Can You Get a Checking Account at Wachovia at 16?
Wachovia Bank, a division of Wells Fargo Bank, N.A., offers a Student Checking account for individuals who are at least 16 years old. The account is affordable and convenient and was designed to meet the needs of high school and college students.
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Account Overview
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High school and college students are eligible to open a Student Checking account with Wachovia. Individuals must be at least 16 years old to open the account and those under 18 years old are required to have a parent or legal guardian as a joint account owner. The account has no monthly service fees associated with it.
Minimum Balance
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A minimum deposit of $50 (as of 2010) is required to initially open the Student Checking account. However, the account does not require the account holder to maintain a minimum balance. There is also no direct deposit requirement associated with this account type.
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Account Access
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In addition to utilizing any one of Wachovia's branch or ATM locations, the Student Checking account can be accessed online through Wachovia's free online banking service, via any mobile device using Wachovia Mobile or by utilizing the free automated telephone service.
Benefits
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Students who open a Student Checking account qualify to open a Premium Savings account. The monthly service fee is waived for the savings account as long as the account holder is a student and the Student Checking account remains open and active. Other benefits that Wachovia account holders receive are free notary service, unlimited check writing and ATM transactions and optional participation in the Wells Fargo Rewards program.
Transaction Fees
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If the checking account is overdrawn, an insufficient funds or overdraft fee will be assessed. To avoid incurring this fee, account holders can link another Wachovia account to use as overdraft protection. Account holders with overdraft protection set up for their accounts will avoid paying the insufficient funds fee in the event that the checking account is overdrawn provided the overdraft account has sufficient funds to cover the amount of the transaction.
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References
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