![]() ![]() If you are 18 or older and parents or guardians are not included on your account, they can’t see how your money is spent or saved. The upside to having your parents or guardians on your account? They can help you keep track of your balances and identify when you need to make deposits. (There are exceptions, though, so be sure to check with your financial institution to see what its policies are.) If you’re under the age of majority in your state, many states and financial institutions require parents or guardians to act as co-owners, which means they have access to your account transactions and your money. Will my parents be able to see how I spend and save my money? Talk to a banker when you open the account they can discuss the fees tied with your account and options you have to avoid them. Wells Fargo and many banks also offer accounts with no overdraft or insufficient funds fees that may limit check writing and/or allowing an overdraft to occur. ![]() You may be charged a fee for the overdraft protection transfer, but it is usually lower than the bank’s standard overdraft fee. With overdraft protection, you can link your checking account to another account, such as a savings account, so that overdrafts incurred on your checking account are covered by the available funds in the linked account. Many banks also offer optional overdraft protection services. Another way to help avoid that happening is setting up low balance alerts 3 so you get a text or email when your account balance dips below a certain amount. That’s why it’s important to get into the habit of reviewing your accounts daily. If you spend more than you have, you may be charged a fee for having a negative balance ( known as an overdraft charge). What happens if I withdraw more than I have in my account? You also need to confirm whether there are any service fees that could be avoided by maintaining a certain balance in your bank account or meeting other criteria. Be sure to bring cash or a check with you so you’ll be able to deposit money into your new account. Wells Fargo requires a minimum deposit of $25 to open an account. Yes, many banks require a minimum deposit to open an account. Do I need to make a minimum deposit in my account? Also check to see which account may have a special benefit for students, such as waiving the monthly service fee, which Wells Fargo and many banks offer. Opening both at the same bank and linking them could give you the convenience of easily transferring money between accounts, 2 and some banks may even offer some perks for opening both a savings and a checking account. Want to do all of the above? Consider opening both a checking and a savings account. You can get an ATM card to have access to cash from your savings account at an ATM. ![]() If you’re not making payments - you just want a place to keep your money and earn a little interest - a savings account may meet your needs. You can also use a debit card to withdraw cash from an ATM. You can choose to get a debit card, which lets you make purchases using the money from your checking account. Do you need to pay rent, car payments, or other bills? Then a checking account may be best.
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