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Wells Fargo Overdraft Rewind®

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Overdraft Rewind

Your direct deposit may help reverse yesterday’s overdraft fees

Our automatic Overdraft Rewind feature

If we receive an electronic direct deposit by 9:00 a.m. local time, the Bank will automatically reevaluate transactions from the previous business day. Overdraft and returned item (non-sufficient funds/NSF) decisions may be reversed and associated fees may be waived or refunded.

Overdraft Rewind is an automatic feature of a consumer deposit account that receives direct deposit. There is no additional sign-up or enrollment required.

On the morning of every business day, we will review your account to determine if you received an electronic direct deposit after the prior business day's nightly processing. If an electronic direct deposit is received by 9:00 a.m. local time, we will calculate a new account balance that includes the pending direct deposit(s), less any pending debits. If this newly calculated balance covers transactions that resulted in overdraft fees during the prior business day's nightly processing, we will waive or refund those fees. We may also reverse returned item (non-sufficient funds/NSF) decisions.

Overdraft Rewind does not reverse the transfer or advance of funds from a linked Overdraft Protection account. Only direct deposits deposited electronically through the Automated Clearing House (ACH) qualify.

On Thursday, your available balance is $50. That night, we pay an automatic ACH payment for $55.00 and a check for $60.00, leaving your account overdrawn by $65. Two $35 overdraft fees will be charged to your account.

On Friday, the Bank receives your direct deposit of $500 before 9:00 am. We will reevaluate the overdraft decisions from Thursday night and will waive the overdraft fees if your direct deposit covers the transactions that caused the fees.

Frequently asked questions

What is a direct deposit?

A direct deposit is an electronic credit that the bank receives through the Automated Clearing House (ACH) network. Many employers and benefit providers (like Social Security) allow you to provide them with your checking account and bank routing number so your deposit can be made automatically to your account on the pay date. Other deposits, such as checks, cash, or transfers between accounts, are not direct deposits and are not included for purposes of Overdraft Rewind.

Why is there a 9:00 a.m. deadline and what do we mean by local time?

The Bank needs to finalize the posting decisions from the prior night's processing. Any checks or payments that will be returned unpaid must be returned to the depositor's Bank by midmorning. With the Overdraft Rewind feature, the Bank will use your new incoming direct deposit to help you avoid the cost of overdrafts and other implications (like late payment fees) associated with returned, or bounced, payments. The Bank will start this review at 9:00 a.m. in the local time zone where your account is located. You can find where your account is located by reviewing your deposit account statement.

What if my direct deposit is delayed?

Most employers and benefit providers (like Social Security) have direct deposits ready for processing the day before the pay date. Direct deposits are typically received by 7:00 a.m. Due to Bank processing deadlines, only direct deposits received by the Bank before 9:00 a.m. local time will be included in the Overdraft Rewind feature. 

Do I need to enroll in or sign up for Overdraft Rewind?

No, Overdraft Rewind is an automatic feature of a consumer deposit account that receives direct deposit. There is no additional sign-up or enrollment required.

Will Overdraft Rewind reverse the transfer or advance of funds from my linked Overdraft Protection account?

No. Overdraft Rewind does not reverse the transfer or advance of funds from your linked Overdraft Protection account. Note: advances from a linked credit account accrue interest from the date of each advance (review your credit agreement for details). 

It is important that you review your accounts to determine any actions you wish to take for the funds that were transferred or advanced. For example, you may wish to transfer these funds back to your linked savings account, or make a payment towards the advance of funds from your linked credit account.

Why aren’t check deposits included?

Incoming electronic direct deposits are immediately available upon receipt because they typically cannot be reversed. While Wells Fargo generally provides immediate availability for direct deposits, a check deposit may be returned unpaid.

What if my incoming direct deposit is not enough to cover all of the transactions from the prior day?

Transactions on your account that exceed our Overdraft Rewind feature's newly calculated balance may be paid into overdraft, at the Bank's discretion, or returned unpaid. The Bank's standard overdraft fees will be assessed for items paid into overdraft.

Are overdrafts and returned/non-sufficient funds (NSF) items different?

Yes. An overdraft is a negative balance in your account. An overdraft occurs when you spend more money than you have in your checking account and the Bank pays your transaction. There is a fee when an overdraft item is paid into overdraft. A returned/non-sufficient funds (NSF) item occurs when Wells Fargo returns an item (such as a check or other transaction presented for payment) unpaid because there is not enough money in the account to cover the item. We do not charge fees for returned items, but the payee or merchant may charge fees for returned items.

Does this service allow me to spend more money than is available in my accounts?

No, this service does not affect the Bank's decision to authorize transactions. The payment of transactions into overdraft is discretionary and the Bank reserves the right not to pay.

What if I conduct more transactions in the morning before 9:00 a.m.?

Transactions you initiate or that are received by the Bank prior to 9:00 a.m. local time will impact your available balance. We will use your direct deposit less any pending debits to reevaluate transactions from the prior day with the Overdraft Rewind feature.

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