Following an announcement with participating Wells Fargo Campus Card colleges and universities in February, the bank has publicly introduced a set of new benefits that are now in effect for students who have opted to pair their student IDs with their Wells Fargo checking accounts.
The benefits include offering Wells Fargo Campus Card customers the opportunity to receive waivers or credits for four services that some students use as they begin managing their first bank accounts. With the new benefits, Wells Fargo expects average costs incurred for its reported Campus Card population to be reduced by approximately one-half.
The new benefits include:
- One overdraft/non-sufficient funds fee incurred each month will be covered by Wells Fargo. The customer will receive a courtesy refund.
- Overdraft protection transfer fees waived. Campus Card customers enrolled in Wells Fargo’s optional Overdraft Protection service will not be charged a fee for transferring funds from a linked savings account to cover transactions that overdraw a linked Everyday Checking account.
- Use of non-Wells Fargo ATMs for four withdrawals with no charge by Wells Fargo per monthly fee period. The waiver will enable students to withdraw cash from a non-Wells Fargo ATM in the U.S. with no charge up to four times per monthly fee period, in addition to free access to Wells Fargo’s 13,000 ATMs across the country, including on-campus.
- One courtesy refund for an incoming wire each month. Wells Fargo will apply a courtesy refund to reimburse the fee for an incoming domestic or international wire.
The new benefits are currently available to Wells Fargo customers who have a student ID card linked with an Everyday Checking account. No action is needed by eligible customers to receive these benefits. In addition to these new benefits, Wells Fargo will continue its policy of waiving the monthly service fee for its Everyday Checking accounts where the primary owner is between the ages of 17 and 24.
The new Campus Card program benefits are consistent with steps Wells Fargo has taken over the last two years to continually improve how it serves student customers and introduce services that support them, such as sending automatic zero balance alerts.
“We want to make sure we’re helping young adults build healthy financial habits that will serve them well over their lifetimes,” says Ed Kadletz, head of Wells Fargo’s Deposit Products Group. “Our focus remains on helping Campus Card student customers succeed financially by providing them the guidance they are seeking to better manage their accounts.”
At participating colleges and universities, Wells Fargo’s Campus Card program is an optional offering. Students at these participating universities decide if they want to use their campus ID cards or co-branded debit cards to access their Wells Fargo accounts. Students don’t pay extra for the services offered or pay higher fees through the Wells Fargo Campus Card program, and there’s no monthly service fee for participants who choose to link their student ID to their Wells Fargo checking account.
According to Wells Fargo, four out of five students that graduate with an account in the Campus Card program keep their relationship with the bank beyond their college years.