Wells Fargo provides the perfect way for parents to teach their teenagers how to spend responsibly. The Wells Fargo Student Checking Account is a simple and easy to use product; it is perfect for teenagers moving off to college and out of the house for the first time. As a parent, you want to provide the best financial learning experience for your child; luckily, Wells Fargo aims to do just that with their Student Checking Account.
The Wells Fargo Student Checking Account provides all of the same perks as a normal checking account which is exactly what you want your teenager to experience. The student account provides access to over 10,000 Wells Fargo ATMs and 6000 Wells Fargo bank locations. The account comes with online banking and mobile access from any computer or phone; therefore, your student teen can learn how to monitor his or her bank account.
Mobile account alerts are sent to your teen’s cell phone, so you can rest easy knowing nothing will slip by him or her. On top of this, you never need to worry about your teenager running short of funds because money can be sent to his or her account through the online website. Having this Student Checking Account gives your teenager access to all of the standard banking perks and features that you have with Wells Fargo yourself.
Before signing your teen up with a Wells Fargo Student Account, there are a couple of features and fees to consider. First off, you need to start the student account with a minimum opening deposit of $50. Next, there is a monthly service fee of $10. This fee can be waived or discounted in many different ways. If the primary account holder is between the ages of 17 and 24, then the monthly fee is cut in half to $5. On top of this discount, there are a few ways to eliminate this fee entirely. If your student makes 10 transactions in a month, then the fee is waived.
If up to $500 in direct deposits is made within a month, then the fee is waived. If you have a minimum balance of $1500, then the fee is waived. With a linked Wells Fargo campus debit card, the fee is waived. Just one of these four scenarios is enough to waive the monthly service fee. Do not be discouraged by the presence of the monthly fee; Wells Fargo provides more than enough opportunity to reduce this additional expense.
Like any Wells Fargo Checking Account, there are fees for a number of instances. In general, these fees do not pose any problems, but you may want to educate your teen on their existence, especially the more common fees.
Make sure your teenager understands the difference between Wells Fargo ATMs and other ATMs. Any withdrawals from a non-Wells Fargo ATM warrants a fee of $2.50 from Wells Fargo which does not include the ATM-owner fee. The same kind of withdrawal from outside the United States generates a $5 fee.
There is an overdraft fee to consider, but it is only applicable if you have opted in for overdraft protection. $35 is charged per item purchased if there is an insufficient amount of funds. This fee is applied when your teen attempts to buy something without enough money in the student checking account. Without overdraft protection, there is no fee, but any attempted transaction without enough funds gets declined.
Overall, the Wells Fargo Student Checking Account is a great beginner product to set up for your teenager. It operates in the same way as a standard checking account, so your teen can learn how to manage money responsibly. There are minimal fees to worry about, so you can rest easy knowing you won’t wake up to excessive fees from an irresponsible teen spender.
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