Are you ready to start organizing your savings? The best way to do that is by opening an account with Wells Fargo. As the fourth-best bank in the United States, Wells Fargo provides low minimums, small fees, and a considerably extensive network of ATMs.
In this article, we will guide you through the simple steps to open an account with Wells Fargo and provide you with all the information you need to know.
What is Wells Fargo?
Wells Fargo is a financial institution that operates in 35 countries. It is currently considered the fourth-best bank in the United States and the third-largest. This bank has been recognized as the most valuable banking brand in the world and is highly respected and admired globally. With 70 million customers, 7,200 stores, and 12,260 ATMs, Wells Fargo is headquartered in San Francisco.
Requirements to Open an Account with Wells Fargo
To open an account with Wells Fargo, you must meet the necessary requirements. These include providing documents to verify your identity and address in the country. The required documents may include your Social Security number, a verifiable address, proof of U.S. citizenship, and valid identification with a photo. Business accounts have additional requirements related to legal registration, social security cards, partnership agreements, licenses, and identification numbers.
Types of Accounts at Wells Fargo
Once you have gathered all the required documents, the next step is to choose the type of account that best suits your needs. Wells Fargo offers various types of accounts, each with different features to benefit their target audience.
- Wells Fargo Preferred Checking: This interest-bearing checking account offers free checks and has a monthly fee of $15, which can be avoided by maintaining a minimum monthly balance of $10,000 or having direct deposits of $1,000.
- Wells Fargo Everyday Checking: Associated with a mobile app, this checking account has a monthly fee of $10, which can be avoided by maintaining a minimum daily balance of $500. Customers between 17 and 24 years old are exempt from the maintenance fee.
- Portfolio by Wells Fargo: This premium checking account offers benefits such as fee waivers for using ATMs worldwide. It has a monthly fee of $30, which can be avoided by maintaining a minimum balance of $50,000.
- Wells Fargo Clear Access Banking: Designed for young individuals who have never had a bank account, this checking account can be opened from the age of 13 in collaboration with an adult. It does not offer checks and is not subject to overdraft fees. The monthly maintenance fee of $5 only applies to account holders aged 13 to 24.
- Platinum Savings: This account offers a 0.26% annual yield and allows unlimited check writing or ATM withdrawals. The monthly fee of $12 can be avoided by maintaining a minimum balance of $3,500.
- Way2Save Savings: Ideal for those who already have a checking account with Wells Fargo and want an additional saving account, this option allows you to schedule automatic transfers from your checking account. The $5 monthly maintenance fee only applies to account holders over the age of 24 or those with a daily balance below $300.
How to Open an Account with Wells Fargo
Wells Fargo provides three different ways to open an account, all of which are simple and quick.
1. Open an Account online
Opening an account with Wells Fargo online is the fastest and most convenient option. You can do it at any time, from anywhere. The required documents and procedures are the same as for opening an account in person. Here’s how:
- Visit the official website of Wells Fargo and enter your zip code.
- Select Online Banking and choose the type of account you want to open.
- Fill out the form with your personal information and proceed with the payment.
- Submit your application and wait for approval from the bank.
2. Visit a Wells Fargo Branch
If you prefer to open an account in person, you can visit any Wells Fargo branch. Check their website to find the branch closest to your location, schedule an appointment, and bring all the necessary documents.
3. Open an Account by Phone
You can also open an account with Wells Fargo by calling their dedicated phone line at 1-877-727-2932. Follow the instructions provided by the bank representative, provide the required information, and wait for approval.
Can Non-Residents Open an Account with Wells Fargo?
Unfortunately, Wells Fargo no longer allows non-residents to open accounts. If you are not a legal resident of the United States, you will not be able to open an account with Wells Fargo. They encourage non-citizens to contact the bank to close their accounts before any potential restrictions are imposed.
Is Wells Fargo the Best Option for Opening an Account?
Wells Fargo is regarded as one of the best banks in the United States in terms of prestige and benefits for customers. They offer a wide range of financial products that cater to different types of clients. Opening an account is convenient, and you can manage it directly from your mobile device at any time.
However, it is important to consider that Wells Fargo’s interest rates are relatively low. If that is not a significant concern for you, Wells Fargo is one of the top choices for opening an account.
Frequently Asked Questions
- Can I open a Wells Fargo account online?
- What types of accounts does Wells Fargo offer?
- How can I open a Wells Fargo account in person?
- Can non-residents open an account with Wells Fargo?
- Is Wells Fargo the best bank for opening an account?
Opening an account with Wells Fargo is a straightforward process that offers various benefits. Choose the account that suits your needs and take advantage of the convenience and reliability that Wells Fargo provides.