Opening a new Wells Fargo checking account is easy. But knowing the costs is key for smart shoppers. You need $25 to start, either in person or online. This money makes your account ready to manage your money right away.
But there’s more to think about. The Everyday Checking account has a $10 monthly fee. You can avoid this by keeping $500 in your account, getting $500 in direct deposits, or being young and linked to a Wells Fargo ATM or Debit Card.
The Clear Access Banking account has a smaller $5 monthly fee. You can skip this fee if you’re young or have a military direct deposit.
Key Takeaways
- The minimum opening deposit for a new Wells Fargo checking account is $25, whether opened online or at a branch.
- Everyday Checking accounts have a $10 monthly service fee that can be avoided through maintaining a minimum daily balance, receiving electronic deposits, or being a young account holder.
- Clear Access Banking accounts have a lower $5 monthly service fee that can be waived for young account holders or those with qualifying military direct deposits.
- Overdraft fees and other potential charges may apply, so it’s important to understand the account’s terms and conditions.
- All Wells Fargo checking accounts offer FDIC insurance to protect the safety of your deposits.
Wells Fargo Checking Account Options
Wells Fargo is the third-largest bank in the U.S. with $1.7 trillion in assets. It offers many checking accounts to meet different financial needs. Each account has its own features, fees, and benefits.
Everyday Checking Account
The Everyday Checking account has a $10 monthly fee. You can avoid this fee by keeping $500 in your account, getting $500 in direct deposits, or being 17-24 with a Wells Fargo ATM or Debit Card. This account does not earn any interest.
Clear Access Banking Account
The Clear Access Banking account has a $5 monthly fee. You can skip this fee by being 13-24 or having a qualifying military direct deposit. Like the Everyday Checking, it does not earn interest.
| Account Type | Monthly Fee | Minimum Deposit | APY | Fee Waivers |
|---|---|---|---|---|
| Everyday Checking | $10 | $25 | N/A | $500 monthly electronic deposits, $500 minimum daily balance, 17-24 years old |
| Clear Access Banking | $5 | $25 | N/A | 13-24 years old, non-civilian military direct deposit |
Wells Fargo offers basic checking services with the Everyday and Clear Access Banking accounts. For those wanting more, there are Prime and Premier Checking accounts. These offer higher interest rates and extra features.
Requirements to Open a Wells Fargo Account
Opening a Wells Fargo account is easy. You just need to meet a few requirements. First, you must show a valid ID like a driver’s license. You also need your Social Security number and where you live now.
This info helps Wells Fargo know who you are. It also makes sure they follow the law.
Personal Identification
You’ll also need to give your Social Security number. This lets Wells Fargo know who owns the account. It also helps them report to the IRS.
Minimum Opening Deposit
To start a Wells Fargo account, you need $25. This rule is for both Everyday Checking and Clear Access Banking. Wells Fargo’s $25 is lower than some other banks.
Meeting these simple steps lets you open a Wells Fargo account fast. You can choose from a regular checking account or Clear Access Banking. Wells Fargo makes it easy to start banking with them.
cost to open Wells Fargo account
Opening a new Wells Fargo account comes with fees and rules. You need $25 to start with a Wells Fargo Everyday Checking or Clear Access Banking account. But, you can dodge monthly fees and other charges.
The Everyday Checking account costs $10 a month. This fee is waived if you keep $500 daily, get $500 in direct deposits, or are 17-24 with a Wells Fargo Campus ATM or Debit Card. The Clear Access Banking account costs $5 a month. You can skip this fee if you’re 13-24 or have a qualifying military direct deposit.
Wells Fargo also charges for services like cashier’s checks ($10) and money orders ($5). There’s a $3.00 fee for non-Wells Fargo ATM withdrawals in the U.S. and $5.00 outside the U.S. Plus, there’s a 3% fee on international debit card purchases (which can be 0%).
| Fee Type | Amount | Waiver Criteria |
|---|---|---|
| Everyday Checking Monthly Service Fee | $10 | $500 minimum daily balance, $500+ in electronic deposits, 17-24 years old with linked Wells Fargo Campus ATM or Debit Card |
| Clear Access Banking Monthly Service Fee | $5 | 13-24 years old, qualifying non-civilian military direct deposit |
| Cashier’s Check | $10 | N/A |
| Money Order | $5 | N/A |
| Non-Wells Fargo ATM Withdrawal (U.S.) | $3.00 | N/A |
| Non-Wells Fargo ATM Withdrawal (International) | $5.00 | N/A |
| International Debit Card Purchase Transaction Fee | 3% (can be 0%) | N/A |
Wells Fargo has many options for opening a checking account with a $25 minimum. Knowing the fees and how to avoid them helps you choose the right account for your needs and budget.
Benefits of Opening a Wells Fargo Account
Modern banking needs to be easy and accessible. Wells Fargo makes managing money simple and efficient. They offer features that help you handle your finances well.
Mobile Banking Features
The Wells Fargo mobile app has cool features. You can deposit checks, add cards to your wallet, and send money with Zelle. It also lets you check your FICO score and control your cards.
Early Pay Day and Grace Period
Wells Fargo’s Early Pay Day gets your paycheck up to two days early. This means you can use your money sooner. The Grace Period helps when you face unexpected costs, keeping you from overdraft fees.
Opening a Wells Fargo account gives you access to these great features. You’ll enjoy a smooth, secure banking experience. Wells Fargo supports you in managing your finances, now and in the future.
Conclusion
The cost to open a new Wells Fargo account is $25. This applies to both Everyday Checking and Clear Access Banking accounts. The Everyday Checking account has a $10 monthly fee. This can be avoided by keeping a $500 balance, getting $500 in direct deposits, or being 17-24 with a Wells Fargo ATM or Debit Card.
The Clear Access Banking account has a $5 monthly fee. This fee is waived for those 13-24 or with a qualifying military direct deposit. Both accounts offer mobile banking, early payday, and a grace period for overdrafts.
Opening a Wells Fargo account is affordable. This makes it easy for many to start banking with Wells Fargo. Whether you need a simple checking account or something more, Wells Fargo has options for you.
In summary, opening a Wells Fargo account is easy and affordable. The benefits of banking with Wells Fargo make it a great choice for both new and current customers.
Frequently Asked Questions
Kuldeep Nirgude is a computer science student with a strong interest in finance and marketing. With a focus on analyzing industry trends, he writes articles that simplify complex concepts and empower readers to make informed decisions. Kuldeep is dedicated to bridging the gap between technology and business, and is committed to staying updated on the latest innovations shaping the economy.