Chase or Wells Fargo?
I'm 18 heading off to college in the fall 14. My college somewhat is associated with Wells Fargo. I just got my first job at walmart and just got my first paycheck, so I would like to open a bank account. I don't really have much knowledge of how banks works and stuff but so far I just want a debit card. I already check these two banks out in comparison and both seems the same.
- SLv 77 years agoFavorite Answer
Because you mentioned Wells Fargo in the questioned, the information is focused on the student account options which this bank offers their customers. Opening an account with Wells Fargo now would let you easily continue to access the money when you get to the collage later this year. If you want to use another major bank, ask about the student account offerings they have available since all of the financial institutions have similar options for their eligible student customers.
--Wells Fargo College Checking Account
--Wells Fargo College Combo - opens a checking account and a savings account
--Wells Fargo Campus Card Program - an official campus identification card and a debit card all in one
The Chase College Checking account is for students seventeen to twenty-four years of age. There is no need for an adult co-owner on this account for those seventeen or older, meaning you are the only one who can access the money in the account. The account owner must present proof of their student status when they apply for this account. There is a six dollar monthly service fee for this account unless you have a direct deposit payment into the account or a minimum $5,000 balance. Also, the Chase College Checking account comes with a Chase debit card.
Managing a low balance checking account can become costly. The monthly service fee will be collected by the bank automatically, so you must always keep sufficient funds available for that expense. If you decide to make ATM withdrawals, using the card where the transaction carries a service cost will also eat into the limited funds you have in the checking account. Without careful monitoring and posting of each transaction, it would be easy to bring the account balance to zero.
When establishing a low balance checking account, search for one where you pay the smallest monthly service fee. So do not hesitate to check a number of financial institutions in your area to locate one with a no balance minimum and the lowest monthly service fee. If the purpose of having a bank account is just to keep your money in a secure location, you might also look at the savings account offerings. You can make as many deposits as you want, even have direct deposit, but the number of free withdrawals in a month are limited. If there is no balance minimum and the monthly service fee is zero or very low, might be worth taking a look at a savings account.
- Anonymous5 years ago
Wells Fargo College ComboSource(s): https://shorte.im/a0dvm
- Anonymous7 years ago
What you need is a checking account. Debit cards don't exist by themselves - they are tied to a bank account. You'd be well off reading "Personal Finance For Dummies" - its a great book that explains how "banks work and stuff." That's essential knowledge for an adult.
- Hugo90Lv 77 years ago
I would go to a credit union. Depositors are the owners rather than a blood sucking corporation.