Types of accounts at Wells Fargo

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Learn the types of accounts that are available and how to determine which ones you need.

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When you go to a bank to open a new account, you will have a variety of account types and features to choose from. Should you choose the basic checking option or an account that earns interest? Do you want the convenience of a bundled checking and savings account or the higher returns of a money market account?

To make these decisions, it’s helpful to first understand the differences between the most common bank account types. Here are some definitions to help you navigate your banking needs:

• Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can typically use a debit card or checks to make purchases or pay bills. Accounts may have different options to help avoid the monthly service fee. To determine the most economical choice, compare the benefits of different checking accounts with the services you actually need.
• Savings account: A savings account allows you to accumulate interest on funds you've saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, and account features. Understanding the account’s terms and benefits will allow for a more informed decision on the account best suited for your needs.
• Certificate of Deposit (CD): Certificates of deposit or CD, allow you to save your money at a set interest rate for a pre-set period of time - which can range from a few months to several years. CDs often have higher interest rates than traditional savings accounts because the money you deposit is tied up for the terms of the CD. Be sure you will not need the funds before the end of the CD term, as early withdrawals may have financial penalties. 
• Money market account: Money market accounts are similar to savings accounts, but they typically require you to maintain a higher balance to avoid a monthly service fee. Both savings and money market accounts have variable rates. Money market accounts can have tiered interest rates, providing more favorable rates based on higher balances. Some money market accounts also allow you to write checks against your funds, but may be on a more limited basis.
• Individual Retirement Accounts (IRAs): IRAs, or Individual Retirement Accounts, allow you to save independently for your retirement. These plans are useful if your employer doesn’t offer a 401(k) or other qualified employer sponsored retirement plan (QRP), including 403(b) and governmental 457(b), or you want to save more than your employer-sponsored plan allows. These accounts come in two types: the Traditional IRA and Roth IRA. The Roth IRA offers tax-free growth potential. Investment earnings are distributed tax-free in retirement, if the account was funded for more than five years and you are at least age 59½, or as a result of your death, disability, or using the first-time homebuyer exception. Traditional IRAs offers tax-deferred growth potential. You pay no taxes on any investment earnings until you withdraw or “distribute” the money from your account, presumably in retirement. Both types of IRAs offer investment flexibility, tax advantages, and the same contribution limits. You may want to discuss which type is best for you with your tax advisor before choosing your account.

Once you understand the types of accounts most banks offer, you can begin to determine which option might be right for you.

  Tip  

Interest rates can be compounded on a daily, weekly, monthly, or annual basis.

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Other fees may apply, and it is possible for the account to have a negative balance. Please see the Wells Fargo Consumer Account Fee and Information Schedule and Deposit Account Agreement for details.

If you convert from a Wells Fargo account with check writing ability to a Clear Access Banking account, any outstanding check(s) presented on the new Clear Access Banking account on or after the date of conversion will be returned unpaid. The payee may charge additional fees when the check is returned. Make sure that any outstanding checks have been paid and/or you have made different arrangements with the payee(s) for the checks you have written before converting to the Clear Access Banking account.

Subject to account eligibility requirements.

(A) If your Prime Checking or Premier Checking account is converted to another checking product or closed by us or you, all linked accounts are delinked from the Prime Checking or Premier Checking account and effective immediately, benefits no longer apply, including benefits to your now delinked accounts. You'll no longer receive discounts, options to avoid fees on other products or services, or the Relationship Interest Rate; for time accounts (CDs), this change will occur at renewal. Your delinked accounts will revert to the Bank's current applicable interest rate or fee at that time. (B) If you or we delink an account from your Prime Checking or Premier Checking account but other accounts remain linked, the loss of all benefits and the other consequences described above in (A) will immediately apply to the delinked account. Benefits available to your Prime Checking or Premier Checking account and any remaining linked accounts will continue.

When the primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee. Customers 12 and under must have an adult co-owner.

A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account. Confirm with your employer or the agency or company making these payments that they use the ACH network. Transfers from one account to another, mobile deposits, or deposits made at a branch or ATM don't qualify as a direct deposit. Direct deposits made available early with Early Pay Day will not count towards applicable options to avoid your account’s monthly service fee until the deposit posts to your account and is no longer pending (e.g., the pay date scheduled by your payor).

Unless otherwise noted, stated benefits apply only to the Prime Checking or the Premier Checking account and not other linked accounts.

Our overdraft fee for Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means), and we charge no more than three overdraft fees per business day. Overdraft fees are not applicable to Clear Access BankingSM accounts. The overdraft fee for Wells Fargo Teen CheckingSM accounts is $15 per item and we will charge no more than two fees per business day.

The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.

Surcharge fees imposed by non-Wells Fargo ATM owners or operators may apply.

Fees charged by non-Wells Fargo ATM operators or networks may apply. For Prime Checking and Premier Checking accounts, Wells Fargo will waive its non-Wells Fargo ATM cash withdrawal transaction fee (U.S. and international) when you withdraw cash from a non-Wells Fargo ATM. In addition, for Prime Checking Wells Fargo will reimburse one fee charged by a non-Wells Fargo ATM operator located in the U.S. and one fee charged by a non-Wells Fargo ATM operator located outside the U.S. per fee period. For Premier Checking, Wells Fargo will reimburse all fees charged by non-Wells Fargo ATM operators. When the amount of the fee charged by the non-Wells Fargo operator is not provided to Wells Fargo, Prime Checking and Premier Checking customers will receive a $4.00 reimbursement per cash withdrawal.

In addition to any applicable fees, we make money when we convert one currency to another currency for you. The exchange rate used when we convert one currency to another is set at our sole discretion, and it includes a markup. The markup is designed to compensate us for several considerations including, without limitation, costs incurred, market risks, and our desired return. The applicable exchange rate does not include, and is separate from, any applicable fees. The exchange rate we provide to you may be different from exchange rates you see elsewhere. Different customers may receive different rates for transactions that are the same or similar, and the applicable exchange rate may be different for foreign currency cash, drafts, checks, or wire transfers. Foreign exchange markets are dynamic and rates fluctuate over time based on market conditions, liquidity, and risks. We're your arms-length counterparty on foreign exchange transactions. We may refuse to process any request for a foreign exchange transaction.

Incoming wire transfers received in a foreign currency for payment into your account will be converted into U.S. dollars using the applicable exchange rate without prior notice to you. For more information, see the "Applicable Exchange Rate" section of the Deposit Account Agreement.

Outstanding Cashier's checks are subject to state or territorial unclaimed property laws.

If the cashier's check is lost, stolen, or destroyed, you may request a stop payment and reissuance. A stop payment and reissuance can only be completed within a branch location. As a condition of stop payment and reissuance, Wells Fargo Bank will impose a $31.00 stop payment fee and require an indemnity agreement. In addition, for cashier's checks over $1,000.00, the waiting period before the stop payment and reissuance of an outstanding cashier's check may be processed is 90 days (30 days in the state of Wisconsin and 91 days in the state of New York). The waiting period can be avoided with the purchase of an acceptable surety bond. This can be purchased through Wells Fargo's approved insurance carrier or through an insurance carrier of the customer's choice. The cost of a surety bond varies depending on the amount of the bond and the insurer used. Surety bonds are subject to the insurance carrier's underwriting requirements before issuance. If the surety bond is not provided, the waiting period applies.

For each debit card purchase in a foreign currency converted to a U.S. dollar amount by a network.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Investment and Insurance Products are:

• Not Insured by the FDIC or Any Federal Government Agency
• Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
• Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

Brokerage products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Equal Housing Lender

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.

QSR-0722-03892

LRC-0222

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