Banking

1. Banking Ms. DeJesus-Lowe Wells Fargo Bank

2. Checking Accounts • Different Types • Teen accounts • Minor accounts • College accounts • Adult accounts • Interest vs. No interest Accounts

3. Checking Accounts (cont’d) • Minor Accounts • Requirements for the account: • Age: Under 18 • Co-signer: Must have adult signer over 18 • Minimum deposit required to open account is $50 for checking (25$ for savings) • No minimum credit score needed • Debit card included? Yes • Minimum balance needed? No

4. Checking Accounts (cont’d) • Minor Accounts • Fees? • Teen Checking $3 Monthly Service Fee • Overdraft/bounced check fee $15 • W2S (Way 2 Savings) Savings = no Monthly Service Fee • Interest? • On savings accounts • Rate varies • Currently (week of 4/14/14) = 0.01% • Ordering checks • Checks must be requested by Adult Signer on minor checking accounts • Online banking is included • Online billpay is included

5. Checking Accounts (cont’d) • Teen Accounts • Requirements for the account: • Age- 13 to 17 • Co-signer: Yes • Minimum deposit required to open accountis $50 • No minimum credit score needed • Debit card is included • No minimum balance needed

6. Checking Accounts (cont’d) • Teen Accounts • Fees • $3monthly service fee • Monthly service fee waived with online only statements • $15 fee for overdrafts/bounced check per item (max 30$ per day) • No Interest earned • Checks can only be ordered by adult signer on account • Online banking is included • Online billpay is included

7. Checking Accounts (cont’d) • College Accounts • Requirements for the account: • Age- up to 24 • Co-signer: None if over 18 • Minimum deposit required to open accountis $50 • No minimum credit score needed • Debit card is included • No minimum balance needed • But you can have monthly service fee waived with a $500 daily balance

8. Checking Accounts (cont’d) • College Accounts • Fees: • $3 Monthly service fee • Waived if you have $25 and Direct Deposit or $500 daily balance • No interest • Ordering checks is not free • How much? • Online banking is included • Online billpayis included

9. Checking Accounts (cont’d) • Adult Accounts • Requirements for the account: • Age- 18+ • Co-signer: No • Minimum deposit required to open account is $50 for checking ($25for savings) • No Minimum credit score needed • Debit card is included • The minimum balance needed varies by account

10. Checking Accounts (cont’d) • Adult Accounts • Fees: • Monthly service fees vary by account • W2S $12 • waived with $2000 daily balance, 10 debit card transactions or $750 Direct Deposit each month • Value Checking $9 MSF • $7 with online statements- waived with $500 Direct Deposit per month or $1500 Daily Balance • Overdraft/ Bounced Check fee $35 per item per day (Max of 4 items per day) • Interest varies by account • Ordering checks is not free • How much? • Online banking and billpay are included

11. Savings Accounts • Interest vs. No interest • Interest rates varies by account and balance. • Current rates are 0.01% to 0.45% for Savings accounts • Interest is compounded at a variable rate • Interest is compounded daily, but paid monthly • Different types of accounts • Way2Saving Savings is a savings account that is free to minors • All others have balance requirements • What happens when you go below your minimum balance?

12. Savings Accounts • Online banking/billpay is free • Can you pay bills from a savings account • Fees vary by account • No debit cards: savings accounts get ATM/Cash card • Visa debit cards are only available with Checking accounts