Founded in 1852 in the midst of the California gold rush, Wells Fargo has been a major player in American finance for nearly 170 years and ranks as the fourth-largest bank in the country. Plagued by several high-profile scandals in the mid-2010s, the bank has been working to rehabilitate its image and regain trust by focusing on customer service and technological innovations. This in-depth review can help you decide if banking with Well Fargo is the right choice for you.
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Highly accessible — numerous locations
Frequently waived monthly fees
Innovative, secure data-sharing, and money management apps
Low interest rates
Overdraft fees levied up to three times daily
History of costly scandals
- Highly accessible — numerous locations: With 5,400 branches and 13,000 ATMs across 36 states and the District of Columbia, Wells Fargo is one of the more easily accessible large banks in the United States.
- Frequently waived monthly fees: While Wells Fargo does levy maintenance fees on many of its deposit accounts, the bank does provide a number of methods for avoiding them. Most clients can easily qualify for one of the many waivers.
- Innovative, secure data-sharing, and money management apps: In 2017, Wells Fargo partnered with Intuit to provide a seamless and completely secure connection for customers who use Mint, QuickBooks online, and TurboTax online. This pioneering move allows Wells Fargo customers to easily share data with these Intuit products so they can handle their financial chores without risking their accounts' security.
- Low interest rates: Account APYs tend to skew lower at traditional brick-and-mortar banks than at their online counterparts. Still, Wells Fargo offers very lackluster rates (currently .01%-.03%) on all of its savings options. In addition, every savings account also carries a monthly fee, meaning your account may essentially earn a negative amount if you are unable to avoid the charge — if your account dips below the minimum daily balance, for example.
- Overdraft fees levied up to three times daily: Wells Fargo charges a $35 overdraft fee every time you overdraw your account. Unfortunately, the bank's policies allow up to three overdrafts per day, meaning you could be staring down $105 in overdraft fees from a single day's mistakes.
- History of costly scandals: In 2016, news began to emerge that for years, Wells Fargo employees had engaged in illegal practices — behavior that resulted in extra charges for customers, along with improperly repossessed homes and autos. and has been forced to pay billions in fines imposed by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the Securities and Exchange Commission.
Who Is Wells Fargo Best For?
Wells Fargo will appeal to customers who want a well-established traditional bank with a large geographic footprint. It will be a great fit for those who:
- Need a bank that is present in the majority of the United States, including the District of Columbia
- Can easily keep a minimum balance in their checking and savings account to avoid fees
- Want to use Mint, QuickBooks online, or TurboTax online to handle their accounting and financial affairs
What Does Wells Fargo Offer?
Wells Fargo has a full array of the usual financial products and services for their customers. These include:
- Savings accounts
- Checking accounts
- Certificates of deposit
- Credit cards
Wells Fargo Way2Save Savings Account
Created specifically to encourage savings, the Way2Save account has a low minimum deposit of $25, and a monthly service fee of $5, which can be waived with either a $300 minimum daily balance or by setting up a recurring, automatic savings option. In addition, Wells Fargo automatically waives the monthly fee for account holders under the age of 18.
Another savings encouragement is the Save As You Go Transfer, which moves $1 from your Wells Fargo checking account to your Way2Save account with each qualifying transaction. These transactions include any non-recurring debit card purchases and any time you pay a bill using the Wells Fargo online bill pay option.
Wells Fargo also touts the use of your Way2Save account as a method of overdraft protection for customers who also have checking accounts. If you sign up for this optional service, Wells Fargo will transfer money from your Way2Save account into your checking account to cover an overdraft. However, this service doesn't prevent you from being charged $35 per overdraft, up to a maximum of three overdrafts per business day.
The APY on Way2Save accounts is currently set at 0.01%, and there is no minimum balance required to earn.
Wells Fargo Platinum Savings
Wells Fargo considers Platinum Savings to be a savings account, although it shares some characteristics with a money market account. Specifically, Platinum Savings comes with the ability to write checks; but as with a money market account, withdrawals (whether directly or by written check) are limited to six per month.
Savers can expect an APY of 0.03% with Platinum Savings, but there is a relationship bonus APY of 0.06% if you also maintain either a Prime Checking ( or Portfolio by Wells Fargo account (see below). Close the qualifying checking account, and you lose the bonus rate.
Customers can open a Platinum Savings account with only $25, and there is no minimum balance requirement to earn interest. However, there is a $12 monthly fee that can only be waived by maintaining a $3,500 minimum daily balance.
|Wells Fargo Savings Accounts|
|Account Name||Minimum Opening Deposit||Monthly Fee||Fee Waivers||APY|
|Way2Save||$25||$5||$300 minimum daily balance OR automatic savings transfers||0.01%|
|Platinum Savings||$25||$12||$3,500 minimum daily balance||0.03%|
Wells Fargo Everyday Checking
Everyday Checking is Wells Fargo's basic checking account option, the one that will appeal to the majority of customers. You can open an account with $25, but expect to pay a $10 monthly fee unless you meet one of the following waiver requirements:
- Make 10 or more posted debit card purchases per month
- Have $500 or more in qualifying direct deposits per month
- Maintain a $1,500 minimum daily balance
- Be between the age of 17 and 24
- Are a college student with a linked Wells Fargo Campus ATM or Campus Debit Card
While it is relatively easy to avoid the monthly fee, make sure you're aware of the other charges you may face, including a $2.50 out-of-network ATM fee and a $35 overdraft fee if you overdraw your account. If you sign up for Overdraft Protection with a linked savings account, you can avoid the painful $35 fee, but you will still have to pony up a $12.50 transfer fee when the money moves from savings to checking.
All checking account holders have the opportunity to reverse overdrafts with the Overdraft Rewind. Here's how it works: if you make an ACH deposit that covers the overdraft by 9:00 a.m., Wells Fargo will recalculate your balance to include the ACH deposit and may reverse any overdrafts or returned items that would have otherwise resulted without the addition of the deposit.
Wells Fargo Preferred Checking
Preferred Checking represents the lowest tier of the bank's interest-bearing checking accounts. To earn the 0.01% APY offered by this account, you need a minimum balance of $500.
You can open a Preferred Checking account with just $25, although it does carry a $15 per month maintenance fee. As with other Wells Fargo accounts, there are several waiver options though. These include:
- Maintaining a $10,000 minimum deposit balance across all Wells Fargo accounts
- Making qualifying direct deposits of $1,000 or more each month
- Linking a Wells Fargo home mortgage to the checking account
In addition to earning interest, Preferred Checking also offers several perks that differentiate it from the Everyday Checking account:
- $10 discount on personal style checks
- Reimbursement of one out-of-network ATM fee per month
- Fee-free cashier’s checks and money orders
As with the Everyday Checking account, expect to pay $35 per overdraft if you happen to overdraw your account. If you have a linked savings account and have opted for Overdraft Protection, the transfer fee for this service is $12.50 anytime an automatic transfer is triggered by an overdraft.
Portfolio by Wells Fargo
As the bank's premium checking account, Portfolio by Wells Fargo offers customers a number of major perks, particularly if you have several linked accounts. At its core, the Portfolio account is an interest-bearing checking account, although the 0.01% APY is not currently impressive. Expect a $30 per month maintenance fee, unless you meet one of the waiver qualifications:
- Maintaining at least $25,000 in qualifying linked bank deposits, or
- Having at least $50,000 in qualifying linked bank, brokerage, and credit balances
There are additional perks available to Portfolio account holders that can potentially make up for the low APY. Specifically, account holders also enjoy the following:
- No monthly fees on additional linked checking or savings accounts
- Fee-free Wells Fargo Personal Wallet checks, cashier's checks, and money orders
- Overdraft Protection advance fee from one eligible linked home equity line of credit
- Discounts on interest rates on select new personal loans, and home equity loans and lines of credit
Account-holders who keep a qualifying balance of more than $250,000 also shave fees waived on incoming wires, stop payments, and overdraft protection transfers, as well as unlimited reimbursement of out-of-network ATM fees within the U.S.
Finally, Portfolio customers are also granted access to Wells Fargo advisors for investment guidance, as well as discounts on the Wells Fargo Intuitive Investor account and the WellsTrade Online and Mobile Brokerage.
Wells Fargo Teen Checking
Young people looking for an opportunity to manage their own money might consider Wells Fargo Teen Checking. it's available for minors aged 13 to 17, with an adult co-owner.
Like the other checking accounts on this list, Teen Checking comes with a debit card that the account-holder may use for spending and ATM withdrawals. However, in this case, parents can both monitor account activity and set limits on purchases and withdrawals.
The account can be opened with a $25 minimum deposit, and there is no monthly fee. Wells Fargo has also reduced the overdraft fee for this account to $15, and will only impose it two times per business day, rather than the three times-per-day limit on the Everyday Checking account. The Overdraft Protection account transfer fee remains the same at $12.50 per item.
Wells Fargo Opportunity Checking
The Wells Fargo Opportunity Checking account is geared towards consumers who are unable to qualify for a standard checking account because of their credit or banking history. Customers cannot apply directly for this account, but they may be offered it as an option if they are unable to qualify for a standard checking account.
You can open an Opportunity Checking account with as little as $25, and there is a $10 per month maintenance fee. This fee is waived if you meet one of the following qualifications:
- Maintain a daily balance of at least $1,500
- Receive at least $500 in total direct deposits each month
- Make at least 10 qualifying debit card transactions (including purchases or bill payments) per month
As with the other checking accounts, expect to pay a $2.50 fee on out-of-network ATMs and $35 for overdrafts. You can opt for Overdraft Protection with Opportunity Checking; if you do, the fee for an automatic transfer to cover your overdraft is $12.50.
|Wells Fargo Checking Accounts|
|Account Name||Minimum Opening Deposit||Monthly Fee||Fee Waivers||APY|
|Everyday Checking||$25||$10||10 debit card transactions, OR $1,500 minimum daily balance, OR $500 in direct deposit||None|
|Preferred Checking||$25||$15||$10,000 combined minimum daily balance, OR $1,000 in direct deposit, OR linked Wells Fargo Home Mortgage||0.01% on balances over $500|
|Portfolio by Wells Fargo||$25||$30||$25,000 in combined linked bank deposits, OR $50,000 in linked bank, brokerage, and credit balances||0.01%|
|Opportunity Checking||$25||$10||10 debit card transactions, OR $1,500 minimum daily balance, OR $500 in direct deposit||None|
Certificates of Deposit (CDs)
Wells Fargo offers several different CD products, and there are some bonus APY offers for Portfolio by Wells Fargo account-holders. The CDs come in two flavors: Step Rate CDs and Fixed Rate CDs.
The Step Rate CD is a 24-month product that offers one guaranteed interest-rate increase and one penalty-free withdrawal every six months. There are two interest-rate tiers: the basic rate offered, and the bonus rate that is only available to Portfolio account-holders.
|Wells Fargo Step Rate CD|
|Term||Minimum Opening Deposit||APY||Bonus APY|
The Fixed Rate CD offers several terms, including a Special CD with a five-month term and a minimum opening deposit of $5,000.
|Wells Fargo Fixed Rate CDs|
|Term||Minimum Opening Deposit||APY||Bonus APY|
Wells Fargo offers credit cards that can meet nearly any banking or credit need, from cash-back cards to rewards cards to cards that are well-suited to balance transfers. Here are some of the cards that Wells Fargo offers:
Cash-back Credit Cards
- Wells Fargo Cash Back College Card
- Wells Fargo Propel American Express Card
- Wells Fargo Visa Signature Card
- Wells Fargo Rewards Card
Cards for Balance Transfers
- Wells Fargo Platinum Card
- Wells Fargo Cash Wise Visa Card
Other Financial Products Offered by Wells Fargo
In addition to deposit accounts and credit cards, Wells Fargo also offers the following products and services to its customers:
- Car loans
- Purchase mortgages
- Refinance mortgages
- Home equity loans
- Home equity lines of credit (HELOCs)
- Self-directed trading
- Managed investment portfolios
- Private banking
- Financial advisors
- Business loans
- Personal loans
- Student loans
Wells Fargo Customer Service
Customers can reach Wells Fargo customer service agents in a variety of ways, including:
- Phone, available 24/7
- Facebook, available 7 days a week
- Twitter, available 7 days a week
- A comprehensive Help section on the Wells Fargo site
Wells Fargo also offers a highly rated mobile app that allows you to conduct your banking business on the go. The app is currently has a rating of 4.8 out of 5 stars on the App Store and 4.7 out of 5 on Google Play .
A Tarnished Reputation
Beginning in 2016, a seemingly endless series of scandals has beset Wells Fargo: the creation of phony deposit and credit card accounts, the unauthorized purchase of insurance policies for clients, improper auto-loan, and mortgage practices, the alteration of customer data — practices dating back at least 14 years, and only admitted to after investigations by journalists and regulators. Wells Fargo has paid billions in government fines, criminal and civil lawsuit settlements, and restitution to injured parties. Nevertheless, it seems likely that the revelations of the bank's malfeasance continue to tarnish its image in a skeptical public's eyes. According to the 2020 J.D. Power and Associates Retail Banking and Satisfaction Study, Wells Fargo ranks below the average satisfaction level in every region except New England.
How to Bank with Wells Fargo
Potential customers can open a new Wells Fargo account online or in a bank branch, although many branches are currently closed in the wake of the coronavirus pandemic. However, applying for an account online provides an instant application status response.
Once you are set up with a Wells Fargo account, you can take care of your banking needs online and with the mobile app.
Customers looking for a well-established and well-rounded financial institution may do well with Wells Fargo. Not only does this bank possess a large geographic footprint, but it also has every type of account, product, and service you may need — a true one-stop banking shop. Add in the fact that you can enjoy some relationship bonuses for linking multiple accounts or products under the Wells Fargo umbrella, and this institution is a clear winner for anyone who values efficiency and streamlined banking experience.
That said, Wells Fargo has not yet earned back the public's trust after the revelations from 2016 to 2018, of a series of systemic fraudulent practices that victimized its own clients for nearly two decades. While the bank is working to correct its course — in February 2020, it agreed to pay $3 billion in fines to settle a civil lawsuit and resolve a Justice Department criminal prosecution — consumers might understandably like to wait and see if any more ugly shoes drop before trusting their money to this institution. Unless Wells Fargo can offer more tempting interest rates or find other ways to distinguish its products, its dented reputation — coupled with lackluster rates — makes it a less-enticing option for anyone who is not looking specifically for convenience.
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