Wells Fargo really wants your business, and it’s willing to pay you $250 for it.
The third-largest bank in the U.S. is offering new customers $250 when they open a new Wells Fargo checking account and make either 10 debit card purchases or $500 in direct deposits.
The deal appears to be fairly simple and straightforward, although there are some details you should be aware of.
What You Need to Know
Here’s what you need to know about the offer:
- The deal is available through Feb. 17.
- You need a minimum opening deposit of $25.
- You can’t already have a Wells Fargo checking account.
- You have to make the 10 debit card purchases or $500 in direct deposits within 60 days of opening the account to get the bonus.
- The direct deposits must be from your salary, pension or Social Security, and your employer or an outside agency must electronically send them to your Wells Fargo account. Transfers from one bank account to another don’t count, nor do deposits made at an ATM or bank.
- You get the $250 bonus within 45 days of qualifying for it.
- Wells Fargo will charge you a monthly service fee of $10 for your checking account unless you do one of these three things each month: maintain a $1,500 balance, make $500 in direct deposits or make 10 debit card purchases.
Wells Fargo’s Very Bad Year
The deal follows a rough 2016 for Wells Fargo.
Its CEO resigned due to a scandal. The bank got slapped with a $185 million fine for secretly opening millions of unauthorized bank and credit card accounts without its customers’ knowledge. By the end of the year, it acknowledged that business was suffering, with noticeably fewer new customers opening accounts.
Your Turn: Would you open a new Wells Fargo checking account for $250?
Mike Brassfield (firstname.lastname@example.org) is a senior writer at The Penny Hoarder. When he’s not working, he’s reading or being a dad.