One of the best banks in the USA
Wells Fargo & Company is a US multinational financial services corporation headquartered in San Francisco, California, with operational headquarters in Manhattan and executive offices in the United States and abroad.
Who is Wells Fargo best suited for?
Wells Fargo will appeal to clients who want a well-established traditional bank with a large geographic footprint.
It will be best for below mentioned:
- Need a bank present in most of the United States, including the District of Columbia
- You can easily maintain a minimum balance in your checking and savings accounts to avoid fees
- Want to use Mint, QuickBooks Online, or TurboTax Online to manage your accounting and financial affairs.
Best Banking Experience
Wells Fargo offers extensive branch coverage. Their mobile banking apps offer check deposits, person-to-person payments, and bill payments, and are highly rated by App Store users.
Customer service is available Twenty Four hours a day, seven days a week by mobile phone. It is also obtainable through Facebook and Twitter.
Note that in recent years, Wells Fargo has been repeatedly penalized by government regulators, including creating unauthorized accounts that allow customers to meet sales targets and then charge unnecessary fees for sales. mortgages and auto loans. The bank paid millions of dollars to affected consumers and changed direction in the wake of the scandals. At press time, the bank is under investigation by the Consumer Financial Protection Bureau for debit card usage prerequisites for customers to waive monthly fees.
Wells Fargo offers for you
Wells Fargo offers its customers a full line of everyday financial products and services.
- Savings accounts offers
- Check accounts offers
- Certificates of deposit offers
- Credit cards offers
Wells Fargo’s Savings accounts
Created specifically to encourage savings, the Wells Fargo Way2Save savings account has a minimum deposit of $25 and a monthly service fee of $5, which can be waived with a minimum daily balance of $300 or by setting up a recurring savings option and automatic. . Additionally, Wells Fargo automatically waives monthly fees for account holders under the age of 18.
Another savings incentive is the Save As You Go transfer, which transfers $1 from your Wells Fargo checking account to your Way2Save account with every qualifying transaction. These transactions include all one-time debit card purchases and each time you pay a bill using Wells Fargo’s online bill pay option.
Wells Fargo also promotes the use of your Way2Save account as an overdraft protection method for customers who also have checking accounts. If you enroll in this optional service, Wells Fargo will transfer money from your Way2Save account to your checking account to cover an overdraft. However, this service does not 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 no minimum balance is required to win.
Wells Fargo Platinum Savings
Wells Fargo Platinum Savings is just like a savings account, although it shares some features with a money market account. More specifically, Platinum Savings offers the possibility of issuing checks; But just like with a money market account, withdrawals (either directly or by written check) are limited to six per month.
Savers can expect a 0.03% APY with Platinum Savings, there is a 0.06% bonus APY if you also have a Prime Checking account (see below) Portfolio by Wells Fargo (see below Qualifying checks and you lose the bonus rate)
Customers can open a Platinum Savings account with just $ 25 and there is no minimum sales requirement to earn interest. However, there is a monthly fee of $ 12 on can only waive by maintaining a minimum daily balance of $3,500.
Savings Accounts of Wells Fargo
- Name of the Account
- Account Opening Deposit (Minimum Amount)
- Waivers Fee
- The APY
- Twenty Five Dollars
- Five Dollars
- $ 300 minimum daily balance OR automatic savings transfers
- 0.01 Percent
- Platinum Savings
- Twenty Five Dollars
- Twelve Dollars
- Minimum daily balance of $ 3,500
- 0.01 Percent
Daily Checking is Wells Fargo’s basic checking account option, the one that most customers will love. You can open an account with $ 25, but expect to pay a monthly fee of Ten Dollars unless you meet one of the following waiver conditions:
- You have to make at least 10 debit card purchases per month
- Have $ 500 or more in eligible direct deposits per month
- Maintain a minimum daily balance of One Thousand Five Hundred Dollars
- Be between 17 and 24 years old
- Are a student with a Wells Fargo Campus ATM or Campus Debit Card
While it’s relatively easy to avoid the monthly fees, make sure you know what other fees you might face, including a $ 2.50 off-network ATM fee and a $ 35 overdraft fee if you are using your account overdrawn. If you buy overdraft protection with a linked savings account, you can avoid the painful $ 35 fee, but you’ll still have to pay a transfer fee of $ 12.50 when the money goes from savings to verify.
The preferred check represents the lowest level 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 for as little as $25, although it comes with a maintenance fee of $ 15 per month. However, as with other Wells Fargo accounts, there are several exemption options. These include:
Maintain a minimum deposit balance of $10,000 on all Wells Fargo accounts. Make qualified direct deposits of $1,000 or more each month. Link a Wells Fargo Mortgage to Verification.
In addition to generating interest, Preferred Checking also offers several advantages that differentiate it from the Everyday Checking account: $10 off personal style checks
Reimbursement of one off-network ATM fee per month Free cashier’s checks and money orders.
As with the Everyday Checking account, expect to pay a $ 35 overdraft if your account is overdrawn. If you have a linked savings account and have opted for Overdraft Protection, the transfer fee for this service is $ 12.50 each time a direct deposit is triggered for an overdraft.
As a premium bank account, Portfolio by Wells Fargo offers clients a number of important benefits, especially if you have multiple linked accounts. Essentially, the Portfolio account is an interest-bearing checking account, although the APY of 0.01% is currently unimpressive. Expect a maintenance fee of $ 30 per month, unless you meet one of the exemption conditions:
Maintain at least $ 25,000 in eligible linked bank deposits, or have at least $ 50,000 in the eligible linked bank, brokerage, and credit balances
Additional benefits available
There are additional benefits available to portfolio account holders that can potentially compensate for the low APY. Specifically, account holders also enjoy the following benefits:
On additional linked checking or savings accounts, there are No monthly fees.
Free Wells Fargo Personal Wallet checks, cashier’s checks, and money orders upfront Overdraft Protection Fee for a Qualifying Tied Home Equity Line of Credit Interest rate reductions on certain new home equity loans, personal loans, and lines of credit.
Account-holders who maintain an eligible balance in excess of $ 250,000 also reduce exemption fees on inbound transfers, chargebacks, and overdraft protection transfers, as well as unlimited reimbursement of ATM fees. Offsite network in the United States
Finally, Portfolio clients also have access to Wells Fargo advisors for investment advice, as well as Wells Fargo Intuitive Investor and WellsTrade Online and Mobile Brokerage account discounts.
Wells Fargo’s other financial products and financial services
Additionally Savings Credit Cards and Deposit Accounts.
As well as Wells Fargo offers the following products and services to its customers:
- Financial advisors
- Purchase mortgages
- Refinance mortgages
- Home equity lines of credit (HELOCs)
- Car loans
- Self-directed trading
- Managed investment portfolios
- Private banking
- Home equity Loans
- Business Loans
- Student Loans
- Personal Loans
Customer Service of the Wells Fargo Bank
Customers can contact Wells Fargo Bank in many ways.
Hotline: Phone, available 24/7 (1-800-869-3557), E-Mail, Facebook is available seven days per week, Twitter is available seven days per week, An inclusive section for help on the Wells Fargo Bank website.
Bank with Wells Fargo
Prospective customers can open a new Wells Fargo account online or at a bank branch, although many branches are currently closed following the coronavirus situation. However, applying for an account online provides instant feedback on the status of the application.
Once you’ve created a Wells Fargo account, you can manage your banking needs online and with the mobile application.