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Wells Fargo Checking Account Review
Wells Fargo at a glance
|Bank||Minimum Deposit||ATMs||J.D. Power Survey Score||Key Benefit|
|Wells Fargo||$25||13,000+||2/5||Thousands of branches around the country|
What we like about it
One of the main benefits of a checking account at Wells Fargo is the convenience of banking with a national bank with thousands of branches around the country. As of 2020, it has over 7,400 branch locations and over 13,000 ATMs nationwide. If you ever have a problem with your account, need to access in-person services like depositing cash or getting a cashiers check or if you simply prefer to conduct most of your banking in-person, Wells Fargo has the advantage in terms of sheer ubiquity. Wells Fargo also has a mobile banking app, which can be handy if you prefer to view your accounts and do your banking on the go, and they also offer overdraft protection through a linked savings account or credit card. Some Wells Fargo checking accounts, including Preferred Checking and Portfolio Checking, earn interest, which is a perk not all banks offer.
Things to consider
While Wells Fargo does have some positive aspects, we don’t recommend Wells Fargo checking accounts for most consumers. Wells Fargo has a history of misconduct, including a fake account scandal, illegally repossessing cars, wage violations and more. When it comes to checking accounts, Wells Fargo charges monthly maintenance fees of up to $30 per month. While there are a variety of ways these fees can be avoided, they still pose an unnecessary cost to some consumers. Wells Fargo does offer overdraft protection if you link a savings account or credit card to your checking account, but this is accompanied by an overdraft services fee. Ultimately, Wells Fargo doesn’t offer much in the way of perks to outstrip its competitors and has a variety of downsides along with a history of mistreating customers and employees.
What you need to know
Wells Fargo offers several different types of checking accounts: Everyday Checking, Preferred Checking, Portfolio Checking, Teen Checking and Opportunity Checking.
- Everyday Checking – Wells Fargo Everyday Checking has a $10 monthly service fee, a $25 minimum opening deposit and is a good choice for students and young adults.
- Preferred Checking – Preferred Checking has a $15 monthly service fee, a $25 minimum opening deposit and earns 0.01% APY.
- Portfolio Checking – Portfolio Checking has a $30 monthly service fee, a $25 minimum opening deposit, earns interest at a rate of .01% APY and comes with access to the Wells Fargo Premier Banking Team for 24/7 personalized phone service.
- Teen Checking – Teen Checking is available for teenagers from 13-17 years old, who can open an account with an adult co-owner. The account has a $0 monthly service fee and is the only Wells Fargo free checking account. Teen Checking has a $25 minimum opening deposit and parents can set limits on purchases and withdrawals.
- Opportunity Checking – Wells Fargo Opportunity Checking is a good choice if you don’t qualify for another kind of checking account. This account comes with a $10 monthly service fee and a $25 minimum opening deposit.
Wells Fargo does have a mobile app available for Apple and Android devices. Using the app, customers can deposit checks, transfer money, pay bills and set up alerts. They can also quickly and easily review their accounts, turn cards on or off and view recurring payments. According to J.D. Power’s mobile app satisfaction study, Wells Fargo’s mobile app receives an impressive 5/5 score.
Fees and penalties
Wells Fargo checking account fees vary depending on the type of account. Almost all Wells Fargo Checking accounts (with the exception of Teen Checking) come with monthly maintenance fees of $10 to $30. Wells Fargo also charges ATM fees, overdraft services fees, and fees for cashier’s checks, cashed or deposited returned items, check printing, excessive activity, international debit card purchases, money orders, stop payments and wire transfers.
Wells Fargo vs. Alliant Credit Union
If you’re looking for the ease and convenience of a national bank along with the customer satisfaction of a credit union, you might want to consider Alliant Credit Union. Alliant offers a high-interest checking account with .25% APY, which is 25 times the rate that Wells Fargo offers. While Wells Fargo may have more branches and ATMs around the country, Alliant offers access to over 80,000 surcharge-free ATMs, along with an out-of-network ATM fee rebate of up to $20/month. However, Alliant doesn’t have as many brick and mortar locations as Wells Fargo. Alliant also offers a mobile app, and a checking account comes with a free debit card and first box of checks. Alliant has no monthly maintenance fees, no minimum balance requirements and no maximum balance limits. Like Wells Fargo, Alliant does charge foreign transaction fees, non-sufficient funds fees and check printing fees.
Compare top bank accounts
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