Wells Fargo sheds checking fees for young adults
The company will no longer charge customers ages 17-24 a monthly service fee on select checking accounts.
Monthly service fees are now a thing of the past for young customers using Teen Checking and Everyday Checking.
The change, which became effective Aug. 2, applies to Wells Fargo Teen CheckingSM and Everyday Checking primary account owners between the ages of 17-24. This comes during the peak month for first-time account openings as students head back to school or off to college, get their first jobs, or save money earned from summer jobs.
“We want to be in the position to help young people at a critical juncture in life as they take on more responsibilities, stretch themselves to gain more independence, and are looking for bank accounts that can grow with them into adulthood,” said Erin Constantine, head of Consumer Deposit Products for Wells Fargo.
Eliminating the monthly service fee is an early result of the company’s efforts to develop an integrated consumer strategy that addresses customers’ needs throughout their lives and proactively helps them with financial decisions.
“Waiving monthly service fees on Teen Checking and Everyday Checking for primary account holders in the 17-24 age group,” said Constantine, “provides a convenient way for them to transition into financially stable adults.”