BankingMs. DeJesus-LoweWells Fargo Bank
Checking Accounts
•Different Types Teen accounts Minor accounts College accounts Adult accounts
•Interest vs. No interest Accounts
Checking Accounts (cont’d)•Minor Accounts
Requirements for the account: Age: Under 18 Co-signer: Must have adult signer over 18
Minimum deposit required to open account is $50 for checking (25$ for savings)
No minimum credit score needed Debit card included? Yes Minimum balance needed? No
Checking Accounts (cont’d)•Minor Accounts
Fees? Teen Checking $3 Monthly Service Fee Overdraft/bounced check fee $15 W2S (Way 2 Savings) Savings = no Monthly
Service Fee Interest?
On savings accounts Rate varies Currently (week of 4/14/14) = 0.01%
Ordering checks Checks must be requested by Adult Signer on
minor checking accounts Online banking is included Online billpay is included
Checking Accounts (cont’d)•Teen Accounts
Requirements for the account:Age- 13 to 17Co-signer: YesMinimum deposit required to open account is $50
No minimum credit score needed
Debit card is included No minimum balance needed
Checking Accounts (cont’d)• Teen Accounts
Fees $3 monthly service fee Monthly service fee waived with online only
statements $15 fee for overdrafts/bounced check per
item (max 30$ per day)
No Interest earned Checks can only be ordered by adult signer
on account Online banking is included Online billpay is included
Checking Accounts (cont’d)•College Accounts
Requirements for the account: Age- up to 24 Co-signer: None if over 18 Minimum deposit required to open account is
$50 No minimum credit score needed Debit card is included
No minimum balance needed But you can have monthly service fee waived
with a $500 daily balance
Checking Accounts (cont’d)•College Accounts
Fees: $3 Monthly service fee Waived if you have $25 and Direct Deposit or
$500 daily balance No interest Ordering checks is not free
How much? Online banking is included Online billpay is included
Checking Accounts (cont’d)•Adult Accounts
Requirements for the account: Age- 18+ Co-signer: No Minimum deposit required to open account is
$50 for checking ($25 for savings) No Minimum credit score needed
Debit card is included The minimum balance needed varies by
account
Checking Accounts (cont’d)• Adult Accounts
Fees: Monthly service fees vary by account W2S $12
▫waived with $2000 daily balance, 10 debit card transactions or $750 Direct Deposit each month
Value Checking $9 MSF ▫$7 with online statements- waived with $500
Direct Deposit per month or $1500 Daily Balance
Overdraft/ Bounced Check fee $35 per item per day (Max of 4 items per day)
Interest varies by account Ordering checks is not free
How much? Online banking and billpay are included
Savings Accounts• Interest vs. No interest
▫Interest rates varies by account and balance. ▫Current rates are 0.01% to 0.45% for
Savings accounts▫Interest is compounded at a variable rate▫Interest is compounded daily, but paid
monthly•Different types of accounts
▫Way2Saving Savings is a savings account that is free to minors
▫All others have balance requirements▫What happens when you go below your
minimum balance?
Savings Accounts•Online banking/billpay is free
▫Can you pay bills from a savings account•Fees vary by account•No debit cards: savings accounts get
ATM/Cash card ▫Visa debit cards are only available with
Checking accounts