SAN FRANCISCO—Wells Fargo plans to launch two new checking accounts early next year.
One of the new accounts will be a checkless account with no overdraft option. Users can only spend the money that is in the account, resulting in no overdraft fees or insufficient fund fees, LowCards.com said.
The account will come with a monthly fee of $5, but it will include access to online banking, mobile alerts (including low-balance alerts), Zelle, in-person banking, and ATMs.
“Accountholders will not be able to write checks, but they can access their funds with a debit card. The second new account will support checks and will only charge one overdraft fee per month, when applicable. The account comes with a $10 monthly fee and offers access to the services mentioned above,” LowCards.com said.