close Wells Fargo checking account online

close Wells Fargo checking account online

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Wells Fargo

Wells Fargo & Company is an American multinational banking and financial services holding company headquartered in San Francisco, California, with “headquarters” nationwide. It is the largest bank in the world by market value. It is the fourth largest bank in the US by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, mortgage services and debit cards. Wells Fargo was ranked 10th by Forbes Global 2000 and the 30th largest company in the United States according to the Fortune 500.
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A checking account is a service provided by financial institutions (banks, savings and credit unions, credit unions, etc.) that allows individuals and businesses to deposit and withdraw money from an account protected by the federal government. The terms of this type of account can vary from bank to bank, but in general, the owner of such an account can use personal checks instead of cash to pay debts. You can also use electronic debit cards or ATM cards to access individual accounts or withdraw money.

Almost all banks offer their customers some sort of checking account service. Some may require a minimum initial deposit before they can open a new account, along with ID and address. A low-income student or other applicant can opt for a simple account that does not charge for the use of personal checks and other services. Others can take advantage of interest payments by keeping a high minimum balance each month. Some states are required by law to provide a salvage option for seniors and low-income clients. This type of account waives many of the fees that banks can charge, such as monthly low balance service fees and ATM fees.

A typical checking account is managed by carefully booking deposits and withdrawals. The account holder has a stock of official checks with all essential route and shipping information. When a check is correctly filled, the recipient treats it as cash and completes the transaction. After this check is deposited into the recipient’s bank account, a bank employee presents the check electronically and the check issuer’s bank receives the canceled check and the amount to be debited (withdrawn) from the check issuer’s account. This process continues for every check issued to an individual account.

The owners of a checking account are ultimately responsible for keeping track of their available funds, although the bank will routinely issue its own financial statements. Checks must represent an actual amount of money that is on the account itself. If a check is written for an amount greater than the available balance, the writer of the check faces numerous fees and potential legal action. The recipient of the bad check may demand immediate cash payment of the original debt, as well as substantial compensation for the returned check. Some banks will protect account holders by making appropriate payments and notifying the check writer that an overdraft has occurred. Usually, the bank will make up for its losses through significant service charges, so avoid writing checks when the balance is unknown.

Most banks have several methods for checking account customers to verify their balance and reconcile their records. Printed monthly debit and credit (deposit) statements are emailed to individual account holders. ATMs provide an option to check your current balance, while online or phone bills can provide real-time updates on which checks have cleared and which are pending. This information can be compared to entries recorded in a journal called a check register.


 

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