While planning to pursue higher education it is always a great option to open a Wells Fargo student account to keep track the finances. The only hiccup that comes up while opening a student account is finding the correct account which will satisfy the financial needs and prove beneficial. To overcome this, a student should always first thoroughly review the benefits, charges, prerequisites, etc, of the bank account to take the best decision for themselves.
If you are planning to open a Wells Fargo student account then this blog will help you greatly as it contains important details related to this student account. Keep reading further to know more!
Requirements to Open Wells Fargo Student Account
Wells Fargo provides the facility of opening an account online to students. After opening a student account online, the applicant gets instant updates related to their account status and also keeps them updated related to any further requirements.
After fulfilling the requirements, the applicant will be able to customise their account to match their needs. Mentioned below are the steps that the applicant needs to follow to open a Wells Fargo student account:
- Valid photo ID such as identity card issued by the state or driver’s license.
- Taxpayer Identification Number (TIN) or Social Security Number.
- An initial $25 deposit, which the applicant can pay through wire transfer or check from another account.
Also Read: Best Student Bank Account to Open for Study Abroad
The product features and charges levied by Wells Fargo can be different for different locations. Therefore, it is advisable that before opening an account at Wells Fargo, the applicant should check the fees and features associated with the account according to their location.
In this section, we have listed general facilities and fees associated with the Wells Fargo student account which will give you a basic idea about this student account. Discussed below are the key products and services offered by Wells Fargo.
Wells Fargo Campus Card
To provide more benefits to the students, Wells Fargo has tied up with selected colleges and universities. Under the Wells Fargo campus card, students might be able to secure an ID card issued by the college which works as both an ATM card and a university card.
This card can help the student take a book from the library and also pay for the shopping done at a local store. If a student doesn’t get this option then they can apply for a Visa card that provides benefits like a waiver in monthly service fees or a rebate on chargeable services. The applicant needs to ask their college or university if they provide these options.
Wells Fargo Student Checking Account
Wells Fargo provides the students with the Everday Checking account. If the account holder falls in the age group of 17 yrs to 24 yrs and is enrolled in a course at a college, then they can access the account without paying a monthly fee. I
f the account holder is older than the above-mentioned age group then the student needs to pay $10 per month unless they fulfil a different set of requirements such as holding $1500 or more in the account or receiving at least $500 a month in direct debits.
With this account, students get the facility of online and mobile banking. Also, they can use Zelle to make free domestic payments and can schedule alerts to track their money.
International Payments
Wells Fargo student account holders can receive payments from abroad into their accounts in return for a $16 fee per transaction. The account holder also gets the facility of sending money abroad for which they can see the entire cost when they start setting up the payment. So, Wells Frago lets you make international money transfers as well.
Overdrafts
When it comes to overdraft facilities, the account holders of the Wells Fargo Student Checking account get few options. By the normal coverage, the student may incur a $35 fee for up to three payments per day that go over their overdraft limit.
The other option that a student can explore is the free Overdraft Rewind Service under which the student is not charged if they make a payment for the Wells Fargo Overdraft Protection service or top up their balance by the following day.
Also Read: What are the Benefits of a Student Bank Account? – A Complete Guide!
Wells Fargo Student Account Charges
Just like any other account, there are certain fees levied by the Wells Fargo student account in return for the services provided by the bank to the account holder. The table below contains information related to the various fees charged by Wells Fargo:
| Service | Fee |
| ATM Charges | ATM withdrawals from Wells Fargo are free. ATM withdrawals made outside of Wells Fargo will cost $2.50 in the US and $5 abroad. Certain account types provide refunds for certain ATM purchases. |
| Monthly Service Fee | For students aged between 17 to 24 yrs, the $10 fee is waived. An initial deposit of $25 is required. If you’re 25 or older, you can also avoid paying the fee if you do one of the following during each fee period: Keep a daily balance of at least $1,500; Have at least $500 deposited directly into the account; or Possess a Wells Fargo Campus Card, or Make 10 or more eligible debit card transactions each month |
| International Transaction Fee | For any purchases made using currencies other than US dollars, 3% of the total transaction amount. |
| Overdraft | Standard overdraft fees are $35 per transaction, with a daily cap of three fees. Alternatively, you can utilise the Overdraft Rewind function, which exempts you from paying this cost provided you top up your account by 9 am the next working day. When your student account is overdrawn, you can link a savings or credit account and pay a $12.50 admin fee to cover each transaction. |
| Domestic Wire Transfers | Incoming wire transfers within the country: $15, Outgoing Domestic wire transfers: $30 |
| International Wire Transfers | Fees for outgoing international wire transfers are made known at the moment the payment is set up, Incoming wire transfers from abroad: $16 |
Also Read: Chase International Student Account
FAQs
Ans. The credit limit of the Wells Fargo student card depends upon the creditworthiness of the cardholder. Generally, the credit limit of this card ranges between $500 to $2,000 or more. Since, this is a student card, therefore, the credit limit is usually lower as compared to other cards.
Ans. Some of the options that you consider for opening a student account are:
Axis Bank Future Stars Savings Account
SBI’s Pehli Udaan Pehla Kadam
Kotak Mahindra Bank’s Junior Savings Account
Walrus
PNB Vidyarthi Savings Account
Ans. Wells Fargo account holders can avoid the monthly fee of $10 if they fulfil one of the following options:
$500 minimum daily balance
$500 or more in total qualifying electronic deposits
This is everything you need to know about Wells Fargo Student Account! Worried about the financial hurdles you are facing for your study abroad dreams? Contact Fly Finance for better guidance and make your dreams come true!
