Are you one of those individuals who ruefully claim that you cannot save money so you don’t even try? You have the notion that if you don’t have a specified sum of money to put away regularly, there is no sense in attempting to save. So, you throw up your hands in defeat and accept the notion that you will never be able to save or you convince yourself that one day you will start saving in earnest. Well, there is an easy answer to your dilemma. Many banks now have plans that encourage you to save money each time you make a purchase without exerting any real effort or signing on for a specified sum of money to regularly save. With such plans, you do not have to fill out deposit slips, withdrawal slips or the like. Everything is done online or by telephone which is an attractive feature. No standing in long lines or waiting to see a teller. With each eligible transaction, your account builds slowly and steadily. Wells Fargo has implemented such a plan and it appears to be a resolution to the “I can’t save” cry. The Wells Fargo Way2Save savings plan helps the saver to recognize that a savings plan is within reach and can accumulate funds without designating a specific amount of money to be added to the savings account.
Features of the Wells Fargo Way2Save Savings Program
When you open your Way2Save Savings account and link it to your Wells Fargo checking account, there will be an automatic dollar transferred to your Way2Save savings account from your checking account. Your savings grow in your Way 2 Save Savings account by making purchases using your check card, paying bills on line or by making monthly automatic payments.
How the Wells Fargo Way2Save Account accumulates Funds
As a customer, you are allowed to authorize an automatic monthly deduction not to exceed $100 to be transferred from your linked checking account to your Way2Save savings account. There is an introductory interest rate in effect for a year as an incentive to enroll in the Wells Fargo Way2Save program.
The Way2Save automatic savings program stipulates that you cannot do in person transactions. That is, deposits and withdrawals have to be done by telephone or through ATM transactions. Using these methods, savings quickly add up with little effort. You can utilize the Wells Fargo Way2Save automatic savings program as you do any regular savings or checking account. You can make transfers from the Way2Save account to other linked accounts and your checking account will never be overdrawn because of withdrawals being taken from your checking account to your Wells Fargo Way2Save savings program. If taking a withdrawal from your checking account to add to your Way2 Save account would cause your linked checking account balance to go into a negative balance, the transaction will not be processed. This feature is a marvelous protective safeguard against overdrawn checks.
With enrollment in the Way2Save automatic savings account, you can designate a long range savings goal. Perhaps you want to save for a future vacation trip, a special gift or to build up your personal emergency savings fund. If you save the allotted maximum of $100 monthly, you would save $1200 in a year, a tidy sum without putting forth too much effort.
How the Money is transferred to the Way2Save Savings Account
At the end of each business day, all of your eligible on line purchases, payments and check card purchases are totaled and one dollar for each eligible transaction is then transferred to your Way2Save savings account as an aggregate amount. All transfers occur Monday through Friday with the exception of holidays and weekends.
In essence, with many of your purchases you are paying yourself through deposits to your Way2Save savings account. It may be a good thought to enroll in the Wells Fargo Way2Save savings program and let your purchases work for you. It is a painless and cumulative way to add to your savings. For dubious savers, the Wells Fargo Way2Save automatic savings plan seems to be an excellent tool for helping you to develop a regular savings plan and perhaps venture on to broader savings and investment plans. A call to your nearest Wells Fargo bank will answer questions about enrollment, eligible purchase requirements and related matters. Once enrolled you will receive for future reference a portfolio containing all the information you may have discussed in your initial telephone conversation. Wells Fargo Way2Save savings program may be a breakthrough for those individuals who lament that they can never save money. The Way2Save savings program allows you to save with little effort while giving you benefits of an increasing savings balance. For more information, visit https://www.wellsfargo.com/savings_cds/
Reference:
- https://www.wellsfargo.com/savings_cds/
