Wells Fargo's student checking account basics

Wells Fargo offers a student checking account called the Student Checking account, which waives the monthly service fee for customers under 25 years old who are enrolled in a college or university. You do not pay the standard $10 monthly maintenance fee as long as you meet the age and enrollment requirement. Once you turn 25 or are no longer a full-time student, the account converts to a standard Wells Fargo checking account with the regular monthly fee unless you switch to a different account type.

The account comes with a debit card, online banking, and mobile app access. You can make unlimited debit card purchases and ATM withdrawals at Wells Fargo ATMs without charge. Out-of-network ATM withdrawals cost $2.50 per transaction unless you use an ATM in the Allpoint, MoneyPass, or CO-OP networks, which are fee-free.

There is no minimum opening deposit required, though Wells Fargo may ask for identification and proof of enrollment when you open the account in person or online. You will need a Social Security number or Individual Taxpayer Identification Number (ITIN) to open the account.

Key Takeaways

  • Wells Fargo waives the $10 monthly service fee for student checking accounts as long as you are under 25 and enrolled full-time at an accredited college or university.
  • The account includes a debit card, online banking, and free ATM access at Wells Fargo locations and partner networks like Allpoint and MoneyPass.
  • You do not need a minimum opening deposit, but you will need proof of current enrollment and a valid ID to open the account.
  • The account automatically converts to a standard checking account with a monthly fee once you turn 25 or are no longer a full-time student.

How to open a Wells Fargo student checking account

You can open a student checking account online, on the Wells Fargo mobile app, or in person at a branch. Online and app applications typically take 5 to 10 minutes. You will need your Social Security number or ITIN, a valid government-issued ID, your current email address, and a phone number.

When you apply, you will need to confirm your enrollment status. Wells Fargo may ask you to provide your school name and enrollment verification. Some students can verify enrollment directly through the application if their school is in Wells Fargo's system; others may need to upload a copy of their current class schedule, student ID, or enrollment letter from the registrar.

If you open the account in person at a branch, bring your ID and proof of enrollment. A banker can verify your information on the spot and activate your debit card immediately. Online and app applications may take one to two business days to process before your account is ready to use.

What happens when you no longer may have access to

Wells Fargo monitors your account status and will notify you when you are about to lose the student fee waiver. This happens when you turn 25 or when your enrollment status changes. The bank typically sends a notice 30 days before the conversion, giving you time to decide whether to keep the account or switch to a different Wells Fargo product.

Once the waiver ends, your account converts to Wells Fargo's standard checking account, and the $10 monthly maintenance fee begins. You can avoid the fee by switching to a different account type, such as Wells Fargo's Everyday Checking (which has no monthly fee but requires a $500 minimum daily balance or a monthly direct deposit of $250 or more) or by maintaining a linked savings account with a $500 minimum balance.

If you want to keep the student account benefits after you turn 25, you cannot — the account type is restricted to students under 25. Your only option is to move to a different account structure.

Comparing Wells Fargo student checking to other banks

Other banks offer student checking accounts with different features and fee structures. Chase offers a student checking account with no monthly service fee for students under 25, similar to Wells Fargo. Bank of America's student checking account also waives the monthly fee for students under 25. Capital One 360 and Ally Bank offer no-fee checking accounts to all customers regardless of age or student status, with no minimum balance required.

The main difference is that Wells Fargo and Chase tie the fee waiver to your student status and age, while some online banks remove the fee entirely. If you plan to keep your account after graduation, an online bank with no monthly fee might cost less over time. If you value in-person branch access and ATM networks, Wells Fargo's student account is competitive for the waiver period.

Fees and limits on the student account

The Wells Fargo Student Checking account waives the monthly service fee but charges for certain transactions. Out-of-network ATM withdrawals cost $2.50 each. Overdraft fees are $35 per transaction if you spend more than your balance. Non-Wells Fargo checks deposited through mobile check deposit may take longer to clear than checks deposited at a branch.

There are no daily withdrawal limits or transaction limits on the account. You can make as many debit card purchases and ATM withdrawals as you want. However, if you link a savings account for overdraft protection, transfers between accounts may be limited by federal regulation to six per month (this rule varies by bank and account type).

Wells Fargo does not charge a fee to close the account, so you can switch banks without penalty if you find a better option.

How to verify enrollment each year

Wells Fargo may ask you to re-verify your enrollment status periodically, especially if your account has been open for a year or more. The bank typically sends a notice asking you to confirm your enrollment through your online banking portal or by visiting a branch. You can usually complete this in minutes by uploading a current class schedule or student ID.

If you do not re-verify when asked, Wells Fargo may remove the fee waiver and begin charging the monthly service fee. If this happens, you can contact Wells Fargo customer service to restore the waiver once you provide updated enrollment proof. Keep your enrollment documents handy so you can respond quickly if the bank requests verification.

Frequently Asked Questions

Can I open a Wells Fargo student checking account if I attend an online college?

Yes, as long as you are enrolled full-time at an accredited college or university, whether it is in-person or online. Wells Fargo accepts enrollment verification from online schools. You will need to provide proof of enrollment, such as a class schedule or enrollment letter from the registrar.

What happens if I graduate before I turn 25?

Your account will convert to a standard Wells Fargo checking account with the $10 monthly fee once your enrollment status ends, even if you are still under 25. You can switch to a different account type to avoid the fee, or move to a bank with no monthly fees.

Can I have multiple Wells Fargo student checking accounts?

Wells Fargo allows you to open one student checking account per person. If you already have a student account, you cannot open a second one. You can have additional savings accounts or other products linked to your student checking account.

Do I need a minimum balance to keep the fee waiver?

No, there is no minimum balance requirement for the Wells Fargo Student Checking account. The fee waiver applies as long as you are under 25 and enrolled full-time, regardless of how much money you keep in the account.

What if Wells Fargo cannot verify my enrollment?

If your school is not in Wells Fargo's system or the bank cannot verify your enrollment online, you can provide a paper document such as a current class schedule, student ID, or enrollment letter from your registrar. You can upload these through your online banking portal or bring them to a branch in person.