Do you want to start building a solid financial foundation, or are you looking to help a younger family member learn about managing money? Understanding the age requirements for opening a Wells Fargo account is the first crucial step! It can seem a bit complex with different account types and scenarios, but don't worry, we're going to break it down for you in a clear, step-by-step guide.
Let's dive in and figure out exactly how old you (or your loved one) need to be to open a Wells Fargo account!
Understanding Wells Fargo Account Age Requirements: A Comprehensive Guide
Wells Fargo offers a variety of accounts, and the minimum age to open one often depends on the specific account type and whether a co-owner is involved. Here's a detailed breakdown to guide you through the process.
Step 1: Identify the Account Holder's Age
This is the most critical starting point. Are you looking to open an account for yourself, or for a minor? The answer will significantly influence the type of account available and the process you'll need to follow.
- For Adults (18 years or older): Generally, if you're 18 or older, you can open most Wells Fargo accounts as the primary owner, both online and in a branch.
- For Minors (Under 18 years old): This is where it gets a bit more nuanced. Wells Fargo has specific accounts designed for teens and students, and often requires a co-owner for younger minors.
Step 2: Choose the Right Account Type Based on Age
Wells Fargo offers several popular account types, each with its own age guidelines.
Sub-heading: Checking Accounts
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Clear Access Banking:
- Minimum Age: 13 years old.
- Co-owner Requirement: Teens aged 13-16 years old must have an adult co-owner (typically a parent or guardian).
- Individual Account for Minors: Minors who are 17 years old can open a Clear Access Banking account individually, without an adult co-owner.
- Opening Method for Minors: All individuals 17 years old and under must open this account at a Wells Fargo branch.
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Everyday Checking:
- Minimum Age: 17 years old.
- Co-owner Requirement: While 17-year-olds can be primary owners, those 17 and under must open this account at a branch.
- Online Opening: To open an Everyday Checking account online, you must be 18 years or older.
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Prime Checking & Wells Fargo Premier® Checking:
- Minimum Age: 18 years old. (Note: In Alabama, it's 19, and in Puerto Rico, it's 21 for these accounts).
- These accounts are generally for adults who meet specific balance requirements to waive monthly fees.
Sub-heading: Savings Accounts
- Way2Save® Savings & Platinum Savings:
- Minimum Age: 13 years old.
- Co-owner Requirement: Minors aged 12 years and under must have an adult co-owner to open these accounts.
- Individual Account for Minors: Anyone 13 years or older can open these as a primary owner.
- Opening Method for Minors: All individuals 17 years old and under must open these accounts at a Wells Fargo branch.
- Online Opening: To open a savings account online, you must be 18 years or older.
Sub-heading: Custodial Accounts (UGMA/UTMA)
- These are not standard checking or savings accounts directly opened by the minor. Instead, an adult (custodian) opens and manages the account for the benefit of the minor.
- Age of Minor: There is no minimum age for the minor beneficiary.
- Custodian Age: The custodian must be an adult (typically 18 or older).
- Purpose: These accounts are often used for investing money for a child's future, and the funds become fully accessible to the minor upon reaching the age of termination, which varies by state (generally 18 to 21 years old).
Step 3: Gather the Necessary Documentation
Regardless of age or account type, you'll need specific documents. Having these ready will make the account opening process smooth and efficient.
Sub-heading: For All Account Openings (Primary Owner and Co-owner)
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Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): This is a universal requirement for all account holders.
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Valid Identification (ID): You will typically need two forms of identification (a primary and a secondary ID).
- Examples of Primary ID:
- Driver's License (U.S. issued)
- State-issued ID card (U.S. issued)
- Consular ID
- U.S. Passport or Passport Card
- Foreign Passport (with U.S. visa, if applicable)
- Examples of Secondary ID:
- Any acceptable primary ID
- ATM, Credit, or Debit card (with your name)
- Employee ID
- Student ID
- Signed Social Security card (original)
- Original or certified copy of Birth Certificate
- ID issued by a recognized business, education institution, or government agency (domestic or foreign)
- Examples of Primary ID:
-
Physical U.S. Address: You'll need to provide your current residential address. If your IDs don't show your current address, you may need proof of address (e.g., a utility bill, school enrollment statement).
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Mobile Phone Number: This is often required for online applications and for account notifications.
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Minimum Opening Deposit: Most Wells Fargo accounts require a minimum opening deposit, typically $25.
Sub-heading: Additional Requirements for Minors
- Adult Co-owner (if applicable): If the minor requires a co-owner (e.g., for Clear Access Banking for ages 13-16, or savings accounts for ages 12 and under), the adult co-owner must be present and provide all their required documentation as well.
- Relationship to Co-owner (for minors without primary ID): If a minor doesn't have a primary ID, they need to be accompanied by an adult co-owner who is a relative or guardian, and bring identification such as a Social Security card, birth certificate, or student
ID.
Step 4: Choose Your Opening Method
Once you know the age requirements and have your documents, you can decide how to open the account.
Sub-heading: Online Account Opening (for eligible adults)
- If you are 18 years or older and meet the account-specific age criteria (e.g., for Everyday Checking, Way2Save Savings), you can generally open an account online.
- The online application process is usually straightforward and can be completed in a few minutes.
Sub-heading: In-Person Branch Visit (Required for Minors & Recommended for Joint Accounts)
- This is the only option for individuals 17 years old and under to open any Wells Fargo account.
- Joint accounts, even for adults, are often recommended or required to be opened at a branch to ensure all parties are present and can sign necessary documents.
- Make an Appointment: It's highly recommended to make an appointment at a Wells Fargo branch to avoid long wait times and ensure a banker is available to assist you.
- Bring All Documents: Ensure you bring all required identification, SSN/ITIN, proof of address (if needed), and the minimum opening deposit. If opening a joint account with a minor, both the minor and the adult co-owner must be present with their respective documents.
Step 5: Review Account Details and Sign
Before finalizing the account opening, take the time to review all the terms and conditions.
- Monthly Service Fees: Understand if the account has a monthly service fee and how to avoid it (e.g., maintaining a minimum daily balance, making qualifying electronic deposits, or being within a specific age range for student accounts). For example, for Clear Access Banking, the fee is waived for primary account owners aged 13-24. For Everyday Checking, the fee is waived if the primary account owner is 17-24 years old.
- Overdraft Policies: Be aware of the overdraft services and any associated fees. Clear Access Banking, for instance, generally has no overdraft fees.
- Digital Access: Confirm how you'll access your account online and via mobile banking.
- Debit Card: Understand when you'll receive your debit card and how to activate it.
10 Related FAQ Questions (How to...)
Here are some quick answers to common questions about opening a Wells Fargo account, especially concerning age:
How to open a Wells Fargo checking account for a 16-year-old?
A 16-year-old can open a Clear Access Banking account, but must have an adult co-owner (parent or guardian) and must open the account in person at a Wells Fargo branch.
How to open a Wells Fargo savings account for a 12-year-old?
A 12-year-old can open a Way2Save Savings or Platinum Savings account, but must have an adult co-owner and must open the account in person at a Wells Fargo branch.
How to open a Wells Fargo account online if I am 17?
You cannot open any Wells Fargo account online if you are 17 years old. All individuals 17 and under must open accounts at a Wells Fargo branch.
How to avoid monthly fees on a Wells Fargo checking account for a student?
For Clear Access Banking, the monthly service fee is automatically waived if the primary account owner is 13-24 years old. For Everyday Checking, the fee is waived if the primary account owner is 17-24 years old.
How to get a debit card with a Wells Fargo minor account?
A debit card is typically issued with the Clear Access Banking account. The minor will receive their own debit card linked to the account.
How to add a parent as a co-owner on a Wells Fargo minor account?
When opening the account at a branch, both the minor and the parent (co-owner) must be present with all required identification and documentation.
How to open a Wells Fargo account if I don't have a Social Security Number?
If you don't have an SSN, you may be able to use an Individual Taxpayer Identification Number (ITIN). Non-U.S. citizens without a U.S. issued taxpayer identification number might need to provide a government-issued ID that provides evidence of nationality or residence.
How to switch from a minor account to an adult account at Wells Fargo?
As the primary account owner approaches the age of 18 (or 25 for some student fee waivers), Wells Fargo may automatically convert the account to a standard adult checking or savings account. You can also proactively visit a branch to discuss options and make changes.
How to open a joint Wells Fargo account for a minor and an adult?
Joint accounts for minors and adults must be opened in person at a Wells Fargo branch. Both parties need to be present with their respective identification and documentation.
How to find the nearest Wells Fargo branch to open an account for a minor?
You can use the "Find a Branch" tool on the Wells Fargo website or mobile app, or simply search online for "Wells Fargo branches near me." Remember to check branch hours and consider making an appointment.
