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BankingMs. DeJesus-LoweWells Fargo Bank
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Checking Accounts
•Different Types Teen accounts Minor accounts College accounts Adult accounts
•Interest vs. No interest Accounts
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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
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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
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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
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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
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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
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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
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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
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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
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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?
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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