what counts as a direct deposit either. Another advantage of going for this bonus is that Wells Fargo usually likes you having some sort of relationship with them before approving you for a credit card. Because of all that I do recommend going for this bonus and I’ll be adding it to the best checking bonuses.

Big thanks to reader, CJ who let us know. Learn how to find bonuses and contribute to the site here.

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