Spendwell operates with a "No Monthly Fee" structure for its deposit account, meaning there is no recurring monthly charge. However, specific transactions and services do incur fees.
Spendwell's charges primarily apply to expedited check deposits and ATM cash withdrawals. While most standard account features are free, understanding the transactional fees is key to managing your account costs effectively.
Detailed Spendwell Fee Breakdown
Here is a comprehensive overview of the fees associated with a Spendwell deposit account, based on their "No Monthly Fee Deposit Account Agreement":
| Service/Fee Type | Amount | Notes |
|---|---|---|
| Monthly Fee | $0.00 | Spendwell's core deposit account is designed to have no monthly maintenance fee, setting it apart from many traditional banking options. |
| Card Price and Set Up | Not specified | The exact cost associated with the initial purchase or setup of a Spendwell card is not detailed in the provided information. This may vary or be subject to specific promotions. |
| Money in Minutes | This service allows for quick access to funds from deposited checks. | |
| Check Deposit | 1% or 5% of check amount | When using the "Money in Minutes" service to deposit a check, a fee is applied based on a percentage of the check's total value. A minimum fee of $5.00 applies regardless of the check amount, ensuring that even small checks incur at least this charge for expedited processing. |
| Get Cash | Fees are associated with obtaining physical cash from your account. | |
| ATM Withdrawal | $2.50 | A fee is charged for each withdrawal made at an Automated Teller Machine (ATM). This fee is charged by Spendwell; additional fees may be imposed by the ATM owner. |
Important Considerations
- No Monthly Fee Advantage: The absence of a monthly maintenance fee is a significant benefit, helping account holders save on recurring charges that are common with other financial products.
- Transaction-Specific Fees: It's crucial for users to be aware of the fees for services like "Money in Minutes" and ATM withdrawals, as these can add up depending on usage frequency.
- Official Documentation: For the most current and comprehensive details on all applicable fees and terms, always refer to the official Spendwell Deposit Account Agreement.
