Wells Fargo Teen Checking account review May 2019 | finder.com

Wells Fargo Teen Checking review

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Wells Fargo Teen Checking
  • Manage your accounts with 24/7 online access
  • Get account alerts via text message, email or online
  • Gives parents control with limits on purchases and withdrawals

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A basic account with parental controls and no monthly fee.

It’s never too early to start developing good financial habits. The Wells Fargo Teen Checking empowers teens to manage their money responsibly with the help of a parent and 24/7 customer service.

APY0.05% on balances of $100,000+
0.03% on balances of $0 to $99,999.99
Monthly fee$0
Minimum deposit to open$25
ATM transaction fee$0
Out-of-network ATM fee$2.50
Overdraft fee$15
Nonsufficient funds fee$15
New account fee$0
Deposit methodsCash by teller
Cash by ATM
Check by teller
Bank transfer
Wire transfer
Direct deposit

What are the benefits of the Wells Fargo Teen Checking?

In addition to overdraft protection and a convenient mobile app, this account features the following benefits:

  • Low fees. This account has no monthly fees, bill pay fees or minimum balance requirements.
  • Freedom. Teens can take control of their money with their own debit card.
  • Parental controls. Parents can help teens manage spending with limits on purchases and withdrawals.
  • Convenient access. Get fee-free access to over 13,000 ATMs and 5,800 branches.
  • Tools. Wells Fargo money management tools can help your teen budget and track their spending.

Wells Fargo ATM network and fees

This account comes with a Wells Fargo Visa debit card with chip technology to protect against theft. Plus, Wells Fargo customers get fee-free access to over 13,000 Wells Fargo ATMs and 5,800 branches. If you use an ATM outside the network, you’ll be charged the following fees:

  • Domestic ATM fee: $2.50 per withdrawal, transfer or inquiry — plus fees from the ATM owner.
  • Foreign ATM fee: $5 per withdrawal — plus fees from the ATM owner.
  • Foreign purchases: 3% per transaction.

What should I look out for?

No account is perfect. Be aware of these potential drawbacks:

  • Opening deposit requirement. Like most Wells Fargo checking accounts, this one requires a $25 minimum deposit to open.
  • Overdraft fees. If you sign up for overdraft protection, you’ll be charged $15 for each transaction that overdraws your account.
  • Miscellaneous fees. Wells Fargo charges higher fees compared to many other banks. Watch out for charges like stop payments, wire transfers and others.
  • Longer processing times. Wells Fargo doesn’t process transactions on weekends, which can lead to longer processing times for transactions and payments.
  • Limited branch availability. Wells Fargo doesn’t have branches in Hawaii, Kentucky, Louisiana, Massachusetts, Maine, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont or West Virginia.

Compare with other checking accounts

Name Product APY ATMs Fee
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration banking or investment account
Free to use anywhere worldwide
$0
A high-interest account that operates like a checking account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
16,000 Chase ATMs and nearly 5,000 branches
$15/month
(can be waived)
If you’re new to Chase, get $200 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
You’ll get fee-free access to over 56,000 ATMs around the world
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
1,000 fee-free ATMs across the country
$0
Pay a $0 monthly service charge and get free access to BBVA Compass ATMs.
0.01% on balances of $5+
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
$25/month
(can be waived)
Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance Checking account with qualifying activities by June 2, 2019

Compare up to 4 providers

How do I apply?

Since both the parent and teen must be present, you’ll need to visit a branch to open this account. Call customer service or visit your local branch to set up an appointment.

Eligibility

In order to open this account, you’ll need to meet a few eligibility requirements:

  • Teen must be between ages 13 and 17, and 18 in Alabama
  • Make a minimum deposit of at least $25
  • Have a valid Social Security Number or Tax Identification Number
  • Have a valid state-issued ID
  • Have a valid US address

Required information

You’ll be asked for the following information when you apply for an account:

  • Name and date of birth
  • Address
  • Social Security or tax ID number
  • Driver’s license or other state-issued ID
  • Contact information
  • Employment information

What other checking options does Wells Fargo offer?

Wells Fargo has a handful of other checking account options to consider:

  • Wells Fargo Preferred Checking. An interest-bearing checking account best suited for customers with higher balances or existing Wells Fargo mortgages.
  • Wells Fargo Everyday Checking. A low-fee checking account that offers easy access to your money when you need it.
  • Wells Fargo Opportunity Checking. Available if you don’t qualify for other Wells Fargo checking accounts, this option helps you get back into checking.
  • Wells Fargo Portfolio Checking. A full-service checking account with a suite of exclusive benefits but a higher monthly fee than other accounts.

Bottom line

The Teen Checking account from Wells Fargo is a solid option for teenagers hoping to get a head start on money management. Still not sure if it’s right for you and your teen? Compare your options to find a checking account that is.

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