In the current world, a bank account has become like a necessity. Everyone needs a good account to manage their money. Today we want to guide you step by step on how you can open an bank account of your choice at Wells Fargo. It’s suitable for both students and business people to help them have efficient control over their money and make the best financial decisions.
Wells Fargo is one of the best and largest banks across the globe. Its name is derivatives of its founders’ names William Fargo and Henry Wells. Wells Fargo is available in more than 7,600 locations, with about 13,000 ATMs and more than 260,000 employees. The original idea behind its creation was to provide services to the followers of the California Gold Rush. It has managed to become the best by overcoming the same storms that have put its competitors down.
About 11% of Americans use it as their primary bank. It offers competitive fees and bonuses. It is also known for its vast network of branches across the country with numerous ATMs, making it easily accessible. The Bank customers heap praises on them in terms of lower interest rates compared to its competitors.
When we talk about being the biggest bank, we speak about assists as well as physical footprint. The Bank offers online banking services, so you don’t have to go to the physical branches. However, there is no bank shortage, as there are more than 5,500 branches in the US alone. Another great thing about this bank is that it’s a federal Deposit Insurance Corp. Being an insured bank means that its checking accounts are a very safe place to deposit your checks, plus there are other social security benefits.
What Should I Carry To Open A Bank Account At Wells Fargo?
When you’re ready to open your bank account at Wells Fargo, you should consider making these essentials ready with you;
If you’re under eighteen, you need either a guardian or a parent’s assistance and presence. The other documentations include the Photo ID, current address, country of citizenship, date of birth, Cash/check to deposit, and finally, you need social security card/number.
Steps to Open A Bank Account At Wells Fargo
These steps will help you open a Wells Fargo bank account with a lot of ease. You can either open the account online through their online system or go directly to the bank. Here are the steps to help you.
1. Get The Necessary Details
You may be asked to provide your picture for the identification or your driver’s license in some instances. When you make an online application, you’ll be required to scan your id and attach it to your application or fax it.
- Your date of birth
- Your legal/current address
- Your official name
- Money/check to deposit
- Contact information
- Social security number
2. Decide The Account Type You Want To Open.
If you’re a first-time applicant, you have two options to choose from; checking account, savings account, or even both. Before deciding on what account to settle for, it is prudent to review your needs. Ask yourself some essential questions like, are you looking for an easy way to access your money, or are you in need of setting some money aside for a longer time for later use? There are also other factors to consider, like your bank’s branch and ATM’s proximity and availability.
You may also look into online banking as well as overdraft protection. Basically, the type of account you open entirely depends on your financial needs and goals. The major difference between these two accounts is that a checking account is for making small day-to-day purchases and pay bills, while savings accounts allow you to save your money for a longer period and earn you interest. Unlike a checking account, a Savings account allows you to make large purchases and cater for unexpected expenses. You can also open a joint account with your partner or friend.
Checking accounts: You can open this account either individually or jointly. You need basic information such as; your driver’s license, social security number, and the minimum required deposit to open this account. One of the benefits of this account is that you’ll enjoy cardholder service, which allows you to insert your favorite image that will appear on your credit card. The account can be linked to your debit card, which gives you a great opportunity to get quick access to our cash either online or by using an ATM. Below are some types of checking accounts to consider:
- Everyday Checking. This is the most popular checking account with great features such as a Mobile app, debit card, and alerts plus there are no monthly service fees for students within the age range of 17-24.
- Opportunity checking. It’s an alternative for those who are not able to access the Wells Fargo standard Checking account.
- Portfolio by Wells Fargo. It’s an interest checking account that earns premium relationship benefits as well as rewards.
- Preferred Checking. This is the best account for home mortgage customers. It pays interest on your balance.
- Teen Checking. There are no monthly service fees, and it’s for teens between the age of 13-17. These teens can open the account with the help of their parents or guardians.
Savings Accounts: – Here, you can also either open individual or joint savings account. The requirements for opening this account are similar to those of checking accounts. Here, the amount you deposit grows interest and allows you to save for future use. Here are two types of savings account at Wells Fargo to consider opening;
- Way2save savings. This type of account will help you build significant savings and features automatic transfer from checking accounts into your savings account.
- Platinum Savings. It offers you an excellent opportunity to access your money and to write checks. The account earns premium interest.
3. Make an application.
There are two options to choose from; you can either make an online application or apply in person at the bank. The online application is quick and easy. All you need is to equip yourself with the required information, as discussed above. You’ll also need $25 as the opening deposit. Finally, you’ll be required to answer some simple questions like whether you need a joint or individual account, whether you are an existing or a new customer, and then you’ll also have to choose the account type to open. You can also make a visit to any nearest branch and talk to a banker and get everything done. The banks are open as from 9:00 am to 9:00 pm seven days a week.
Pros And Cons Of Open A Wells Fargo Bank Account
Like a coin, Wells Fargo also has two sides, both the good and bad ones. Though the bank’s financial products cover almost all the consumer’s financial assistant, it has some shortcomings.
- Numerous checking and savings accounts to choose from.
- Great network, the bank is well spread into various locations with several ATMs.
- Offers great customer services
- Both branches and online services are available
- Unpaid online budgeting tools.
- Competitive accounts for college students and teens.
- Low introductory rate Cashback credit card for students.
- Cashback on groceries and gas plus drug store credit purchases.
- Custom Card Design For Credit And Debit Card
- Some fees are a bit higher.
Features of Wells Fargo Checking Account
It’s important to note that though all accounts under wells Fargo checking account have minimum opening deposit fees. However, you can receive a waiver if you meet certain requirements. Also, all the accounts will require you to make a minimum deposit of $25.Another great feature is that you have the opportunity to modify their credit card. You can, for example, customize the profile with your picture.
|Account type||Monthly Fees||Features|
|Everyday Checking Account||If you meet all the bank requirements, you can receive a $10 waiver.||Allows direct mobile deposit|
Gives Debit Cards
Daily ATM limit $300
Non-network ATM fee $2.50
|Preferred Checking Account||$15 waived when you meet all the requirements||-Debit Card|
|Teen Checking||NIL||-Optional overdraft protection|
-Account alerts through SMS, online, or email.
|Opportunity checking||$10 waived when you meet all the requirements||Debit Card|
Bill pay and online transfer
|PMA package||$30||APY 0.01% or 0.05% on balance at least $5000|
Features of Wells Fargo Savings Account
Wells Fargo gives you the power to choose either to open a savings account individually or jointly. You can either open the account online or make a call to the nearest branch. The greatest feature about this account is that your deposit earns interest that you can use later to achieve your financial goals.
|Account type||Monthly Fees||Features|
|Way2Save Savings||You can receive a $5 waiverif you meet all the requirements||You can save as you go|
You can transfer overdraft protection
|Platinum Savings||$12 waived when you meet all the requirements.||You can write checks anytime|
Offers highest savings rates
|Wells Fargo CDs||Nil||Has great fixed rates|
Has better rates than savings accounts
Important Facts To Know, Before Open A Wells Fargo Bank Account
Why You Need to Open Wells Fargo Bank Account
- You’ll get small business loans and merchant services.
- You can access low fees on international remittance
- After successful account creation, you’ll receive a bonus.
How to Avoid Unnecessary Charges
Just like all other banks out there, Wells Fargo is not an exceptional as they charge monthly fees for customers who fail to maintain average daily balance. Following the tipsbelow will help you save more money for your account.
- Escape ATM Fees – There are high chances that your transaction fees will go up if you use your ATM card outside the Wells Fargo network. To avoid such extra charges, always use in-network to make free withdrawals.
- Set Email alerts–Visit the site or App and set up a balance alert so that you get notified each time your balance reaches below your set amount. It is beneficial in avoiding fees charged for dropping below the required minimum daily balance.
- Avoid overdrafts – it would be better to go for Accounts that offer overdraft protection or overdraft rewind. The idea behind this is that overdraft protection keeps you from overdrawing by automatically transferring money from your linked savings account. On the other hand, overdraft rewind gives you some extra time to deposit to cover an overdraft.
Point to Note
- You should build good credit. Building a good credit history is very important, and you can start doing this even at college.
- You can avoid Checking account fees. You can easily avoid the fee and get it waived by either maintaining a $1,500 minimum daily balance or qualifying direct deposits totaling to $ 500.
- In case of losing your debit, card or stolen, you can turn it off.
- You can also gain access to ATMs without your card by just requesting a one-time access code through the app.
Over the past years, the bank has faced some ups and downs. Wells Fargo though still remains a top bank that you can go. It boasts of various features and tools to provide the best customers’ satisfaction. Their customer care support works 24/7. This makes it stand out amongst their counterparts as you can get assistance anytime you need it.
If you are looking for a bank with great services, an extensive network, numerous branches, and easy online access, Wells Fargo is the way to go. We believe with the help of this guide; it’ll be easy to make your decision.