[Expired] Wells Fargo $200 Checking Bonus – Available Online

Update 10/6/21: Deal is back and valid until December 31, 2021. 

Update 8/11/21: Deal is back and valid until September 30th, 2021. Hat tip to Floating Heads

Offer at a glance

• Maximum bonus amount: $200
• Availability: Nationwide
• Direct deposit required: Yes, $2,000+
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Mixed reports, likely doesn’t pull
• Credit card funding: None
• Monthly fees: $10, avoidable
• Early account termination fee: None, don’t close account straight away please
• Household limit: None
• Expiration date: June 30, 2021

The Offer

Direct link to offer

• Wells Fargo is offering a $200 bonus when you open a new checking account and complete the following requirements:
  • Receive a qualifying direct deposit of $1,000+

The Fine Print

• Eligibility Requirements:

  • This offer is for new checking customers only. All Wells Fargo consumer checking accounts are eligible for this offer.
  • You must use your bonus offer code at account opening when you apply for a new eligible Wells Fargo checking account.
  • You are not eligible for this offer if:
    • You are a current owner of a Wells Fargo consumer checking account
    • You have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months
    • You are a Wells Fargo employee

  Bonus Requirements:

  1. Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 by June 30th, 2021. All account applications are subject to approval.
  2. Within 90 calendar days of account opening (the “qualification period”), receive a total of $2,000 or more in qualifying direct deposits to your new checking account during the qualification period.
     • 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 to this checking account by your employer or an outside agency. (Please check with your employer or outside agency to determine if they use the Automated Clearing House (ACH) network).
     • Transfers from one account to another, mobile deposits, or deposits made at a banking location, or ATM do not qualify as a direct deposit.

  Bonus Payment:

  • Once the 90-day qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit any earned bonus into your new checking account within 30 days.
  • The new checking account must remain open throughout the 90-day qualification period and at the time we attempt to deposit any earned bonus payment. Please note that an account with a zero balance may be closed by us without prior notice, as further described in the Deposit Account Agreement.
  • 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.

  Additional Terms and Conditions:

  • Offer expires June 30th, 2021. However, offer may be discontinued or changed at any time prior to the expiration date without notice.
  • Offer cannot be:
    • Paid without a valid U.S. Taxpayer Identification Number (Form W-9 for U.S. persons including a resident alien). Non-resident alien, signing Form W-8 is not eligible for the offer.
    • Combined with any other consumer deposit offer (limit one bonus per customer/account)
    • Reproduced, purchased, sold, transferred, or traded
  • The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

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

• Direct deposits totaling $500 or more each statement cycle, OR
• Maintain a $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

Not as good as the the previous $400 bonuses that were available online. Personally I’d recommend to just wait until that $400 bonus returns as it seems to come around somewhat frequently. Because of that we won’t add this to the best bank account bonuses.

Hat tip to reader Nikole B & DJ Z

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times