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Types of Accounts and Deposits
Wells Fargo (WF) offers a wide variety of accounts and deposit types for its large customer base. For standard customers, the bank offers a checking account, which can be used to immediately purchase items. WF generally provides a debit card to customers who sign up for a checking account, with a variable sum of small cash as a bonus if enough money is initially deposited. WF also offers savings accounts with variable interest rates, depending on the amount of money deposited. For the most common brand of savings account, the “Wells Fargo Money Market Savings” account, the annual percent yield (APY), or interest rate, is 3% (“Savings Account and CD Rates,” 2013). Therefore, if a person deposited $1000 USD on January 1, 2013 and left it in the account for one full year, the account will be worth $1030 on January 1, 2014. Another, less valuable savings account is the “Wells Fargo Way2Save Savings” account, with an APY of 1% (“Savings Account and CD Rates,” 2013). The more valuable, interest accruing accounts require a higher initial deposit and annual balance. For the “Wells Fargo High Yield Savings” accounts, the APY is 3% for any balance less than $25,000, while the bonus APY is 8% (“Savings Account and CD Rates,” 2013). For balances between $25,000 and $100,000, the APY is 5% and the Bonus APY is 10%; for balances of $100,000 or greater, the APY is 10% and the bonus APY is 15% (“Savings Account and CD Rates,” 2013)....
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