WELLS FARGO REVIEW: PROS, CONS, SERVICES, AND MORE

WHAT IS WELLS FARGO?

Established in 1852 as a bank and an express delivery company, Wells Fargo provides a comprehensive array of banking services, including savings and checking accounts, certificates of deposit, money market accounts, mortgages, and various types of loans.

In 2016, Wells Fargo faced a $100 million fine from the Consumer Financial Protection Bureau due to widespread unlawful practices involving the secret opening of unauthorized accounts. This transgression compelled the bank to alter its sales methods, such as implementing an email confirmation for customers after initiating a deposit account.

With a presence in 40 states, Wells Fargo can be an appealing choice if you prioritize access to your accounts that span nearly the entire nation.

The majority of its 4,500 branches are concentrated in California, Texas, Florida, North Carolina, New Jersey, Virginia, Pennsylvania, and Georgia.

Wells Fargo

PROS AND CONS OF WELLS FARGO

Now that you know a bit about Wells Fargo, let us look at its advantages and disadvantages.

PROS

High accessibility: many locations. With over 12,000 ATMs that are located across 37 states and the District of Columbia, this bank is one of the more easily accessible significant banks in the country. It has about 4,900 branches.

Wells Fargo frequently waives monthly costs, but you can avoid them in various ways. Wells Fargo charges maintenance fees on most of its deposit accounts. You will likely be eligible for one of the numerous waivers.

Apps for innovative, secure exchange of data and money management: If you use Mint, QuickBooks Online, and TurboTax online, you can interact easily and securely thanks to a partnership between this bank and Intuit that was established in 2017.

Through this innovative step, you can simply share data with these Intuit tools to manage your finances without endangering the security of your accounts.

CONS

Low-interest rates: Unlike their online competitors, account APYs at traditional brick-and-mortar banks tend to be lower. However, Wells Fargo provides relatively low rates on all its savings alternatives (now 0.01%-0.02%).

Each savings account also contains a monthly fee, so if you cannot avoid it—for instance, if your account goes below the minimum daily balance—you will lose money on your investment.

Costs for overdrafts are assessed up to three times each day: Every time you overdraw your account, Wells Fargo assesses a $35 overdraft fee for their Debit Card Overdraft Service. Unfortunately, the bank’s rules allow for a maximum of three overdrafts per day, which means that a single day’s errors may set you back $105 in overdraft penalties.

In contrast, if you’ve selected Overdraft Protection, the bank will assess a fee once every working day; however, the fee will vary depending on the nature of the account from which the funds are taken out to pay the overdraft.

Costly scandals in the past: In 2016, it became known that Wells Fargo employees had engaged in illegal activity for years, which led to the creation of fake accounts, the charging of additional fees to customers, and the improper repossession of vehicles and homes.

Wells Fargo was ordered to pay billions in fines by the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Consumer Financial Protection Bureau.

OPENING AN ACCOUNT ON WELLS FARGO

Opening an account on Wells Fargo is simple. Visit the company website through your browser. On the open window, input your username and password. Click the ‘sign on’ button to finalize the process.

Wells Fargo Sign-On

HOW MUCH CAN YOU MAKE ON WELLS FARGO?

Wells Fargo Bank is prominent on the Fortune 1000 list and is the seventh-largest financial institution in the United States. Given its stature, it’s unsurprising that Wells Fargo’s credit cards outshine many competitors in their offerings. These cards offer two primary advantages.

Firstly, spending $1,000 or more within the initial three months as a Wells Fargo Active Cash card holder adds a $200 credit to your account. Secondly, if you are a cardholder of this type, you receive a 2% cashback reward on all direct purchases and orders. It’s worth noting that this cashback isn’t provided as a bonus; instead, it’s actual money, and there are no limits on its accrual.

2% Cashback

The annual percentage rate (APR) for the Wells Fargo Active Cash credit card remains 0% during the initial 21 months. Subsequently, depending on your credit score, the APR will be set at 18.24%, 24.74%, or 29.99%.

Additionally, the card includes several distinctive security features as part of its usage conditions. For instance, an optional insurance offering for $25 provides up to $600 in cell phone protection against damage or theft.

Moreover, the Zero Liability protection feature absolves cardholders of responsibility for any unauthorized transactions.

Wells Fargo Active Cash Credit Card

If you obtain an Active Cash credit card, you receive a $200 welcome bonus. The sole requirement to earn this bonus is to make purchases totaling $1,000 or more within three months of card usage.

It’s important to note that these expenses must be related to direct purchases or services and not include activities such as bank transfers, currency conversions, loan payments, or wagers. You can easily track your progress towards receiving the welcome bonus through the mobile app or by contacting the bank’s technical support.

SERVICES OFFERED BY WELLS FARGO

Wells Fargo has a lot to offer. Let us look at some of the services that the bank has to offer.

SAVING ACCOUNT

Wells Fargo Created the Way2Save Savings Account specifically to encourage savings. The account has a minimum deposit of $25 and a monthly service fee of $5. You can waive this fee with a $300 minimum daily balance or set up automatic transfers from connected Wells Fargo checking accounts.

Moreover, Wells Fargo automatically waives the monthly fee for account holders under 24.

Another savings incentive is the Save As You transfer, which transfers $1 from your Wells Fargo checking account to your Way2Save account after each qualifying transaction. These transactions include non-recurring debit card purchases and using the Wells Fargo online bill pay option whenever you pay a bill.

Wells Fargo also touts using your Way2Save account as overdraft protection for customers with checking accounts. If you sign up for this optional service, this bank will move cash from your Way2Save account into your checking account to cater for an overdraft.

However, this service doesn’t shield you from being charged a $35 overdraft fee once every business day. You can avoid the cost if a covering transfer or deposit is made on the same business day.

The Way2Save accounts offer an APY of 0.15%, and there is no obligatory minimum balance to qualify for this rate.

Wells Fargo’s Platinum Savings account provides the added feature of check-writing capabilities, along with the flexibility of unlimited monthly withdrawals.

Wells Fargo Way2Save Account

For the Platinum Savings account, you can anticipate an APY of 0.25%. However, linking a Portfolio Relationship by a Wells Fargo account can enjoy a relationship bonus APY of 0.26%. It’s important to note that closing the eligible checking account will result in the loss of the bonus rate.

Opening a Platinum Savings account requires just $25 as an initial deposit, and there are no mandatory balance prerequisites for earning interest. Nevertheless, there is a monthly fee of $12, which can only be waived by maintaining a minimum daily balance of $3,500.

Wells Fargo Platinum Savings

CHECKING ACCOUNT

The Everyday Checking account at Wells Fargo is their standard checking option, likely appealing to many customers. To open this account, you’ll need an initial deposit of $25, but it comes with a $10 monthly fee unless you meet one of these conditions to waive the fee:

1. Maintain a minimum balance of $500.
2. Receive $500 or more in qualifying direct deposits per month.
3. Fall within the age bracket of 17 to 24.
4. Be a college student with a linked Wells Fargo Campus ATM.

Although it’s relatively straightforward to avoid the monthly fee by meeting one of these requirements, it’s essential to be mindful of other potential charges. These may include a $2.50 fee for using an out-of-network ATM and a $35 overdraft fee if your account balance goes negative.

However, if you opt for Overdraft Protection with a linked savings account, you may avoid the hefty $35 overdraft fee. However, you’ll still incur a $12.50 transfer fee when funds are moved from your savings to checking to cover the overdraft.

Wells Fargo Everyday Checking

ONLINE INVESTMENT ACCOUNT

Access to the service may encounter limitations, delays, unavailability during peak demand periods, market volatility, system upgrades or maintenance, electronic communication or system issues, or other reasons.

During elevated trading activity, such as market openings or intra-day periods, you may encounter delays in system access or execution, possibly at prices significantly different from the market price initially quoted or displayed at the time of order entry.

A fee of $0 per trade is applied to commissions for online and automated telephone trading of stocks and exchange-traded funds (ETFs). When placing stock and ETF trades with an agent via telephone, you will incur a $25 agent-assisted trading fee. Each trade order is considered a distinct transaction subject to commission fees.

Orders that execute across multiple trading days may entail additional commission charges. A single commission will be assessed for multiple trades you enter separately but execute on the same day and market side. Additional fees and commissions apply to WellsTrade accounts. The fee schedule is subject to modification at any time.

Online Investment Account

CUSTOMER SERVICE

At Wells Fargo, you will have multiple avenues to contact customer service representatives, which include:

1. X (formerly Twitter), available seven days a week.
2. A detailed Help section is provided on the Wells Fargo website.
3. Telephone support, accessible 24/7 at 1-800-869-3557.
4. Traditional mail correspondence.
5. Meta, available seven days a week.

Wells Fargo Customer Service 

CONCLUSION

Wells Fargo offers numerous banking services. You can save money, invest it, or even acquire loans. With this in-depth review, you can easily make an informed decision.