Wells Fargo Wants to Give You $250. Here’s What You Have to Do

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Wells Fargo Wants to Give You $250. Here’s What You Have to Do
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Editor's note: This deal was supposed to go through March 24, 2017, but Wells Fargo discontinued it early. 

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 (deal expired) when they open a new Wells Fargo checking account and make 10 debit card purchases or payments (no, ATM withdrawals don’t count). .

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 March 24.
  • You need a minimum opening deposit of $25.
  • You must open the account through this web page on Wells Fargo’s website, not at your local bank branch.
  • You can’t already have a Wells Fargo checking account, or have received a consumer checking bonus from Wells Fargo in the last 12 months.
  • You have to make the 10 debit card purchases or payments 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 daily 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.

For its part, Wells Fargo says it has changed its ways. Among other steps, it fired 5,300 employees and overhauled its employee compensation plan that led to the scandal.

Your Turn: Would you open a new Wells Fargo checking account for $250?

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. When he’s not working, he’s reading or being a dad.