Wells Fargo Clear Access Banking review

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Don’t worry about overdraft fees with this simplified account for teens and young adults.

finder.com’s rating: 3.3 / 5.0

★★★★★

The Wells Fargo Clear Access Banking account is designed for teenagers and young adults learning to manage their money. The account has no overdraft fees or insufficient funds fees, but it lacks any check-writing abilities, and depending on your age, you might have to visit a branch to open the account.

$5 per month

Fee

N/A

APY

$25

Minimum deposit to open

Details

APYN/A
Fee$5 per month
To waive the feeIf you’re 13 to 24 years old, you won’t pay a monthly fee
Minimum deposit to open$25
ATMsmore than 13,000 ATMs in Wells Fargo’s nationwide network
Out-of-network ATM fee$2.50 for using domestic ATMs outside of its network, and a $5 fee for using ATMs outside of the United States
Foreign transaction fee3%
Overdraft fee$0
Nonsufficient funds fee$0
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Review by


Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.

Expert review

The Wells Fargo Clear Access Banking account is best for teens and young adults who don’t need to write checks and don’t want to worry about accidentally overdrawing on their account.

But if you want to keep a closer eye on your child’s spending habits, other modern teen banking accounts like Copper and Capital One Money offer budgeting tools to help teens learn how to manage their money.

How do I open a Wells Fargo Clear Access account?

If you’re under 18 — or 19 in Alabama — you must visit a branch to open an account. Otherwise, you can open an account online in a few minutes:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Provider site, select Banking and Credit Cards, then Checking Accounts.
  3. Select Compare All Accounts, then choose Open Now under Clear Access Banking.
  4. Select whether you’re opening an individual or joint account and whether or not you’re an existing Wells Fargo customer, then select Continue.
  5. Fill out the About You form and select Continue.
  6. Choose the type of debit card you would like and whether you want to open a Wells Fargo savings account.
  7. Select the source of your initial deposit, review your responses and read and accept the terms.

Eligibility

To open a Wells Fargo Clear Access account, you first need to meet the following eligibility requirements:

  • Be at least 13 to 17 years old with a joint adult co-owner or 18 years and older as a primary owner
  • Deposit a minimum of $25

Required information

You must also provide the following to open a Wells Fargo Clear Access account:

  • Valid Social Security number or Individual Taxpayer Identification number
  • Birth certificate or a valid driver’s license, state-issued ID, US passport or Consular Identification Card

What are the benefits of a Wells Fargo Clear Access Banking account?

Once your Clear Access Banking account is open, you can take advantage of the following benefits:

  • No overdraft or NSF fees. Any purchase that brings your teen’s balance below $0 is automatically denied, which means they can learn to manage money without being dinged for mistakes.
  • No monthly fees for teens and young adults. If you’re 13 to 24 years old, you won’t pay a monthly fee. But if you’re 25 and older, expect an unavoidable $5 monthly fee.
  • 24/7 customer service. You or your teen can contact customer service at any time if you have questions or concerns about your account.

Wells Fargo’s ATM network and fees

You can access your Clear Access Banking account from any of the more than 13,000 ATMs in Wells Fargo’s nationwide network. And if you add your account to a digital wallet, you can use Wells Fargo ATMs with your smartphone instead of your debit card. Wells Fargo charges $2.50 for using domestic ATMs outside of its network, and the bank charges a $5 fee for using ATMs outside of the United States.

What should I look out for?

There are a few drawbacks to consider before opening a Clear Access Banking account:

  • No check-writing privileges. Unlike other checking accounts, Clear Access Banking doesn’t support check-writing capabilities.
  • No interest. Some teen checking accounts earn a modest interest rate to reward your teen for developing good money habits, but this one doesn’t.
  • May have to open in person. If your teen is between the ages of 13 and 17, you and your child must visit a local branch to open this account. But if they’re 18 or older, they can open the account online.

Compare Wells Fargo Clear Access Banking with other checking accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Copper
Finder Rating: 4.6 / 5: ★★★★★
Copper
0.00%
$0
$0
Copper is a digital checking account that teaches your teen healthy money habits through interactive quizzes and an intuitive mobile app.
Axos Bank First Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank First Checking
0.10%
$50
Made for teens ages 13 to 17, this account earns 0.25% APY and has no monthly fees.
Alliant Credit Union Free Teen Checking
Finder Rating: 4.2 / 5: ★★★★★
Alliant Credit Union Free Teen Checking
0.25%
$0
80,000 ATMs for free
$0
No minimum or maximum balance and no monthly service fee.
Capital One MONEY
Finder Rating: 4.8 / 5: ★★★★★
Capital One MONEY
0.10%
$0
39,000+ Capital One and Allpoint ATMs nationwide
A teen checking account with zero fees.
Wells Fargo Teen Checking
Finder Rating: 4 / 5: ★★★★★
Wells Fargo Teen Checking
N/A
$25
$2.50
Everyday checking made easy. Open with $25.
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Compare up to 4 providers

How do I deposit or withdraw my money?

There are several ways to move money into and out of your Clear Access Banking account.

Deposits

  • ATM deposits
  • Branch deposits
  • Mobile deposits
  • Direct deposits
  • Incoming bank transfers
  • Incoming Zelle transfers
  • Incoming wire transfers

Withdrawals

  • ATM withdrawals
  • Branch withdrawals
  • Cash-back at retailers
  • Outgoing bank transfers
  • Outgoing Zelle transfers
  • Outgoing wire transfers

What other checking options does Wells Fargo offer?

Aside from the Clear Access Banking account, Wells Fargo also offers these checking accounts:

  • Everyday Checking. This account for young adults aged 17 to 24 includes check-writing privileges and waives the $10 monthly fee for anyone under the age of 25, but it has a $35 overdraft fee.
  • Preferred Checking. This checking account lets you earn interest on your balance and waives the $15 monthly fee if you have a Wells Fargo Home Mortgage, monthly direct deposits totaling at least $1,000 or more than $10,000 in combined minimum deposit balances.
  • Portfolio by Wells Fargo. This account offers favorable interest rates, and although there’s a $30 monthly fee, you can avoid it by having $25,000 or more in linked bank deposits or at least $50,000 in combined bank, brokerage and credit balances.
  • Business Checking. Wells Fargo offers three types of business checking accounts — called Initiate, Navigate and Optimize — that each offer varying features based on your business’ needs.

Frequently asked questions

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We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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