Thinking of adding someone to your Wells Fargo account? This is a significant financial decision with different implications depending on how you add them. Whether it's for convenience, shared financial goals, or providing access for someone you trust, understanding the options and the step-by-step process is crucial. Let's dive in!
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Before we get started, consider why you want to add someone. Are you looking to:
- Share financial responsibilities for a joint household?
- Give a trusted individual access to help manage your finances?
- Help a family member build credit?
- Provide a teen with their first bank account?
Your "why" will guide you to the right method for adding someone to your Wells Fargo account.
Understanding Your Options: Authorized User vs. Joint Account Holder vs. Power of Attorney
When you want to add someone to your Wells Fargo account, you generally have a few distinct paths, each with its own level of access, responsibility, and impact. It's vitally important to understand the differences before proceeding.
1. Authorized User (Primarily for Credit Cards)
An authorized user is someone you allow to make purchases on your credit card account. They receive a card in their name but are not legally responsible for the debt incurred.
- Pros:
- Simplicity: Easy to add and remove.
- Credit Building: Can help the authorized user build their credit history (if the issuer reports authorized user activity to credit bureaus and the primary account is well-managed).
- Convenience: Allows trusted individuals to make purchases on your behalf.
- Cons:
- No Financial Responsibility for the Authorized User: You, as the primary account holder, are 100% responsible for all charges, even those made by the authorized user.
- Limited Access: Authorized users cannot typically access account statements, make payments, or manage account settings.
- Potential for Overspending: If not communicated clearly, an authorized user could overspend, leading to issues for the primary account holder.
2. Joint Account Holder (For Checking & Savings Accounts)
A joint account holder shares equal ownership and responsibility for the account. Both individuals have full access to deposit, withdraw, write checks, and manage the account.
- Pros:
- Shared Responsibility: Both parties are equally responsible for all transactions and any overdrafts.
- Full Access: Both owners have complete access to the account funds and information.
- Convenience for Shared Finances: Ideal for couples or family members managing shared household expenses.
- Cons:
- Loss of Individual Control: Either joint owner can access and withdraw all funds, potentially without the other's consent.
- Shared Liability: If one owner overdrafts the account, both are liable for fees.
- Impact on Credit (for joint credit cards): If opening a joint credit card, the actions of one owner (e.g., missed payments) can negatively affect the other's credit score. Note: Wells Fargo typically requires a new application for joint credit cards; you generally can't add a joint owner to an existing credit card.
- Difficulty in Separation: If the relationship changes, separating joint accounts can be complex, often requiring the account to be closed.
3. Power of Attorney (POA) (For Comprehensive Management)
A Power of Attorney (POA) designates a trusted individual (the "agent" or "attorney-in-fact") to act on your behalf regarding your financial matters, including your Wells Fargo accounts. This is a legal document and is typically used when you need someone to manage your finances if you become unable to do so yourself.
- Pros:
- Broad Authority: Can grant extensive powers, from paying bills to making investment decisions.
- Contingency Planning: Essential for estate planning and ensuring your financial affairs are managed if you're incapacitated.
- Cons:
- Legal Complexity: Requires a legally drafted and often notarized document.
- High Trust Required: The agent has significant control over your finances, so choosing someone absolutely trustworthy is paramount.
- Bank Review: Wells Fargo will need to review and verify the POA document, which can take time.
Step-by-Step Guide to Adding Someone to Your Wells Fargo Account
The process varies significantly based on the type of account and the role you want the person to have.
Step 1: Determine the Type of Account and Role
- Credit Card: Most likely you'll want to add an authorized user. This is the simplest option for giving someone spending access.
- Checking or Savings Account: You'll typically add a joint account holder. This means shared ownership and full access. For minors, a parent/guardian will be a co-owner.
- Comprehensive Financial Management (e.g., due to illness or travel): A Power of Attorney is the appropriate legal tool.
Take a moment right now and decide which of these three options best fits your needs. This initial decision will streamline the entire process!
Step 2: Gather Necessary Documentation
Regardless of the method, you and the person you're adding will need to provide identification and other information. It's always best to bring more than you think you'll need.
For Authorized Users (Credit Cards):
- Your Information (Primary Account Holder):
- Your Wells Fargo credit card account details.
- Your Social Security Number (SSN).
- Authorized User's Information:
- Full legal name.
- Date of birth.
- Social Security Number (SSN) (Wells Fargo may request this for reporting purposes, though not always mandatory for authorized users).
- Address.
For Joint Account Holders (Checking/Savings):
- For Both You and the New Joint Account Holder:
- Two forms of acceptable identification (IDs):
- Primary ID (original, not expired, with photo/signature, printed in English): Valid Driver's License, State ID card, Passport, Permanent Resident Card (Green Card), U.S. Military ID.
- Secondary ID (original, not expired, different from primary, with unique ID number): Social Security Card (signed), Employee ID, Student ID, ATM/Debit/Credit Card (with name), Birth Certificate (original or certified copy), Foreign government-issued ID.
- Proof of Physical U.S. Address (if not on IDs):
- Utility bill (within 60 days)
- Paystub (within 60 days)
- Bank, credit card, or mortgage statement (within 60 days)
- Prior year Federal or State Income Tax Return
- Current lease agreement
- Current vehicle registration
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Mobile phone number.
- Minimum opening deposit (if opening a new joint account, usually $25 for checking/savings).
- For Minors (12 and under): Must have an adult co-owner (relative or guardian). Minors under 18 must open in a branch. They may need a secondary ID like a Social Security card, birth certificate, or student ID if they lack a primary ID.
- Two forms of acceptable identification (IDs):
For Power of Attorney (POA):
- Your Information (Principal):
- Your Wells Fargo account numbers.
- Your full legal name and address.
- Agent's (Attorney-in-Fact) Information:
- Full legal name and address.
- Social Security Number (SSN).
- Date of birth.
- Verification of identity (similar to joint account holder requirements, especially if the principal is incapacitated).
- The Power of Attorney Document:
- Certified copy of the original POA document (verified by a notary public or court official).
- Wells Fargo may have specific forms or affidavits they require in addition to your general POA document.
Step 3: Choose Your Method of Adding
Wells Fargo offers several ways to add someone, depending on the role.
Method A: Adding an Authorized User to a Credit Card (Online or Phone)
This is often the easiest and quickest way.
-
Sub-heading: Online Process
- Sign On: Go to the Wells Fargo website (wellsfargo.com) and sign on to your Credit Card Service Center.
- Navigate to Account Management: Look for a section like "Account Management" or "Account Services."
- Select "Add Authorized Users": There should be a clear option to add authorized users to your account.
- Provide Information: Enter the required details for the authorized user (full name, date of birth, SSN if requested).
- Review and Confirm: Carefully review the information and confirm the addition. A new card will typically be mailed to the authorized user.
-
Sub-heading: Phone Process
- Call Customer Service: Dial the number on the back of your Wells Fargo credit card.
- Request to Add Authorized User: Inform the representative you wish to add an authorized user.
- Provide Information: Be prepared to provide your account details and the authorized user's information.
- Verification: You may need to answer security questions to verify your identity.
Method B: Adding a Joint Account Holder to Checking/Savings (In-Person at a Branch)
For security and verification purposes, adding a joint owner to an existing checking or savings account, or opening a new joint account, requires an in-person visit.
-
Sub-heading: Make an Appointment
- Find a Branch: Use the Wells Fargo branch locator online to find a convenient branch near you.
- Schedule an Appointment: It's highly recommended to schedule an appointment online or by phone. This ensures a banker is available to assist you and minimizes wait times. Clearly state you want to add a joint owner to an existing account or open a new joint account.
-
Sub-heading: Prepare for Your Visit
- Gather Documents: Ensure both you and the new joint account holder have all the required identification and proof of address documents from Step 2. Do not forget originals.
- Discuss Financial Agreements: Before you go, openly discuss with the person you're adding how you plan to manage the joint account, including responsibilities for deposits, withdrawals, and potential overdrafts. This prevents future misunderstandings.
-
Sub-heading: At the Branch
- Meet with a Banker: Explain your intention to add a joint account holder.
- Complete Paperwork: You and the new joint account holder will fill out and sign necessary forms, including an application for a joint account or an amendment to your existing account.
- ID Verification: The banker will verify both your identities using the documents you provided.
- Signatures: Both parties will sign the required documents.
- Account Update: The banker will process the changes. This may involve opening a new joint account and transferring funds, or simply updating your existing account.
Method C: Submitting a Power of Attorney (Mail, Fax, or Branch)
This method is more involved due to its legal nature.
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Sub-heading: Obtain Wells Fargo Forms
- Contact Wells Fargo: It's best to call Wells Fargo customer service or visit a branch to inquire about their specific requirements for submitting a Power of Attorney. They often have internal forms or affidavits that need to be completed in conjunction with your legal POA document.
- Download Forms (if available): Some Wells Fargo departments (e.g., Home Equity, Home Mortgage) may have downloadable POA submission cover sheets and affidavits on their website. Check relevant sections or ask customer service.
-
Sub-heading: Prepare Your Documents
- Certified POA: Ensure you have a certified copy of your Power of Attorney document. This means an official (like a notary public) has verified it as a true copy of the original.
- Complete Wells Fargo Forms: Fill out any Wells Fargo-specific forms (e.g., Submission Cover Sheet, Attorney-in-Fact Affidavit).
- Gather Agent's IDs: Collect copies of the agent's identity verification documents (SSN, driver's license, etc.), especially if the principal is incapacitated.
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Sub-heading: Submission Options
- Mail: Send all original Wells Fargo forms, certified POA, and identity documents to the Wells Fargo PO Box specified for POA submissions.
- Fax: Some departments offer a fax option. Confirm the correct fax number.
- In-Person (Branch): You can also submit the documents at a Wells Fargo branch. A banker can review them and ensure everything is in order before submission to the relevant department.
-
Sub-heading: Follow-up
- Processing Time: Submitting a POA can take time for Wells Fargo to review and process. Inquire about expected processing times.
- Confirmation: Wells Fargo should notify you once the POA has been successfully linked to your account.
Step 4: Confirm and Review
- Verify Access: After the process is complete, confirm with Wells Fargo that the person has been successfully added to your account in the desired capacity.
- Review Statements: For joint accounts, regularly review statements together to ensure all transactions are understood and authorized.
- Communicate: Maintain open communication with the person you've added about account usage, balances, and any shared financial goals. This is paramount for a smooth financial relationship.
Important Considerations
- Trust is Key: Whether it's an authorized user, joint owner, or POA, you are granting significant access. Only add someone you fully trust.
- Legal Implications: Understand the legal ramifications of each option, especially regarding responsibility for debt or funds.
- Age Requirements: Wells Fargo has specific age requirements for account holders, especially for minors.
- Business Accounts: The process for adding authorized signers or owners to business accounts may differ and often requires additional business documentation.
- Fees: Be aware of any potential fees associated with opening new accounts or maintaining certain account types.
10 Related FAQ Questions: How to...
How to add a minor to a Wells Fargo checking or savings account?
To add a minor (under 18) to a Wells Fargo checking or savings account, you generally need to visit a branch with the minor and an adult co-owner (typically a parent or legal guardian). Minors under 13 must have an adult co-owner. Both the adult and the minor will need to provide acceptable forms of identification.
How to remove an authorized user from a Wells Fargo credit card?
You can typically remove an authorized user from your Wells Fargo credit card by signing on to the Credit Card Service Center online, calling the customer service number on the back of your card, or visiting a Wells Fargo branch.
How to close a joint Wells Fargo account?
To close a joint Wells Fargo account, both joint account holders typically need to be present at a branch, or provide written consent (which may need to be notarized) to close the account. Ensure the account balance is positive or zero before attempting to close it.
How to convert an individual Wells Fargo account to a joint account?
Converting an individual account to a joint account at Wells Fargo usually requires an in-person visit to a branch. The original account holder and the new joint account holder will need to be present with their required identification documents and complete the necessary paperwork to update the account ownership.
How to add a Power of Attorney to a Wells Fargo mortgage or loan account?
To add a Power of Attorney to a Wells Fargo mortgage or loan account, you'll need to submit a certified copy of the POA document along with Wells Fargo's specific submission cover sheets and notarized affidavits. These can typically be submitted by mail or fax to the relevant department, or sometimes in person at a branch.
How to add someone to my Wells Fargo account online for checking or savings?
Generally, you cannot add a joint owner to an existing Wells Fargo checking or savings account entirely online due to identification and signature requirements. This typically requires an in-person visit to a branch with both parties present.
How to verify the identity of the person I want to add to my Wells Fargo account?
Wells Fargo will verify the identity of the person you want to add during the application process by requiring two forms of acceptable identification (primary and secondary IDs), and often proof of address, during an in-person visit.
How to ensure the person I add has limited access to my Wells Fargo account?
If you want limited access, an authorized user (for credit cards) is the best option, as they can only make purchases. For checking/savings, a joint account holder has full access. For more controlled but broad access, a Power of Attorney can be drafted with specific, limited powers, but this is a complex legal matter.
How to tell the difference between an authorized user and a joint account holder at Wells Fargo?
An authorized user can use your credit card but is not legally responsible for the debt, nor do they own the account. A joint account holder co-owns the checking or savings account, has full access, and is equally responsible for all funds and any liabilities.
How to prepare for a branch visit to add someone to my Wells Fargo account?
To prepare for a branch visit, first, gather all necessary identification and proof of address documents for both yourself and the person you're adding. Second, schedule an appointment to ensure a banker is available. Third, discuss with the other party the implications and management of the shared account.