Banking » Reviews » Wells Fargo Clear Access Banking Review: Is It Worth it?
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Wells Fargo Clear Access Banking Review: Is It Worth it?

The Wells Fargo Clear Access checking account offers basic banking features that can help students and teens manage their finance
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Wells Fargo Clear Access Banking

Fees

$5 Can be waived if the primary account holder is aged 13 to 24

Minimum Deposit

$25

Promotion

None

Our Rating

4.1
4.1/5

Wells Fargo Clear Access Banking

Fees

$5 Can be waived if the primary account holder is aged 13 to 24

Minimum Deposit

$25

Promotion

None

Our Rating

4.1
4.1/5

Wells Fargo is one of the oldest banks in the U.S, offering a wide variety of banking products via its branch network of over 8,000 locations. However, Wells Fargo has moved with the times and now offers a variety of online only products. A great example of this is the Wells Fargo Clear Access Banking account.

This is a digital checking account that is ideal for those who need some help managing their money or for students and teens, who may not have the maturity to handle all of the features of the more comprehensive Wells Fargo checking account options.

Wells Fargo Clear Access Banking Features

Wells Fargo Clear Access Banking comes with a variety of features and benefits that are designed to meet the needs of different types of customers. In this section, we will explore these features:

Like most Wells Fargo checking accounts, the Clear Access Banking does have a monthly fee, but this is a relatively low $5 per month. However, the fee is waived if the primary account holder is aged 13 to 24.

While you'll need at least $25 to open the account, there are no daily balance requirements to maintain your account.

This account can be managed using the Wells Fargo App. This is a highly rated app on both the Apple Store and Google Play. It incorporates a number of features including Zelle payments, card control, a digital wallet for tap and pay, and mobile check deposit.

You can also withdraw funds, perform account inquiries and deposit funds via the Wells Fargo ATM network. There are no fees for using Wells Fargo ATMs, but fees for using non network machines apply with no fee reimbursement.

Unlike some of the top tier Wells Fargo checking accounts such as Wells Fargo Prime or Premier accounts, if you use your account debit card abroad, you will incur foreign transaction fees. These are 3% of the transaction amount, which is fairly standard across the industry.

Is the Wells Fargo Clear Access Banking Account Good?

There is no straightforward answer to this question, since it will depend on your individual requirements and preferences. However, the account does have its own pros and cons, which may help you to determine if it could be a good fit for you.

Pros
Cons
No Overdraft Fees
Limited Fee Waiver Criteria
Access to a Massive ATM Network
Other Fees
Biometric App Authorization
No Check Writing
Low Monthly Maintenance Fee
Minimum Opening Deposit

This account is designed to offer simplicity, so there is no facility to go overdrawn. So, if you miscalculate and are about to slip into the red, Wells Fargo will decline any transactions.

While this may be potentially embarrassing if you’re trying to make a purchase, you won’t incur any costly overdraft fees.

Wells Fargo maintains an ATM network with over 12,000 machines, which should make it easy to find a fee free machine in your area. You can also use the ATM search feature on the app to find your nearest machine.

The Wells Fargo app has some great features, but it also has superb security with biometric authorization to avoid the risk of fraudulent activity.

This account has the lowest monthly maintenance fee of all the Wells Fargo checking accounts, at a reasonable $5 per month.

Although the monthly fee is quite low, it can only be waived if the primary account holder is aged 13 to 24.

The account is also not immune to other fees and charges. This includes incoming and outgoing wire transfers, stop payments, and money orders.

 So, it is important to check the fees you can expect to incur on a typical month to determine if it is cost effective for you.

As is becoming more common, the Clear Access Banking account does not provide check writing capabilities. 

This means that if you prefer to pay for purchases and services using paper checks, this is not the right account for you.

 Like other Wells Fargo checking accounts, you must deposit at least $25 to open a Clear Access Banking account.

Which Type of Customer is Best Suited To This Account?

The  Wells Fargo Clear Access Banking account is primarily designed for teens and students. If the primary account holder is under 24, the monthly maintenance fee is waived. This makes it a good account choice for younger people, who need a simple account to manage day to day money and learn about financial responsibility.

The account does not permit an overdraft, so there is no way to go into the red and spiral into increasing fees and charges.

Also, the account could also be a good fit for those who are looking to get their finances under control with a simple account. However, if you’re looking for a feature packed checking account that includes check-writing capabilities, you may want consider the Everyday checking account.

Wells Fargo Clear Access Banking review
Wells Fargo Clear Access Banking account is ideal for students and teens. But, there are drawbacks. (Photo by Sulastri Sulastri/Shutterstock)

Is Wells Fargo a Good Bank to Work With?

Wells Fargo has a comprehensive product line with a variety of options for each type of account. The Clear Access Banking is just one of several checking accounts. However, there are also various savings accounts such as the Way2save savings or the Platinum savings, credit cards, and lending products. This makes it easier to choose an account that best suits your needs.

However, one of the drawbacks of Wells Fargo is that the rates tend to be on the low side compared to many other banks. This is quite common with traditional banks, but when you compare the accounts with those offered from online banks, the rates do not compare favorably.

Additionally, Wells Fargo does not have a particularly great reputation. It has a poor rating on Trustpilot and other consumer websites, which highlight issues with bad customer service.

So, if you’re completely new to this bank, it is a good idea to read through some of the negative comments to see if there are any red flags for you. For example, since this is an online account, the comments about poor attitude in branch staff is not going to be a problem for you. But, if you intend on having a savings account that does offer branch access and you prefer in person support, you may be a little wary.

How to Open a Wells Fargo Clear Access Banking Account?

Since this is a digital account, the best way to open a Wells Fargo account is online, but those under 18s will need to visit a branch with a parent or guardian. The online method can be completed in a few simple steps.

  1. Navigate to the Clear Access Banking Page: On the official Wells Fargo website, you’ll find Clear Access Banking under the “Personal” tab on the top bar and then select “Checking.” After you have read through the account details, if you’re ready to proceed, click the “Open Account” red button.
  2. Confirm Customer Status: You’ll be directed to a screen to confirm if you’re an existing customer of Wells Fargo. If you already hold a Wells Fargo account, you can log in and the bank will pre-fill some of the application form using your profile details.
  3. Complete the Application Form: This is a standard account application form. You’ll need to fill in all of the mandatory fields including your name, postal address, email, date of birth and Social Security Number. You will also need to consent to a credit search.
  4. Review Details and Submit: Once you complete the application, you’ll be presented with a review summary. Read through it to check for any errors and then confirm the details by hitting “Submit.”
  5. Fund Your Account: Since this account requires at least $25 as an opening deposit, you can finish off the application process by providing the details for your initial deposit.

FAQs

No, unfortunately, the Clear Access Banking account is not interest bearing. So, regardless of your balance, you’ll not earn anything on the funds you have in your account.

You can either visit a local Wells Fargo branch or call the customer support line and a Wells Fargo representative can guide you through the Wells Fargo account closure process.

Checking Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.