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