Wells Fargo Will Pay You A Pretty Decent Sum To Open A New Account

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If you’re willing to look beyond the bank’s recent scandal, you can make some easy money by becoming a new Wells Fargo customer.

The bank, which was recently fined $185 million for opening accounts without customers’ approval, is willing to give you free money—$250, to be exact—if you give them your business between now and Feb. 17.

To get the $250, all you need to do is open a Wells Fargo Everyday Checking account and deposit $25 in it (and no, you can’t use the bonus to cover the $25 deposit requirement). Within 60 days, the bank says you must make 10 debit card purchases or set up a direct deposit of at least $500 to your new account. The direct deposit could be your paycheck or some other recurring monthly income.

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Wells Fargo says it will deposit the bonus into your new account within 45 days of you qualifying for it. You’re responsible for paying any taxes due on the bonus.

One Reddit user who opened a new account said it took just a week to get the $250 bonus after he made 10 small purchases right away.

Unfortunately, if you already have a Wells Fargo checking account or if you work for the company, you’re not eligible for the cash bonus. Another thing to keep in mind is that the account has a monthly service fee of $10 unless you maintain a minimum balance of $1,500, make $500 or more in direct deposits or make 10 debt card purchases each month.

According to Bloomberg, the company is trying to make amends for opening more than two million accounts that Wells Fargo customers didn’t authorize. Wells Fargo fired 3,500 employees and set aside $5 million for customer remediation. The company also got rid of aggressive sales quotas that put pressure on employees to open new accounts.

“We regret and take responsibility for any instances where customers may have received a product that they did not request,” Wells Fargo said in its statement.

The bank may not be doing so hot as a result of the scandal. Wells Fargo plans to close at least 400 branches by the end of 2018, according to Fortune.

[H/t: The Penny Hoarder]

About the Author

Sarah Kuta

Sarah Kuta is an award-winning writer and editor based in Colorado. She writes regularly about how to find deals, save money and find side gigs. Reach her at sarah@dontwasteyourmoney.com. More.

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