Wells Fargo and Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and internationally. The company has operations in 35 countries with over 70 million customers globally. It is considered a systemically important financial institution by the Financial Stability Board.
The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware which designates its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and is one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States. It has 8,050 branches and 13,000 ATMs. It is one of the most valuable bank brands.
Wells Fargo in its present form is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco, while its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. With the 2008 acquisition of Charlotte-based Wachovia, Wells Fargo became a coast-to-coast bank. Wells Fargo is ranked 7th on the Forbes Global 2000 list of largest public companies in the world and ranked 37th on the Fortune 500 list of the largest companies in the US.
The company has been the subject of several investigations by regulators. On February 2, 2018, due to the Wells Fargo account fraud scandal, the Federal Reserve barred Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixes its internal problems to the satisfaction of the Federal Reserve. In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.
Wells Fargo has banking services throughout the world, with overseas offices in Hong Kong, London, Dubai, Singapore, Tokyo, and Toronto. Back-offices are in India and the Philippines with more than 20,000 staff.
What is a second chance checking account?
A second chance checking account is a special kind of account that you get if you misused your previous bank account. That means your name is entered in the ChexSystems. ChexSystems is a body that keeps records on wrong account usage of account holders.
Every bank and credit union should report poor account usage to the agency for other financial institutions to know who to avoid opening a bank account for. Those who proceed to open an account for you only allow you to open a second chance checking account with a high opening deposit plus limitations on how you can use your account. However, you may be lucky to get a second chance checking with no opening deposit.
There are several reasons why you can find yourself in the ChexSystems. These include the following.
- Closing your bank account with a negative balance.
- Writing bouncing checks.
- When you use your bank account for fraudulent transactions.
How to get Wells Fargo second chance checking account
Wells Fargo offers a second chance account to enables you access to banking services. In this era, it can be challenging to survive without a bank account. Employers require a bank account to pay you your salary. Clients would like to pay you via a bank account even when running a business since it is one of the most secured services to make payments.
Wells Fargo offers you the Wells Fargo Clear Access Banking second chance account. The bank account does not allow one to write checks, but despite that, you will not have overdraft nor insufficient funds fees. However, Wells Fargo only allows you to spend what is in your account.
Being a second chance account, having the Wells Fargo Clear Access Banking, you will be able to get the convenience of the Wells Fargo Mobile® app, contactless debit card, and digital payments opportunities. The account is among the best online checking accounts with no ChexSystems.
To open the account, you need to visit the Wells Fargo Clear Access Banking account opening page and enter all the required information. You will then receive feedback on your application progress.
What are the requirements to open the Wells Fargo Clear Access Banking?
Wells Fargo Clear Access Banking is a bank like any other, and you must avail all the requirements as per the federal government guidelines. You require;
- Social Security Number (SSN).
- Any valid identification documents such as a government ID card, passport, or driver’s license.
- Email address
- Phone Number
- Physical address
Additionally, Wells Fargo also requires you to;
- Be 18 years old.
- Have an adult co-owner if you are a teen 13 – 16 years.
- Open an account at a branch if you are a teen between 13-17 years.
Moreover, the account will require you to have a $25 opening deposit and a $5 monthly service fee to cater for each fee period. The service fee for each month will be waived for primary account owners between 13 – 24 years old.
What are the Clear Access Banking account features?
The account has multiple features, most of which make the account excellent for those seeking to reform to better banking practices. The following are features of the bank account.
- It has no overdraft or non-sufficient funds fees. You can only spend only what you have in your account. That way, you can avoid more trouble concerning improper account usage.
- A checkless checking account with the Wells Fargo Mobile® app allows you to deposit checks, pay bills, send and receive funds with Zelle®, and set up account alerts.
- You can use the contactless debit card to make payments. You can also use the account’s digital wallet to make payments.
- Furthermore, you get 24/7 customer and fraud monitoring service. That way, you will be able to have things in order.
- When using your contactless debit card, you will have access to about 12,000 Wells Fargo ATMs.
- Direct deposit.
- Above all, you will get cash flow, budgeting, and spending tools.
As you can observe, the Clear Access Banking account will help teens to open bank accounts and start learning how to use and manage their money effectively at a very tender age. Wells Fargo is no longer offering the Wells Fargo Teen Checking account, and parents can only open the Clear Access Banking account for their children.
Other good things you can enjoy with a Clear Access Banking account include;
1. Wells Fargo Mobile
The feature allows you to send money, pay bills, and check your balance on a smartphone or tablet using the Wells Fargo Mobile app.
2. 24/7 fraud monitoring
Wells Fargo understands the dangers of operating online and keeps its eyes wide open to prevent malicious software from attacking its systems. You can always call them to report any issue with your account. However, they will be the first to call you if they notice suspicious activities in your account.
3. Zero Liability protection
Now, this is for the card. If you lose your debit card, you will not be liable for any money illegally used via the card so long as you report on time to the bank officials. You only need to call customer care or visit the nearest Wells Fargo offices to report any case.
4. Send and receive money with Zelle.
With the Clear Access Banking account, you will be able to use Zelle services. Zelle allows you to send funds to other banks instantly. Therefore, you will not need to spend several days waiting for funds to reach your recipient.
5. Account alerts
You can get your account alerts about your balances, your account transactions, and other account activities. Alerts will arrive in the form of text messages, email, or push notifications.
6. Chip technology
The Chip technology adds extra security to your card when you tap or insert your card in a card reader machine.
How do I send money with the account?
Earlier, I mentioned that you can use the bank account to send money to others. If you are sending money to another Wells Fargo account, things will be easy since you will need the recipient’s account number, and you will be able to send money with a checking account number instantly. You should follow the steps below.
- Log into your account online.
- Select the bank account you would like to transfer money from. Also, choose the frequency of transfers you wish to have, the date you would like the transfer to happen, and the amount of money you would like to transfer.
- Click continue.
- Review all the information entered.
- Click submit to complete the process.
When transferring money from Zelle to other banks, you can initiate a wire transfer online. You only need to navigate the Transfer & Pay section and enroll in online wire transfers to start a wire transfer. Next, choose your recipient, your funding account, and the amount. Provide any additional details needed for certain countries. Lastly, review and send your payment.
You can also use Zelle to transfer money to accounts of other banks. Zelle lessens the time taken to transfer money from one account to the other.
Which other second checking accounts can I get?
Apart from the Wells Fargo Clear Access Banking account, there are other second-chances checking accounts you can open. You can quickly get a free checking account with no credit check or deposit to get started. Other alternatives of the Wells Fargo Clear Access Banking account include the following.
- Varo Bank Account- no monthly fees and no minimum deposit requirement
- Chime Spending Account- zero monthly fees and no minimum deposit
- Corporate America Family Credit Union Fresh Start Account.
- Peoples Cash Solutions Second Chance Checking.
- Radius Essential Checking
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Conclusion on closing remarks
Wells Fargo is among the largest financial institutions in the world. It operates both in the US and in other countries. You can get various services from Wells Fargo, including checking accounts, savings accounts, credit and debit cards. Wells Fargo supports Zelle, and you can also set up a wire transfer for your Wells Fargo account.