Written by Ali Cybulski, Published on 6/28/2024
Wells Fargo Bank, based in North Dakota, is the third-largest U.S. bank, with $1.74 trillion in consolidated assets and nearly 4,300 branches. The bank offers access to a broad range of products, including several checking and savings accounts as well as CDs. You’ll also find business banking and investment and wealth management products, among others.
The bank has four checking accounts, and according to Wells Fargo, the Everyday Checking account is its most popular. The account requires a $25 minimum opening deposit and charges a $10 monthly fee but provides several waiver options. You receive eligible direct deposits, such as paychecks, up to two days early and use of more than 11,000 network ATMs.
The Way2Save Savings account links to your Wells Fargo checking account and allows you to select an automatic savings option that works best for you. Transfer $1 to your savings account whenever you make a debit card purchase or complete a transaction using online bill pay, or set up a daily transfer of as little as $1 or a monthly transfer of at least $25.
The account earns an annual percentage yield (APY) of 0.01%, and the minimum opening deposit is $25. A Platinum Savings account offers rate tiers, with higher rates going to bigger balances, but rates still top out at 2.51% APY for balances of $1 million or more.
A $5 monthly service fee for Way2Save can be waived by maintaining a $300 minimum balance or opting for an autosave option; savers 24 or under will not be charged the fee. Overdraft protection is optional, and an ATM card is included for access to your savings.
If you’re in the market for CDs, you’ll find a few special promotional rates and standard-rate CDs online. The bank encourages CD shoppers to make an appointment at a branch to explore additional terms. Among the special rates are four- and seven-month CDs with APYs of 4.75% and a $5,000 minimum initial deposit.
Banking customer service is available 24/7 at 800-869-3557. You can also use Wells Fargo’s highly rated app to deposit checks, transfer money with the peer-to-peer payment system Zelle, pay bills and more.
Wells Fargo pros and cons
Pros:
• Autosave options that also waive the monthly service fee
• Large branch network
• 24/7 customer service by phone
Cons:
• Low APRs on savings accounts
• Monthly account fee, though a waiver may be possible
• $35-per-item overdraft fee
Great Bank To Do Business With!
My husband and I have been with Wells Fargo for several years and we are extremely happy with them. We have checking, savings and credit cards with them and find the bank to be very easy to deal with. The employees at our branch are friendly and helpful and we wouldn't consider banking elsewhere!
Just Fine For Checking Needs
I have been using WF in FL for my daily checking, savings, and bill pay for about 3 months now and have no complaints. The mobile app and online banking are great, and the one interaction I had with my local branch customer service was good. A lot of the complaints I see are related to interest rates, which really don't bother me because I keep the majority of my savings and investments with Fidelity, which pays 4.67% in the government money market fund or 2.67% in the FDIC-insured cash management account.
After 50+ Years, We're Leaving!
We've been with Wells Fargo before it was Wells Fargo. We opened our account when they were still Kelly Field National bank in about 1965. We recently tried to make our living trust the beneficiary on our account. When we called the first time, we were told that we had to send them a notarized letter and a copy of the trust certificate. We did exactly what they said to do. A couple of weeks later, we received a letter that said we would have to physically go into a Wells Fargo bank to accomplish updating the beneficiary because they need a "wet" signature. However, there are no physical Wells Fargo institutions within 100s of miles. No alternative ways to accomplish it. So we've decided to close the account and as soon as we get our direct deposits moved, they are history.
How I Was Able To Recover Back My Lost Funds
"I want to share my unfortunate experience with this investment platform to warn others about their unethical practices. My advice to anyone is to avoid these scam companies . Despite placing my trust in them, their security measures were insufficient, and my funds were stolen. The company’s inability to protect clients' money is deeply frustrating, and their customer service provided no meaningful assistance in resolving the issue.
Fortunately, Mrs. Bruce Nora intervened at the right time and successfully helped me recover my stolen funds, including all profits. I am grateful for her expertise and support. If you have also lost money while trading, I highly recommend reaching out to Mrs. Bruce Nora for assistance.
You can contact her via email at bruce..nora..254.@) .gmail .. com or via WhatsApp at +1 ( 2.5.1 ) 3 .3 2.9 8 5 3."
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3511 |
| Year Established | 1870 |
| Employees | 192713 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.32% |
| Return on Equity - YTD | 13.66% |
| Annual Interest Income | $82.81B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1,705.5B$1,733.2B |
| Loans | Q4 2024vs Q4 2023 | $865.3B$889.7B |
| Deposits | Q4 2024vs Q4 2023 | $1,435.1B$1,416.9B |
| Equity Capital | Q4 2024vs Q4 2023 | $166.2B$163B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $14.19B$14.61B |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $9.37B$9.05B |
| Real Estate Owned | Q4 2024vs Q4 2023 | $294MM$297MM |
