Wells Fargo direct deposit ADVANCE question?

Question

I have had an account at Wells since '05 but had just recentely opened another account and have been getting direct deposits into this particular (new) account. I am wondering when I am eligibile for Direct deposit ADVANCE?? Is it after 30 days to ensure that I have a legit direct deposit?? or when?

Answer 1

The direct deposit advance is typically available after your statement cycles with at least 1 direct deposit of at least $100. Check your statement on the last page it will show you what you are eleigible for as far as the direct deposit advance goes. However, keep in mind that if you do use it, then you are paying HUGE interest rates. its 120%APR. For each $20 you borrow you pay back $22. So if you borrow the max they offer of $500 (depending on your income) you will pay back $550 at your next direct deposit. If at all possible go for a credit card or line of credit. It will save you tons of money and help build your credit history. the DDA does not. Plus, you may end up in a cycle of being a paycheck behind, so you have to keep using it until the bank cuts you off (they start reducing your advance limit by $100 each month after you have used it continuously for 12 months).