Free Banking Tips

Direct Deposit Advance is very common to customers who are banking with Wells Fargo, specially to those that receives a qualifying direct deposit every month. Direct deposit Advance is a line of credit designed for short term borrowing needs. This is found to be more costly compared to other credit cards and line of credits since it charges $1.50 for each $20 borrowed. For example, if you borrow $500 you will be charged with $500 plus the $37.50 on top of it. This will be automatically taken out on the next qualifying direct deposit of $100 or more in an account.

Payment plan is another method of payment that can be used as well instead of the automatic deduction. Though, the bank is strict and consider some factors before an account gets approve for payment plan. The good thing about payment plan is it will allow the customer to pay $100 only in every qualifying direct deposit. By speaking to friendly Wells Fargo representative we can i identify if we may qualify. The fund is immediately available once borrowed.

 Here are some factors the bank consider before approving an account for a payment plan. 

1. The service should have already been used for 3 consecutive statement cycle

2. The account should have at least an outstanding balance of $300 or more, and lastly

3. State where the account was opened is also considered.

Admittedly, most of us are thankful since this service is available. We can either use the Wells Fargo automated response system or speak to a bank representative or do it through the online banking. Let's just be more mindful of borrowing as we also have to pay the same amount and even more as we get our next paycheck.