Wells Fargo is a San Francisco-based company and has been in business since March 1852. It started off buying gold and selling paper bank drafts as good as gold. It quickly gained credibility and a reputation of trust due to how well it handled people’s money. Wells Fargo offers a variety of services including personal checking, savings accounts, credit cards and an online mortgage rate calculator. Customers will have access to Wells Fargo’s more than 8,700 locations and online banking services.
- Great services
- Mobile wallet
Wells Fargo Bank has more than 8,700 locations, more than 12,500 ATMs, online (wellsfargo.com), and mobile devices. Wells Fargo is across the nation and consumers can go online to find the nearest location or ATM in seconds. If there are other questions one can contact customer service anytime, 7 days a week.Wells Fargo has been in business for over 100 years with 1.7 trillion in assets. They are a developed bank that provide many services for customer needs like:
- banking for checking and saving
- insurance for health, auto, and home
- investments for IRA, health savings, and mutual funds
- loans for mortgage, automobiles, student, home equity, and credit cards
- consumer and commercial finance services
Wells Fargo provides some of the most comprehensive banking services. The California-based company offers many services including the following:
- Personal checking
- Business checking
- Savings accounts
- Debit cards
- Credit cards
- Student loans
- Auto loans
- Online banking
- Identity theft protection
Wells Fargo also offers mobile wallet services, merchant accounts and a mobile app allowing customers to handle their money and deposit checks via smartphone.The bank also offers a service called the Smarter Credit Center. This center enables customers to do the following:
- Improve or rebuild credit
- Manage debt
- Explore options to meet borrowing needs
One bonus is that when a checking account is opened you get free online banking and bill pay. They are a national bank with more than 8,700 locations and 12,500 ATMs, as well as online services which were described above.
- Initial deposit
- High minimum CD
- Banking fees
Compared to other banks who offer personal checking accounts, Wells Fargo's initial deposit is double at $50. For customers who do not meet the basic monthly exemptions, Wells Fargo's $10 monthly fee for checking accounts is also higher than most banks.
High Minimum CD
Wells Fargo also has a higher minimum CD of $2,500 compared to other banks. Customers must wait until their deposit matures unlike some banks who allow customers to withdraw their deposit early with no penalties.
They have many banking fees for checking accounts which include:
- Opening account fee. For checking it is $50 if you open on site. Over the phone or online it would be a $25 opening fee
- Maintenance fee: again depends on the account but for a regular checking it would be $10 per month unless you have a $500 total deposit or use your debit card for 10 transactions
- Overdraft and returned items fee: $35 for each overdraft fee
The Bottom Line
Wells Fargo has proved themselves to be a secure bank to open an account with an individual, small business, or commercial company. Their many services provide an excellent source for financial needs. They offer customer service 24/7 if a customer has questions or concerns.
For customers who want the most banking options possible, Wells Fargo has much to offer. Wells Fargo offers banking solutions at the personal, small business and commercial level. However, Wells Fargo has higher deposit minimums for its CD and personal checking account. It also has low customer satisfaction ratings on Consumer Affairs and Credit Karma.
Our recommendation: Depending on how much you're willing to deposit initially, Wells Fargo may be one of your best options. After all, it has been in business since 1852.