Vault’s Viewpoint
- Wells Fargo offers a compelling sign-up bonus of $325 on checking accounts for new customers.
- Easily accessible customer service and ATMs, as well as a comprehensive mobile app and integration with other products, make Wells Fargo a compelling choice for banking.
- Disadvantages to this bank include poor interest rates and fees.
1. Sign-Up Bonus
Wells Fargo is one of many legacy banks that offer sign-up bonuses for opening checking or savings accounts. I was initially lured to this account by the prospect of an easy $325 Wells Fargo bonus offer. To obtain the bonus, I had to receive $1,000 in direct deposit funds within 90 days of opening the account.
I wasn’t sure whether I was going to keep the account after I received the bonus, but I found several reasons to stay with Wells Fargo.
2. It Made Paying My Choice Hotels Credit Card Easy
I had obtained a Choice Hotels credit card, one of the best Wells Fargo credit cards, several months earlier. Once I opened my checking account, the Wells Fargo portal automatically linked with my Choice Hotels card. The online portal allows me to pay my card easily, and transfers are instant.
3. In-Person Bank Branches
I have several online bank accounts, which I use and love. The biggest kicker is talking to a human helper when I need one. Each call to customer service is usually a minimum of 30 minutes of my time, and I dread making those phone calls. In my experience, going into a physical branch is often easier and quicker than waiting on hold.
With 4,276 branches across the U.S., I don’t have to go far to find a Wells Fargo banker to answer my questions or fix any issues with my account.
4. A Huge ATM Network
I don’t need cash often, but it can be a hassle to get it from my online bank accounts when I do. Even if my online bank doesn’t charge fees, the ATM provider usually does.
I love that Wells Fargo has over 11,000 ATMs, and I can always be sure I won’t incur any fees when I use one. Most of these terminals also allow me to deposit checks and cash.
5. Customer Service
Contrary to popular belief, the customer service at my local branches has been fantastic. Wells Fargo has taken steps to rebuild their reputation after several lawsuits, and it’s showing.
According to Jim Seitz, Communications Director for Consumer and Small Business Banking at Wells Fargo, “Creating better experiences for our customers is our top priority, and we are committed to driving constant progress in this area. Our digital ecosystem complements our in-person service. Customers can start a process online and seamlessly continue in a branch, or vice versa, ensuring a consistent and efficient experience.”
I saw this play out recently, as I stopped into my local branch to initiate a wire transfer to an out-of-state relative. I had never done a wire transfer before, so I asked the teller about how to do it and how much it would cost. She said it was cheaper to do it in the app and walked me through how to complete the process. She could have just completed the wire transfer at the branch and taken the higher fee, but she put my needs as a customer first instead.
6. Mobile App
Wells Fargo’s mobile banking app is as robust as any I’ve dealt with. It includes mobile check depositing, transfers via ACH and Zelle and bill pay. I can even do a wire transfer, check my FICO credit score and order a replacement debit card from the app.
Disadvantages of the Wells Fargo Checking Account
While I love many of the features of the Wells Fargo Checking Account, I don’t love a few. Here are some of the downsides I’ve seen with this account.
Fees
Most online banks have done away with monthly maintenance fees; most of the banks that still charge them are large, legacy institutions that have physical branches to keep up. Wells Fargo fits into this category and charges a $10 monthly maintenance fee.
That said, you can avoid this fee if you maintain a $500 balance or receive at least $500 in direct deposits per month. Military members, students and customers ages 17-24 do not need to pay the fee.
Interest Rates
Nobody banks with Wells Fargo for the interest rates. At the time of publication, the interest rate on their checking account is a paltry 0.01%, and the Wells Fargo savings account interest rate on its Platinum Savings Account is 0.05%. According to FDIC data, both are well below the average interest rates for these types of accounts.
Checking and savings accounts with the best online banks currently offer interest rates as high as 6%. For this reason, I plan to keep my online checking and savings accounts and use the Wells Fargo account only to receive direct deposits and pay bills.
Alternatives to the Wells Fargo Checking Account
Wells Fargo isn’t the only large bank with a host of physical branches. Let’s compare its Everyday Checking account to those of other popular legacy banks.
- Chase Bank vs. Wells Fargo. Chase is the largest legacy bank in the U.S. by assets and has over 16,000 ATMs and 4,800 branches in 48 states, so it has a larger physical footprint than Wells Fargo. They offer a similar sign-on bonus for their checking account, though it’s currently slightly lower than Wells Fargo’s ($300 vs. $325). Chase’s checking account comes with a waivable maintenance fee of $12.
- Bank of America vs. Wells Fargo. While Bank of America is larger than Wells Fargo in assets, it has a smaller number of branches—3,736 to Wells Fargo’s 4,276. Bank of America has approximately 15,000 ATMs. The bonus offer for the Bank of America account is currently only $200, and the $12 fee is waivable.
- U.S. Bank vs. Wells Fargo. U.S. Bank is smaller than Wells Fargo by nearly every measure. It has only 2,243 branches in 26 states (Wells Fargo is in 36 states). U.S. Bank offers a current sign-up bonus of up to $450, but you’ll need a larger total of direct deposits to earn this increased bonus. The bank’s checking account charges a $6.95 fee, which is waivable.
Frequently Asked Questions
What Do I Need to Open a Checking Account at Wells Fargo?
You can open a Wells Fargo checking account online in just a few minutes if you have all of the following:
- A Social Security number (or Individual Tax Identification number)
- A permanent physical or residential address
- A mobile phone number
- A $25 initial deposit
- You enroll in online banking
- You are at least 18 years old
If you’re younger than 18 or lack any of those items, make an appointment to open an account at a branch location. You’ll still need proof of ID (a primary and a secondary form) and proof of address.
Can I Open a Wells Fargo Checking Account for Free?
No. All of Wells Fargo’s checking accounts require at least a $25 deposit and charge a monthly maintenance fee. However, you can waive the fee if you meet the bank’s requirements (such as a minimum direct deposit amount or daily balance).
Why Does Wells Fargo Charge a Monthly Maintenance Fee?
Banks (especially big ones with many physical branches to maintain) charge monthly fees to offset their overhead costs. However, you can waive Wells Fargo’s monthly maintenance fee in several ways, such as keeping a $500 minimum daily balance or receiving over $500 in direct deposits monthly.
