Wells Fargo has jumped on a banking trend toward the elimination or reduction of overdraft penalties.
Each bank account has a $25 minimum starting deposit and monthly fees between $5 and $35.
With so many interest-bearing checking account options on the market, the lack of APY is a major downside.
As of 2024, Well Fargo does not charge for returned non-sufficient fund items.
Or you’re able to try Wells Fargos top-tier checking account: Premier Checking.
Premier Checking
Wells Fargos Premier Checking bank account offers premium perks to its premium customers.
Plus, you get discounts on investment accounts and investment advising.
In return, Wells Fargo expects you to keep a high balance.
In fact, you need a whopping $250,000 balance to avoid the $35 monthly fee.
Its checkless, and you might only draw out what you have on hand.
Because of that, youll never experience an overdraft fee.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
So why do people choose Wells Fargo?
The convenience and comfort of access to your cash.
Its easy to find an ATM or even a brick-and-mortar branch.
People like the comfort of easily moving their money.
Even a $100,000 account balance will bump you up to 1.01% APY.
What Other Services Does Wells Fargo Offer?
If youre looking for more, Wells Fargo Bank most likely has it.
Take a look at other financial services and benefits Wells Fargo offers.
Small Business Banking
We think Wells Fargo is one of thebest banks for small businessesin general.
We like its small business checking and savings account offerings because of their low fees.
Did you know?
With the account, you get 100 free transactions and $5,000 worth of free cash deposits each month.
After that, transactions cost $0.50 and cash deposits cost $0.30.
Plus, you have access to the Wells Fargo mobile app and their small business customer service phone center.
The other two business solutions go up in cost and offerings.
Similar transaction rates apply after you hit these free limits.
However, you have the possibility of earning interest on this account, so thats a plus.
It includes up to five linked Optimize Business Checking accounts and access to treasury management services.
Certificates of Deposit (aka CDs)
Wells Fargo does offer several options forfixed rate CDs.
But it requires a steep minimum opening deposit of $2,500.
Interest rates have improved recently with a range of 1.5% to 4.5% APY.
The only question is which one.
We suggest the Wells Fargo Active CashSM for its unlimited 2% cash back on all purchases.
After the introductory period, the APRs range from 18.24% to 29.99%.
Loans
Wells Fargo offers personal loans, home loans, and auto loans with competitive rates.
you’re able to check out the rates published daily.
Pick the best rate for your budget.
Wells Fargo Mobile App
Customers give the Wells Fargo Mobile app solid reviews.
We also like the Control Tower option that lets you easily turn your card off if youve misplaced it.
Pros and Cons of Wells Fargo
So how does Wells Fargo compare overall to other banks?
Frequently Asked Questions (FAQs) About Wells Fargo
Still wondering?
Look below, weve answered some of the top questions people have about Wells Fargo.
And, of course, Wells Fargo is FDIC insured.
We think its all a step in the right direction, but ultimately its up to you.
Wells Fargo Bank shows up strong when it comes to convenience, fee waivability, and small business offerings.
Wells Fargo struggles, however, with below national average APYs.
Wells Fargo should also be avoided by people who struggle with overdraft fees.
The standard overdraft fee is $35 at a max of three a day.
That makes an overdraft slip up pretty expensive.
Robin Hartill, CFP, is a senior editor and writer at The Penny Hoarder.
Personal finance writer Whitney Hanson is a contributor to The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
