Wells Fargo teen checking account?
Do you or did you have a wells Fargo teen checking account? And did they make you use your debit card 10 times a month or they will charge you a service fee?
- postal pLv 78 years agoFavorite Answer
Never heard of that. It's no secret that raising a teenager is challenging at best. I once heard the analogy that it's like nailing Jello to a tree. Teens want independence where parents are pretty sure there needs to be external controls. The challenge in parenting a teen is in finding a way to teach your teen how to handle the independence she craves. Wells Fargo has a program to help parents with the financial aspect of this challenge. It's called the "teen checking account" and it's available to customers ages 13-17 for a monthly fee of $3.00. But the fee is waived if the customer chooses to receive statements on line. This account mimics an adult checking account in every way except the parent gets to set the limits.
Teens are not always fond of the children's bank accounts they grew up with. This is because their access is extremely limited. In order to spend their money, they have to go to the bank and withdraw cash. Of course, they usually need their parents to do this. The Wells Fargo teen checking account gives teens access to their accounts through access to funds, account information and even overdraft protection.
Access to funds comes with the check card and the freedom to order checks. The check card can be used at ATMs and at cash registers, just like a debit card for an adult account. But the parent gets to set the limits. The limit can be set as low as $20 Point of Sale per day and $20 ATM withdraw per day. The parent also has the power to raise or lower these limits on demand. In addition to the check card, this account offers checks for a fee. However, Wells Fargo does not recommend using this feature. Most teens prefer to use check cards rather than checks and most merchants are reluctant to accept checks from teens. Checks returned for insufficient funds are also subject to bank fees and merchant fees.
Account information access comes with the free on line banking services. On line banking includes a variety of services. Teens and parents can track account activity, transfer funds and view educational material on line. They can also choose to receive on line statements in lieu of traditional paper statements. Use of this feature will get the account's monthly fee waived. On line banking also provides account alerts for withdraws and low balances. Also with on line banking, teens get two free "banker- assisted" calls per statement cycle and unlimited touchtone banking services.
Part of learning to handle a checking account might involve an overdraft from time to time. Teens are encouraged to open free "Goal Savings" accounts and link them to their checking accounts with overdraft protection. This will protect them from the full force of overdraft fees while still providing a consequence for each overdraft. A $10 fee applies each day a transfer is made from savings to overdraft protection. Wells Fargo has set overdraft limitations and reduced fees for these accounts. A $15 fee applies for each returned item.
In addition to all of the benefits of the teen checking account, Wells Fargo also offers an educational resource on line for bankers of all ages. It's a great resource for the entire family. It's available at www.handsonbanking.org.
With Wells Fargo's teen checking account, the financial aspect of raising teens doesn't have to be part of the Jello nailing experience. Teens get a taste of the independence they crave while parents can rest assured that there will be limits to the financial mistakes their kids can make. For more information, visit your local Wells Fargo branch.
- Anonymous6 years ago
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