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Wells Fargo : An Important Aspect Of Financial Planning

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Banking is an important aspect of financial planning, because it keeps your money safe and secure. There are various institutions out there, but Wells Fargo has been the most favorable amongst my family members and I. In relation to other banking institutions, Wells Fargo’s Student accounts has a relatively low monthly service fee ($3) compared to other commercial banks like Chase, U.S. Bank, and credit unions like Trailhead. In order to avoid these fee, I have to have one of the following for each fee period: Minimum balance of $500 A direct deposit of totaling $250 or more 10 or more debit card purchases and/or payments I currently have both a checking (interest rate of .01%) and a savings account (interest rate of .02%) at Wells Fargo. In combination with my mobile banking app, my checking account serves as a tracker for my purchases and transaction. By looking at my statements, I am able to adjust any aspects of my spending that might deviate from my current budget. My savings account on the other hand are an accumulation of funds that I have deposited from each of my monthly paychecks. This accounts provides assistance for any major purchases that I might have in the future, such as a car, a down payment for house, or a pet monkey! Financing College A majority of my college tuition is paid through grants, scholarships, and financial aid. Although I found it tedious at the time, the time invested in applying, writing, and submitting applications has paid off. This

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