One of the major US banks launched new low-cost account

Wells Fargo launches new low-cost account with no overdraft fees

Wells Fargo

One of the major US banks launched new low-cost account. Source: shutterstock.com

Wells Fargo announced the launch of Clear Access Banking, a new low-cost bank account with no overdraft fees. It is now available online and in branches.

Our new Clear Access Banking account [...] gives customers the comfort of having one account with a low monthly fee for money management, payments and access to all digital banking experiences and services. This simplicity is as important as ever to customers in the wake of the pandemic and recent economic challenges.
Ed Kadletz, head of Wells Fargo’s Deposit Products Group for Consumer and Small Business Banking

Clear Access Banking is a checkless account that helps customers avoid spending more than the amount available in the account without incurring overdraft or non-sufficient funds fees.

The bank says the new option is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults.

Clear Access Banking also has been certified by the Cities for Financial Empowerment (CFE) Fund for meeting its Bank On National Account Standards for safe and appropriate financial products that can help people enter or re-enter the mainstream financial system.

The bank charges a flat $5 monthly fee.

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