Can I write a Wells Fargo balance transfer check to myself?

Transferring a balance from one credit card to another can be a useful strategy to save money on interest charges. Many credit card companies offer promotional 0% APR balance transfer offers as incentives to open a new card. Writing a balance transfer check to yourself is one way to take advantage of these offers.

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What is a balance transfer check?

A balance transfer check is a check provided by a credit card company that allows you to transfer a balance from one card to a new account. It works just like writing any other check – you write the check out to another creditor, but mail it to yourself and deposit it into your own bank account.

Once deposited, you can use the funds to pay off the existing credit card balance. Meanwhile, the balance is now transferred to the new card at a promotional 0% APR for a set period of time, usually between 12-21 months.

Advantages of balance transfers

There are several potential advantages to balance transfers when used responsibly:

Save on interest – 0% promotional APR periods allow you to pay off a credit card balance without accruing new interest charges for 12 months or more.
Pay off debt faster – Lower interest charges mean more of your payments go toward principal.

Consolidate multiple debts – Transfer several balances onto one new card and simplify managing payments.
Improve credit mix – Having a variety of credit types, including both installment loans and revolving credit card balances, can help your credit score.

Risks and considerations

However, there are some risks to consider with balance transfers as well:

Deferred interest – If the full promotional balance is not paid off by the end of the 0% term, any remaining balance will start accruing interest immediately, sometimes at a very high rate.
Balance transfer fees – Many cards charge a 3-5% fee on the amount transferred.
New charges accrue interest immediately – Only transferred balances get the 0% APR, new purchases begin accruing interest at the regular rate.

Overspending – Having a newly available credit line may tempt some people to overspend.
Impact on credit score – Too many balance transfers in a short period may lower your credit score.

Can you do a balance transfer to yourself?

In most cases, credit card issuers will allow you to write a balance transfer check out to yourself. The check can then be deposited into a bank account in your name and used to pay off an existing credit card balance you owe.

Basically, it allows you to transfer debt you owe to yourself. This may seem counterintuitive, but it can be an effective strategy when used responsibly. The key things to understand are:

The check must be deposited into an account in your name. Transferring to another person is usually not allowed.
The funds cannot be used for anything except paying off your existing credit card debt. You cannot deposit the check and spend it on other things.

You will need to pay very close attention to timing. The balance transfer check needs to be received and deposited before the next payment due date on the original credit card.

Steps to do a balance transfer to yourself

Follow these key steps to properly complete a balance transfer to your own bank account:

Apply and qualify for a card with a 0% balance transfer offer – Review terms carefully and compare fees.

Receive balance transfer checks after account approval – They will come in the mail with instructions.
Write out a check to yourself for the amount you want to transfer.
Endorse the check by signing your name on the back.

Deposit the check into your own checking or savings account.
Wait for the check to clear and show up as available funds.
Use the balance transfer funds to pay off your existing credit card balance.

Destroy or void the old card if you plan to close the account.

As long as the check clears in time, the funds can be used to make a payment on your current credit card. This will effectively transfer the balance from the old card to the new card with the 0% APR promotional offer.

Wells Fargo balance transfer policy

Wells Fargo does allow balance transfers to yourself in most cases. Here are some key details on their policy:

Wells Fargo calls them “convenience checks” instead of balance transfer checks.
The checks can be written out to yourself or deposited into an account with your name on it.
balances can only be transferred to Wells Fargo accounts if done online

Fees range from 3% to 5% depending on the specific card used
The 0% APR promotional period is usually 12-15 months
Deferred interest kicked in after the promo period on remaining balances

Wells Fargo convenience checks work similar to balance transfer checks from other issuers. Be sure to pay close attention to cutoff and due dates to avoid interest charges.

Sample Wells Fargo balance transfer letter

Here is an example balance transfer letter you can send along with a Wells Fargo convenience check to your existing credit card company:

To [Credit Card Company]:

Enclosed please find a check in the amount of [Balance Transfer Amount] to pay off my existing credit card account [Account Number].

Upon clearing this check, please close my credit card account with your company. Send a confirmation letter regarding account closure to the address listed on my account.

Thank you,
[Your Name]

Be sure to only send a balance transfer letter if you plan to close the original credit card account. If keeping it open, just endorse and deposit the check without a letter.

Alternatives to balance transfers

While balance transfers can save money in interest charges, they are not ideal for everyone. Here are a few alternatives to consider:

Debt consolidation loan – An installment loan with fixed payments to pay off credit cards, then close them.
Credit counseling – Work with a non-profit agency to repay debt through a Debt Management Plan.

Debt settlement – Negotiating with creditors to settle accounts for less than full balance.
Debt avalanche – Focus on paying off highest interest rate debts first.
Balance transfer card without fee – Some credit unions offer fee-free options.

Every situation is unique, so research all options thoroughly before deciding what works best for your needs.

Pros of paying off credit cards yourself

Rather than doing a balance transfer, some people may choose to aggressively pay off credit card balances on their own. Here are some potential advantages of this approach:

Avoid balance transfer fees – Can save 1-5% upfront on the amount transferred.

Pay down highest rate cards first – Target debts accruing most interest vs. transferring randomly.
Maintain credit history – Keeping accounts open preserves the age of credit history.
Cash back and rewards – Can continue earning bonuses and points on purchases.

Simplicity – Skipping balance transfers makes managing accounts easier.

Paying off credit card debt yourself takes discipline, but can help strengthen financial skills long-term. Set a budget, make a repayment plan, and stick to it.

Cons of paying off credit cards yourself

Paying down credit card balances aggressively without doing balance transfers has some potential drawbacks as well, such as:

Higher interest costs – Missing out on 0% APR periods means more money goes to interest.
No fixed timetable – Motivation may wane without a set promotional period.
Potential to backslide – Access to credit cards means temptation to spend may arise.

Slower repayment – Interest costs slow the speed of paying off principal.
Opportunity costs – Funds put toward debt repayment could be invested elsewhere.

To maximize success, set a structured repayment plan and devote extra income from raises, bonuses, or side jobs to debt repayment. Automate payments to help stay on track.

Tips for managing credit card balance transfers

If you do choose to move forward with a balance transfer, keep these tips in mind to avoid pitfalls:

Understand the 0% APR period length, transfer fee costs, and interest rates.
Make payments on time to avoid penalties.

Pay down as much as possible during the 0% intro period.
Be cautious of overspending on the new account.
Set up autopay or reminders to avoid deferred interest surprises.

Have a plan to pay off the full balance when the promo period ends.
Monitor credit reports and scores for any negative impacts.

Used strategically, a balance transfer with responsible follow-through can save hundreds or thousands of dollars in interest and accelerate debt repayment. Just be sure to read the fine print and have a backup plan.

Conclusion

Writing a balance transfer check to yourself can be an effective strategy to reduce interest charges in the short-term. Wells Fargo does allow convenience checks to be deposited into your own accounts to facilitate transfers.

However, make sure you understand the fees, timeline, deferred interest implications, and alternatives before moving forward. Do the math to calculate savings and have a solid repayment plan in place. This will ensure you maximize the benefits while minimizing risk when transferring balances to a new credit card.