Wells Fargo Custom Management Checking AccountItem: Wells Fargo Custom Management Checking Account
For my first bank account, I had a friend-of-a-friend who worked at Wells Fargo, the only national bank in the area, who also needed to meet a sales goal. After school that day, I went to sign up for my first official step into adulthood: a checking account.
Wells Fargo offers various accounts, like free checking, business accounts, college accounts, etc. I chose to go with Custom Management due to its adequate features and a lack of fees. I should note at this point that the account officially does come with a monthly fee, but with a $25 automatic transfer to a separate savings account, the fee is waived. So after a brief amount of paperwork, I set off home to read over my introductory information. Online banking was simple enough to figure out. I set up an account name and password while opening my account at the store. Immediately upon logging in, I was bombarded with offers and opportunities I didn’t need, but my account listing was easy enough to figure out. Bank statements are organized well and I can find what I need easily. Switching to paperless was also simple, as is updating my address information, which are both important to me at this stage in my life. I received my debit card quickly - about 5 business days if I remember correctly - and it was easy to activate through an answering machine system. They also offer an online activation system if you prefer not to use your minutes or do not have a phone. I picked out the standard checks which were free for a large box of around 5 check books, which should last me around 20 years or until I close the account. The designs are not particularly stunning, but they are clean and simple, which is fine with me. I’m just not a huge fan of horses. Finally, my only gripe is that the custom management accounts don’t bear interest. The interest-bearing checking accounts require a large amount of cash in the bank ($5,000) or a transfer of $75 per month. It is easy to transfer funds back and forth, but I cannot ensure that I will always have $75 available to trade. For those who need a simple and reliable checking account, Wells Fargo is a good bet. I think if I were to do it all over again, I would stick with custom management for its features. The $25 transfer is more of a minor nuisance and difficult to remember than anything. Fortunately, I rely solely on online banking, so my balances are always there and obvious to me.For those who don’t need bill pay service and a savings account, free checking is probably your best bet. Rating: 7
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