Wells Fargo is one of the most recognized names in banking in the United States and around the world. If you are considering opening an account with Wells Fargo, there are a few items that you may wish to consider.
Opening a Wells Fargo account may be good for you if you are interested in:
- Sign up bonuses for opening new checking accounts
- The ability to get small loans and benefit from merchant services
- Sending remittances to family members or friends who live overseas
However, Wells Fargo’s recent history of mishandling customer information and engaging in fraud may dissuade you from using this bank. It should be noted that Wells Fargo has taken a number of steps to revamp its image and the way that it handles customer’s information.
Wells Fargo has notoriously low interest rates on savings accounts, yet when it comes to charging account fees or waiving fees, they sit about average with other banks of their size.
One of the best-selling points for Wells Fargo is the size of its network of branches. You can find a Wells Fargo bank just about anywhere. The same is true for their ATMs. This makes Wells Fargo a convenient choice for many people.
Is A Wells Fargo Bank Account Right for Me?
There are a couple of factors to consider. In 2016, Wells Fargo was hit by a huge scandal. The fallout from that scandal led to a 40 percent fall in the number of customers who opened new accounts with Wells Fargo. Wells Fargo responded by offering new checking account customers $250 to open a checking account and maintain a pre-stipulated balance or to spend X amount of dollars using their ATM card every month.
A $250 signing bonus is attractive to most people. However, we would recommend that anyone who opens a new account with Wells Fargo do with their due diligence and check their monthly statements. It’s good to do so just in case this tiger has not changed its stripes and unexpected fees start to appear.
Wells Fargo and Small Business Owners
It is always recommendable for small business owners to shop around before selecting a bank. That being said, Wells Fargo has proven itself to be a consistent option for small business owners. They offer small business accounts that have a variety of options and merchant services. Additionally, Wells Fargo works with the Small Business Administration’s7(a) program, which offers small businesses loans that are backed by the government. Banking with Wells Fargo may improve a small business owner’s chances of getting the financing they need.
Wells Fargo and International Money Matters
Many people who have migrated to the United States from Latin America and Asia are using Wells Fargo for their banking needs because Wells Fargo offers inexpensive means to send remittances back to those continents. Many banks will require their customers to pay international wiring fees that can be upward of $45. ExpressSend®, offered to Wells Fargo customers, makes it possible to send money back to Asia and Latin America for as little as $5 USD based on the amount of money being transferred and the location that the money is being transferred to. Since most families are only able to send money home in small increments, being able to do this regularly without incurring large banking fees is an attractive option.
It is unlikely that the skepticism surrounding banking with Wells Fargo is going to disappear anytime soon. However, it is clear that Wells Fargo appears to be taking steps to improve their reputation and the way that they interact with customers. We would strongly recommend that anyone who chooses to bank with Wells Fargo research and seriously evaluate whether or not they need any of the additional services that Wells Fargo offers clients and whether or not they should take out a credit card or get a loan with this lending institution.
A Wide Range of Checking Options
Wells Fargo offers six checking options that have been designed to meet the needs of different clients. These options range from premium checking options to those that have been created for individuals who have some less than favorable marks on their checking history. Here are a few of the more popular options:
Wells Fargo Everyday Checking
- $50 minimum to open or $25 minimum if account is opened online
- $10 monthly fees, which can be waived if the account balance is capped at $1500 a day or if there is a $500 direct deposit every month
- Daily ATM limit $300
Wells Fargo Preferred Checking
- $50 minimum to open account
- Monthly fees $15+ $1 if you want a paper statement. However, Wells Fargo will waive that fee if you have $10,000 as your daily balance or you link this account to your Wells Fargo Home Mortgage.
- APY: 0.01 percent as long as your balance is capped at $500 or more
Wells Fargo Teen Checking
- This is a checking account that is tailored toward teenagers. To open this account, you have to be over 13 but under 17 years of age. The minimum deposit necessary to open the account is $50
- There is no monthly fee. However, if you want a paper statement, you will be charged $3
- The daily ATM limit on this account is $300
With all of Wells Fargo’s checking accounts, there is a $2.50 fee for withdrawing money from non-network ATMs.
Most people opt out of getting paper statements, preferring to get their statements online. Taking this into consideration, the monthly fees charged by Wells Fargo are a little bit less expensive than their competitors, like Chase Bank or Bank of America.
We really like the account for teenagers because it’s easy for teenagers to maintain, it has no monthly fee as long as you opt out of getting printed statements, and there are no minimum balances or activity requirements.
When it comes to the other checking account options they offer, we feel that they are pretty much on par with what you get from other brick-and-mortar banks. There are some online banks that do offer better interest rates or lower fees, but it means that you will never have access to a physical bank.
Savings Accounts with Wells Fargo
Many people have turned to online banks for their savings accounts. This is because online banks offer better interest rates than brick-and-mortar banks. This is definitely the case with Wells Fargo. Most people will earn 0.01 – 0.03 percent APY with a savings account at Wells Fargo. Even people who have a premium savings account with a balance in excess of $100,000 can only expect 0.10 percent APY. Here are some of the stand out savings accounts that Wells Fargo offers:
Wells Fargo Way2Save Savings
- APY: 0.01 percent. This puts the interest you earn with this savings account slightly below the national average.
- On the positive side, there is no minimum balance to maintain in order to get to this APY.
- Their monthly fee is $5. However, the fee is waived if you maintain a $300 minimum daily balance, you have a $25 automatic transfer from your checking account that will repeat every month, or if you are under 18 years of age.
Wells Fargo Opportunity Savings
- APY: 0.01 percent. This puts the interest you earn slightly below the national average.
- As with the previous account, there is no minimum balance needed to collect interest.
- Monthly fees are $5. However, these fees can be waived if you have a $25 direct deposit from your checking account into your savings account that repeats monthly, you have $100 direct deposit into your savings account, or if you keep your balance at $300 minimum.
As you can see, the interest rates offered on savings accounts through Wells Fargo are nothing to write home about. Many opt to use a savings account with Wells Fargo simply because they have taken out a loan with Wells Fargo or because they have a checking account with the bank.
The $5 fee that Wells Fargo charges on these accounts is not that big of a deal because if you can keep your savings account at $300 or if you can make automatic transfers from savings to checking, then that fee is waived.
Getting a Credit Card with Wells Fargo
While Wells Fargo may not be the first name that pops into people’s minds when they think about getting a credit card, an argument can be made that if a person banks with Wells Fargo, has their checking, savings, and maybe a loan with Wells Fargo, it may be convenient to have their credit card with the same institution.
One benefit of getting a credit card with Wells Fargo is that the credit card can be used as overdraft protection on all of the accounts. This means that you avoid any stiff penalties and have access to funds when you need them.
Even those who are not Wells Fargo customers may be able to find a credit card that is a good fit, depending on the rewards and perks they are looking for.
The Wells Fargo Cash Wise Visa Card
This is one of the newer credit card products that Wells Fargo offers. It comes with 1.5 percent cash back on all of your purchases. There is no annual fee. The APR can be as low as 13.99 percent once the introductory period has transpired. There are a number of other bonuses, including a 12 percent APR for the first 12 months, a $200 bonus after the first $1,000 in net purchase is made within the first three months, as well as other benefits.
The Wells Fargo Propel American Express Card
There are two cards that Wells Fargo offers in conjunction with American Express. The Propel American Express card has no annual fee. It has rewards that can be used for cash, gift cards, travel, etc. Additionally, you get 10 percent annual bonuses for non-bonus reward points. This, of course, is available if you keep your Wells Fargo checking account. Additionally, you do not get foreign-currency fees and can access your FICO credit score for free.
If you spend $1,000 in net purchases over the first three months, you get a 20,000 point bonus. This card offers you zero percent APR on purchases and balance transfers for the first 12 months.
When it comes to selecting a credit card with Wells Fargo, you will need to use the same criteria you would use when choosing any other credit card. What features matter to you the most? For example, with some Wells Fargo credit cards, you will get generous sign-up bonuses. Others offer different rewards and cashback features.
Whether we are discussing checking, savings, loans, or credit cards, Wells Fargo has a number of options available for its clients. When compared to Bank of America and Citibank, Wells Fargo makes it easier to waive monthly fees and has a larger network of banks and ATMs. Wells Fargo has banks and ATMs even in Alaska.
For many, this convenience and ease of access makes Wells Fargo stand out above some of its competition. However, many individuals who have been burned by Wells Fargo in the past have a healthy level of skepticism as to whether or not the bank has truly changed its practices. This is something that only time will tell.
Other Banks to Consider
Wells Fargo Checking Accounts
This section answers the most popular questions people have about Wells Fargo checking accounts.
Does Wells Fargo have free checking?
Wells Fargo doesn’t offer free checking accounts – however you can get your fees waived by meeting certain conditions like direct deposit amounts or maintaining a certain balance.
How to open a checking account with Wells Fargo?
You can open a checking account with Wells Fargo by going online or walking into any of their branch locations.
How much to open a checking account at Wells Fargo?
You’ll need to deposit a minimum of $25 to open a checking account with Wells Fargo.
Can I open a Wells Fargo checking account online?
Yes, it’s easy to open a Wells Fargo checking account online. You just need to go to their website and follow the links to create a checking account.
How much are checks at Wells Fargo?
The cost of checks at Wells Fargo depends on a number of factors. People with high account balances can get free checks, while the cost of checks can change based on the type of account you have, what kind of checks you want, and more.
How many checking accounts does Wells Fargo have?
Wells Fargo offers several types of checking accounts, including Everyday Checking, Preferred Checking, Portfolio by Wells Fargo, Teen Checking, and Opportunity Checking.
How to add someone to Wells Fargo checking account?
You can add someone to a Wells Fargo checking account by going online and clicking on the Account Services tab in the account you want to add someone too. You can also add someone by going to a branch in person. If you're in need of a card but have lower credit take a look at the best prepaid credit card.
Will Wells Fargo cover a bounced check?
Not in most cases – it depends on what kind of checking account you have with Wells Fargo and what account options you have selected.
How can I check my Wells Fargo balance?
The best ways to check your Wells Fargo balance are to go online to your Wells Fargo account, use the Wells Fargo App, use a Wells Fargo ATM, or go into any Wells Fargo branch location.
How to add authorized user to Wells Fargo checking account?
The best way to add an Authorized User to your Wells Fargo checking account is to use the Account Services tab in the account or to go into a branch.
What is Wells Fargo opportunity checking account?
Wells Fargo Opportunity Checking is a checking account for people that have problems getting a checking account due to past bank or credit score issues.
Can I overdraft my Wells Fargo checking account?
Not in most cases – it depends on your specific checking account as well as the settings you choose for the account.
How to avoid checking account fees Wells Fargo?
There are several ways to avoid checking account fees with Wells Fargo. You can make more than 10 debit card purchases each month, maintain a minimum daily balance of $1,500, or have more than $500 in qualifying direct deposits per month.
How to upload check to Wells Fargo?
You can upload a check to Wells Fargo from their website or by using the Wells Fargo app to deposit your check.
What is the monthly fee for Wells Fargo checking account?
The exact monthly fee for a Wells Fargo checking account depends on your account and how you use it. Many people get their fees waived. The most common account fee is $10. If you're comparison shopping then just know that a Chime Bank review shows they charge $0 monthly fee.
How to verify funds on a Wells Fargo check?
You’ll need to contact Wells Fargo customer service to verify the funds for a check you’re given. You can find the number for your location on their website.
What types of checking accounts does Wells Fargo offer?
Wells Fargo offers several different checking accounts, including student checking, money market checking, high value checking, and recovery checking accounts.
Can I have 2 checking accounts with Wells Fargo?
In most cases, yes. You’ll need to talk to someone at Wells Fargo to make sure your accounts are set up correctly and to ensure you’re getting the right kinds of accounts.
What do I need to open Wells Fargo checking account?
All you’ll need to open a Wells Fargo checking account is your basic identifying information and a way to make the initial minimum deposit of $25 in the account.
Wells Fargo Savings Accounts
We’ll cover the most common questions people have about Wells Fargo savings accounts in this section.
How to open a savings account Wells Fargo?
The best ways to open a savings account with Wells Fargo are to log into your Wells Fargo account online and follow the prompts to open a savings account or to go into a local branch.
Can you have two savings accounts at Wells Fargo?
In most cases, yes. You’ll need to talk to a Wells Fargo representative to ensure that your accounts are set up correctly and that you have the best accounts for your situation. Also if you look at the best CD rates today this can be another great way to save.
Can you set up a savings account online Wells Fargo?
Yes, you can open and setup a savings account online with Wells Fargo. You’ll need your identifying information and a way to fund the account. Also be sure to look into the current Discover Savings account bonus. By comparing current offers out there you will find the best account to open.
How does Wells Fargo save as you go work?
Wells Fargo’s Save as You Go works by transferring $1 to your savings account every time you make a non-recurring debit card purchase.
How much to open a Wells Fargo savings account?
You need to be able to fund your Wells Fargo savings account with a minimum deposit of $25 when you open the account.
How to turn off save as you go Wells Fargo?
You’ll need to contact Wells Fargo at 1-800-869-3557 to cancel your Save as You Go account.
What is Wells Fargo savings account interest rate?
The exact rate you get depends on the specific type of account, how much money you have in it, and so on. The standard APY for a Wells Fargo savings account is 0.05%. You'll definitely earn more with other banks such as a Barclays savings account.
Does Wells Fargo offer more than one savings account?
Yes, Wells Fargo offers standard savings accounts, CD’s, and customized savings accounts for specific customers.
How to view savings account Wells Fargo?
The best ways to view your savings account with Wells Fargo is through the Wells Fargo App, online on your account, or by using a Wells Fargo ATM to check your balance.
How to open child savings account Wells Fargo?
You need to visit a Wells Fargo branch to open up a child savings account with the bank. If you're also trying to teach your child how to invest then we cover the best stock trading site for small investors in another article.
How to put money in savings account Wells Fargo?
You have a few options to put money in a Wells Fargo savings account. You can deposit from a linked checking account, deposit a check, or use a bank transfer to deposit money.
What is the minimum balance for Wells Fargo savings account?
The minimum balance required to open up a Wells Fargo savings account is $25.
How do I find my Wells Fargo savings account number?
The best ways to find your Wells Fargo savings account number are to check the bottom of your deposit slips or to select the account on the app or online to view the account number.
Does Wells Fargo have a high yield savings account?
Yes, it’s called the Wells Fargo Platinum savings account and it offers up to 2.15% APY, depending on the specifics for your account. Take a look at the highest yield money market accounts too.
Do Wells Fargo savings accounts earn interest?
Yes, Wells Fargo savings accounts will generate interest for you. The exact rate you accumulate interest depends on the specific account. However if you're looking for higher returns then you'll want to look at other types of investments. Read our other article wherein we discuss the best way to invest 10000 short term.
Can you overdraft savings account Wells Fargo?
No, you can’t overdraft savings accounts with any bank, including Wells Fargo. This is because of federal banking regulations.
Does Wells Fargo have a round up savings?
Wells Fargo doesn’t have round-up savings, but they do offer the Save as You Go plan, which adds $1 to a savings account every time you make a non-recurring debit card purchase.
Does Wells Fargo have free savings account?
Wells Fargo doesn’t offer a savings account that is always free, but savings accounts can avoid fees by meeting certain conditions which depend on the exact type of account.
Does Wells Fargo have high interest savings accounts?
Wells Fargo has the Platinum Savings account for select customers. This account has a return of up to 2.15% APY. If you're looking for higher earnings then we cover the best place to invest money right now in another article.
Does Wells Fargo offer health savings accounts?
No, they do not. Wells Fargo sold their HSA business to Optum Bank.
How to add a savings account on Wells Fargo?
You can add a savings account on Wells Fargo by logging into your profile and following the prompts to open a new savings account. You can also add an account by going to any Wells Fargo Branch.
How to avoid Wells Fargo monthly service fee savings account?
You can avoid monthly service fees on a Wells Fargo savings account by maintaining a minimum daily balance of $300, setting up an automatic savings option, or by being younger than 18 years old.
How to lock savings account Wells Fargo?
You should call the number on the back of your debit card or the customer service number on your account to get information about locking your savings account.
Can I call Wells Fargo to cancel my savings account?
Yes, you’ll actually have to call or go into a branch to cancel your account. The number you need is 1-800-869-3557
Can I do ACH payments from my Wells Fargo savings account?
No, you’ll need to transfer the funds to a checking account if you want to do an ACH transfer.
Are Wells Fargo savings account FDIC insured?
Yes, Wells Fargo savings accounts are FDIC insured, meaning your money is safe no matter what happens to the bank itself.
Wells Fargo Account Services
This section answers the most popular questions people have about different Wells Fargo account services.
How to check statements on Wells Fargo app?
You can check your statements on the Wells Fargo app by selecting the account you want to see statements for and then using the options menu to select see statements.
How to check account balance Wells Fargo?
You can check your Wells Fargo account balance by going online to your account, using the Wells Fargo mobile banking app, using a Wells Fargo ATM to check your balance, or by going into a branch.
Can I print a check from Wells Fargo?
Not in most cases. You’ll need to order checks or get a direct deposit form depending on what your needs are.
Does Wells Fargo accept endorsed checks?
Most Wells Fargo branches will accept endorsed checks if the check is endorsed in front of the teller.
How to check your credit score on Wells Fargo?
You can use Wells Fargo to check your credit score by using the Planning and Tools section of your Account Summary on your Wells Fargo account. Wells Fargo also offers credit monitoring and identity theft protection services. We also reviewed identity theft protection family plan options with other companies. To help with such a decision we wrote a more indepth article covering Identityforce vs Lifelock as just two options available.
How do I link my Wells Fargo account to my investing account?
Depending on the investing service you're using it should be as simple as adding your account and routing number of your bank account. We recently reviewed the best apps for stock trading and talk about this very thing. Ally Investing is a good example of a service that makes this easy.
Does Wells Fargo offer mortgage refinancing?
Wells Fargo does offer this. In fact they are one of the best mortgage lenders for refinancing. Talk to them for more details.
Does Wells Fargo offer debt consolidation loans?
Yes. Since debt consolidation loans are really just personal loans most of the time you can find this option with just about any bank or company offer these types of loans. In the meantime we cover where to find the best debt consolidation loans in another article.