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Kali Roberge is a personal finance writer who writes about using money mindfully to design the life you want. She co-hosts the Beyond Finances podcast and serves as director of operations for Beyond Your Hammock, a fee-only financial planning firm in Boston. Kali graduated with a BA in History and with honors from Kennesaw State University in 2011.
Understanding the basics between these two different card types.
Heading to college is an exciting time, but it’s also an important time for your finances.
Watch our video to see what four recent college graduates wish they knew about budgeting, credit, taxes, and more.
1 Available balance is the most current record we have about the funds that are available for your use or withdrawal. It includes all deposits and withdrawals that have been posted to your account, then adjusts for any holds on recent deposits and any pending transactions that are known to the bank. This balance may not reflect all of your transactions, such as checks you have written or debit card transactions that have been approved but not yet submitted for payment by the merchant.
2 Debit Card Overdraft Service is an optional service that customers can add or remove at any time. It is not available for certain accounts, such as Clear Access Banking℠ accounts, Teen Checking℠ accounts, Opportunity Checking® accounts, or savings accounts. Debit Card Overdraft Service is offered at the discretion of Wells Fargo and may be removed by the bank at any time for a variety of reasons, including excessive overdrafts or returned items, as determined by the bank.
3 Our overdraft fee for Business and Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means); our fee for returning items for non-sufficient funds is $35 per item. We charge no more than three overdraft and/or non-sufficient funds (NSF) fees per business day for Consumer accounts and eight per business day for Business accounts. Overdraft and/or non-sufficient funds (NSF) fees are not applicable to Clear Access Banking℠ accounts. The overdraft and/or non-sufficient funds (NSF) fee for Wells Fargo Teen Checking℠ accounts is $15 per item and we will charge no more than two fees per business day.
Recurring debit card payments and other transactions, such as checks, Bill Pay, or ACH transactions, may continue to be authorized into overdraft at our discretion if there isn’t enough money in the account, even if the account is not enrolled in Debit Card Overdraft Service, and our standard overdraft fees and policies will apply.
The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.
4 On the morning of every business day, we will review your account to determine if you received an electronic direct deposit after the prior business day’s nightly processing. If a direct deposit is received by 9:00 a.m. local time where your account is located (noted on your account statement), we will calculate a new account balance that includes the pending direct deposit(s), less any pending debits. If this newly calculated balance covers transactions that resulted in overdraft or non-sufficient funds (NSF) fees, or Overdraft Protection transfer or advance fees, during the prior business day’s nightly processing, we will waive or refund those fees. We may also reverse returned item (non-sufficient funds/NSF) decisions. Overdraft Rewind® does not reverse the transfer or advance of funds from a linked Overdraft Protection account. The bank receives most direct deposits through the Automated Clearing House (ACH) network before 9:00 a.m. Direct deposits include your salary, pension, Social Security, or other regular monthly income electronically deposited through the ACH network by your employer or an outside agency. Other deposits, such as check(s), cash, or account transfers received after our nightly account processing, are not included for purposes of Overdraft Rewind.
5 Sign-up may be required. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.
6 Subject to applicable Overdraft Protection transfer fees and account eligibility requirements.
7 Subject to the bank’s funds availability policy. Certain pending deposits (specifically, a cash deposit or a transfer from another account) that are made after the posted cutoff time (where the deposit was made) will be included if they are made before we start our nightly process. If you make the deposit or transfer after we start our nightly process, it will not be included in the available balance that night.
CollegeSTEPS strives to provide helpful, accurate, and up-to-date information. Yet, with the changing conditions surrounding the coronavirus pandemic, some CollegeSTEPS imagery, content, and situations portrayed may not reflect advised behaviors during the pandemic. Visit our College & COVID-19 resources for additional guidance.