Whether you are looking for a checking account, a savings account, a combination of the two, or some other kind of personal banking product like a line of credit or certificate of deposit, your choice of bank will make a significant difference.
You need to find a bank that is right for your specific needs. Wells Fargo Bank offers a wide range of banking products and services geared to meet the needs of different people and businesses.
Let’s explore what Wells Fargo Bank is all about, so you can see if it is the right bank for you.
Wells Fargo Bank Overview
Wells Fargo Bank opened its doors to clients on March 18, 1852. Headquartered in San Francisco, California, it is the third-largest bank on market capitalization in the United States.
The bank boasts total assets of about $2 trillion and is publicly traded on the New York Stock Exchange with the ticker symbol WFC.
Wells Fargo Bank provides banking, investing, mortgage, insurance, and credit cards as well as consumer and commercial financial services.
It offers retail customers checking accounts, savings accounts, CDS, as well as investment products, individual retirement accounts (IRAs), and financial advisors.
The bank also offers nationwide access with over 13,000 ATMs and about 6,000 branches across the country. That said, let’s explore the banking and loan products that Wells Fargo Bank has to offer.
Wells Fargo Banking Products
Wells Fargo Bank offers a wide selection of banking products, including savings and checking accounts—but are Wells Fargo’s accounts right for you?
Wells Fargo Checking Accounts
There are several options for Wells Fargo checking accounts that you can choose from.
Each of the accounts comes with a Platinum Debit card equipped with chip technology. You also get to enjoy round-the-clock customer service and text banking with any of the accounts.
Those account types include:
You need just a small deposit to set up a Wells Fargo Everyday Checking account. You’ll need to pay monthly service fees for this account. However, the fees can be waived if you meet certain conditions such as making a given number of credit/debit purchases or carrying a given monthly balance.
With Preferred Checking account, your money can earn interest on condition that you meet the minimum balance requirement. Moreover, if you have a mortgage with this bank, you won’t pay the monthly service fee for this account. This account also offers you budgeting and cash flow tools.
If you have a lot of cash to keep in your checking account, you stand to earn higher interest rates with the Portfolio by Wells Fargo account. In fact, the interest rate increases as you deposit more money into your account.
The portfolio account offers you a range of other benefits, including:
- Interest rate discounts on Wells Fargo loans
- Waived ATM charges for non-Well Fargo transactions
- No overdraft protection transfer fees
- Opportunity Checking – If no bank is willing to offer you a traditional checking account, a Wells Fargo opportunity checking account would be your ideal option. You’ll get to enjoy lower balance requirements, mobile baking, and waived monthly fees.
- Teen Checking – If you have kids aged between 13 and 17, you can open checking accounts for them, but you’ll co-own the account with them. This type of account features tools that are geared to teach teens financial responsibility.
Wells Fargo Savings Accounts
Low-interest rates and monthly fees characterize wells Fargo savings accounts. The bank offers a number of savings account types, which include:
If you’re not disciplined when it comes to saving, you can benefit from the Way2Save program. This program works by automatically transferring $1 to your savings account every time you make a qualifying purchase with your linked Wells Fargo checking account.
If you have a significant amount of money in your savings account, the cash may qualify for higher interest rates with the Platinum Savings. Despite being a savings account, Platinum Savings also allows you to write free checks. That means you can easily access your money.
Certificate of Deposits (CDs)
If you can keep your money for a considerable period, the cash can earn the highest interest rates from certificates of deposits compared to other deposit products.
Wells Fargo also offers a number of loan options, including the following:
Whether you want a 15-year, 20-year, or 30-year mortgages, Wells Fargo has got you covered. The bank also offers jumbo loans and adjustable rate mortgages.
Wells Fargo can lend you money to make home improvements. You can as well put your home’s equity to work and get some cash flow.
Wells Fargo can lend unsecured personal loans of $3,000 to $100,000.
Wells Fargo can help you purchase a used or new car with a . It can also facilitate a private party purchase or a lease buyout. The bank offers affordable interest rates and up to 72 months of repayment period for auto loans.
Wells Fargo can finance up to 100 percent of your education expenses. You have to be in undergraduate or graduate school to qualify for a Wells Fargo student loans.
Wells Fargo offers a variety of credit options, including secured cards if you wish to build your credit history.
USAA – If you can qualify, USAA is going to be the best bank for just about everyone.
BBVA – Great for anyone looking for higher interest rates on savings and CD accounts
Capital One 360 – One of the first online banking options in the USA.
- A vast network of ATMs – The over 13,000 ATM can help you avoid paying exorbitant fees at non-Wells Fargo ATMs.
- Offers a second chance – If you’ve suffered a financial crisis, Wells Fargo gives you a chance to recover from the crisis and redeem yourself financially.
- Automatic online bill payment – This can help you avoid late payment of bills and its related effects.
- Account Alerts – You can set up custom alerts to ensure you don’t go over your balance or forget about due payments. These alerts can also notify you of recent deposits.
- Debit card zero liability protection – This helps to protect you from fraudulent transactions on your debit card.
- Check deposit via smartphone – All you need to do is send a picture of the back and front of your check to the bank.
- Text alerts – If you don’t have a smartphone or PC, you can simply text a command regarding your bank account to 93557 and get a response immediately.
- Mobile Wallet services – Wells Fargo works perfectly with Apple Pay, Google Pay, and Samsung Pay. The Wells Fargo app also allows you to use your Wells Fargo Wallet for increased convenience when it comes to making payments.
- 24/7 fraud monitoring – Wells Fargo checks your account round-the-clock for suspicious activities and alerts you if anything unusual is detected. This ensures that you are protected against identity theft or fraudulent transactions of your account before you even notice it.
- Low-interest rates – Your money will earn little interest, thanks to Wells Fargo’s minimal interest rates. You may need to find another bank if you’re looking for higher interest rates.
- Strict conditions for the monthly service fees waiver – Wells Fargo has quite high minimum daily balance requirements that you should meet to enjoy the monthly service fee waiver.
- Wells Fargo charges for overdraft protection – You’ll need to pay some fee if you link your credit or savings account to your checking account. If the bank advances cash to your checking account to prevent an overdraft, you will be charged for every transfer.
Wells Fargo Review Final Thoughts
Wells Fargo is one of the best banks in the United States. When you bank with them, you will get access to a wide range of valuable features geared to give you a pleasant and stress-free banking experience.
You’ll enjoy banking in person at over 13,000 Wells Fargo ATMs and about 6,000 branches spread across the country.
You can also complete your transactions on the go or from the comfort of your home, thanks to Wells Fargo Mobile and Wells Fargo Online. The major disadvantage of Wells Fargo Bank is its low-interest rates and high fees.