Wells Fargo bank is a bank originally founded by Henry Wells and William George Fargo with the mission of helping customers succeed financially. Read through for how to open an account with Wells Fargo bank; A bank that does not just offer savings services to its customers but also offers financial advisory services which prove that they are deep into customer satisfaction and well-being.
Inasmuch as much as Wells Fargo bank was sued for fraud years back, it’s super safe to bank with them as they are back with translucent strategies that benefit both the bank and its customers.
Before opening an account at Wells Fargo, there are lots of factors to be put into consideration. Factors such as the kind of account you want to open as there are various kinds of accounts at Wells Fargo.
This article will reveal to you how to open any kind of account with Wells Fargo bank, and also, the requirements that you need to go to the bank with.
How to Open an Account with Wells Fargo Bank
1. Get Your Documents Ready
Before going to the bank for account opening, you must ensure that you bring along with you the required documents and details to properly identify you.
For Wells Fargo bank, you can either open an account online or in person. If you are opening an account online, you will need to scan these documents and get them ready for use.
These documents include a Social Security number or tax identification number, a valid means of identification; this can either be your driver’s license or state ID, your contact information such as your house address, phone number, and a stipulated amount of cash which will be deposited into your account after the opening.
2. Choose an Account Type
It’s expected that you know beforehand the type of account you want to open. Wells Fargo bank has different types of accounts for different purposes, and you are free to choose to open any one of them so long as it suits your need.
Below are the different types of accounts in Wells Fargo bank and their characteristics:
Wells Fargo Bank Checking Accounts
a. Wells Fargo Checking Account
This is a checking account that includes features like the mobile App, a debit, and mobile alerts. When you open this account, you will be charged a $10 monthly service fee, although there are legal ways of waiving the charges. This is automatically waived for account holders from 17 to 24 years of age.
b. Wells Fargo Preferred Checking Account
This account type charges a $15 service fee monthly and also pays interest as well as offers a free cashier’s check. The monthly fee can be waived simply by retaining at least $10,000 as your balance each month or by connecting a Wells Fargo home mortgage.
c. Wells Fargo Clear Access Banking
This is an account type created basically for young people from the age bracket of 13-24 who wants to open their first account; it’s not for everyone. They are charged a $5 service fee on a monthly basis but this too can be waived following a legal procedure.
d. Portfolio by Wells Fargo
The Portfolio checking account is wrapped with lots of benefits although its monthly service fee is as high as $30. As usual, the fee can be waived by retaining at least $25,000 in monthly linked bank deposits or $50,000 in both linked bank, credit balance, and brokerage.
Wells Fargo Bank Savings Accounts
a. Way2Save Savings
As the name implies, it’s an account that helps you to save your money. The bank even made it in such a way that your savings grow via an automatic transfer of $1 automatic from your checking account to this account with each debit card purchase.
Just like other accounts, there are monthly charges but this account’s charge is as low as $5 and it can be waived by retaining at least $300 daily as your account balance. It is also waived for people under 24 years of age.
b. Platinum Savings
This is also a savings account but different from way2save. The monthly charge is $12 and can be waived by retaining $3,500 as a daily account balance.
3. Fill the online or offline Application forms correctly with valid information
After ascertaining the account type that you want to go with, you can go ahead and fill out the required forms, but ensure that you fill them correctly with valid information as mistakes might not be taken lightly.
Wells Fargo bank is one of the banks that makes it easy for customers to open an account online. All you need to do as a person is to get every document ready and follow instructions carefully.
While filling out the form, you will answer lots of questions. The purpose of the many questions isn’t to bore you but to ensure that the right thing is being done, hence, you must comply.
If you are doing it offline, you can talk to the customer service personnel if you have any questions or you call them at 866-245-3452 if you are opening it online.
What Do You Need to Open an Account At Wells Fargo?
Wells Fargo does not require so much for account opening, the most important thing is bringing valid documents.
When opening an account at Wells Fargo, these are what you need:
1. A valid and current photo ID;
This can be your driver’s license, state ID, or a recent passport of you. The ID must bear your registered name, date of birth, country, and current address.
You need not worry much if the address on your ID isn’t the same as your current address. That can be fixed with your current address’ utility bill.
2. A Social Security card or number
This too is also needed for the account opening as Wells Fargo if you are under the age of 18. But the card must be a valid one.
3. Cash or a check to deposit into your new account
Of course, you need money to open an account successfully. At Wells Fargo, there’s a stipulated amount for every account. Endeavor to deposit the required amount to keep your account running.
How much do You Need to Open a Bank Account at Wells Fargo?
If you are going to open an account, you must go with a certain fee and for Wells Fargo, it’s usually $25 for every account.
Wells Fargo is a bank that dwells more on making sure their customers are okay in every ramification. Before opening an account, you are advised to go through their details thoroughly to see if there are changes in requirements or charges and decide if you will be able to meet with them.
