In this Wells Fargo Bank review we examine what Wells Fargo has to offer. We review their savings, cds, money markets, and checking.
The stage coach and team of horses, along with the slogan, ‘Together we’ll go far,” represents the nationwide bank of Wells Fargo. Wells Fargo is part of the Big Four Banks in America, with Bank of America, Citigroup and JP Morgan Chase making up the other three. Wells Fargo has saving accounts, high yield accounts, CDs, loans and credit for personal use, small business use or commercial use.
Wells Fargo Accounts
Wells Fargo offers savings accounts and CDs based on the state you live in and also includes the Northern Mariana Islands , Guam, Puerto Rico and a few other places. The terms are basically the same, but may change slightly depending on where you live. The terms in this review are based on the state of Utah.
There are four different options of savings and CD accounts: Goal Savings, Money Market Savings, High Yield Savings and CDs. Wells Fargo savings accounts are set up so that monthly fees are waived if you set up an automatic monthly transfer from a Wells Fargo account, set up a direct deposit or maintain a set minimum balance. The minimum balance depends on which account you are opening. For example, the minimum balance of the Goal Savings account is $300, while the minimum balance of the High Yield Savings account is $25,000.
Wells Fargo savings accounts have other benefits including online banking, mobile banking, account alerts and saving tools that help you save money for the future. The rates for CDs are low, due to the economy, but if you can leave your money in for a long period of time, for at least 4 years, you have get a APY of 2.15 percent with a $5,000 opening balance. CDs with lower terms also have lower percentage rates.
Checking Accounts
Wells Fargo offers a variety of checking accounts most of which are included as a combination with a savings account. Each of the accounts require a $100 start up fee. If you open a checking account combined with a savings account, a minimum of $25 is required to transfer monthly from the checking account to the savings account. With the checking accounts, Wells Fargo offers a debit card, free online and mobile banking, and account alerts. Other benefits are available with high checking account packages. The monthly fees are waived as long as you meet the requirements set out by the bank.
Credit Cards and Loans
Wells Fargo offers loans for mortgage, home equity, automobiles and personal loans, as well as credit cards. The rates of the loans vary depending on the type of loan you are applying for, the amount you are needing and the conditions of the loan. Wells Fargo online offers a calculating tool to help you know the rates and payments of the loan you are wanting to apply for.
Other Benefits
Wells Fargo also offers checking accounts, savings accounts, credit cards and loans tailored specifically to college students and military personal. They also offer International Banking, Health Savings Accounts and banking for clients with a Wells Fargo balance of over $1 million. Wells Fargo also offers insurance for auto, home, life, health and businesses as well as identity and credit protection. If you are needing help on investing your money for retirement or other mutual funds, they have advisers waiting to help you with those decisions.
Conclusion of Wells Fargo Bank Review
Wells Fargo has some great options for a nationwide bank. Branches are available in all 50 states, plus other places. They have much lower savings rates than our best banks listed in our chart. While they have some annoying fees, in most cases, these monthly fees are waived, if you meet the terms and conditions the bank requires, most of which include transferring money into a savings account. The automatic transfer not only waives the monthly fees, but it helps you continually put money into an account for those rainy days.
Share you Review with Others
No bank review is complete without user’s experiences. Please share your review of Wells Fargo, be it good or bad. Just leave your comment below.
Wells Fargo,
Leave a Review OR ask a question:
October 1, 2011 at 6:05 pm
I am just experiencing the switch from wachovia..who I loved..to the wells fargo way of doing things..piss poor.., on top of the fact that on my very first statement I see a $2.00 check imaging fee..?? On top of this new $5.00 fee for debit card usage…It’s hard enough to defend my pocket without my own bank nickel and dime-ing me..
September 19, 2011 at 12:17 pm
I’ve been a customer of Wells Fargo for 11 years, and just recently closed my account. What I’m about to share I swear is not at all embellished, and details an experience that I hope will prevent others from suffering my fate.
Failure #1: I woke up to an email stating that I was overdrafted by several hundred dollars. When I checked the account activity, I noticed that my rent check had been cashed twice, under the same check number, but for different amounts (one was $40 more than what I wrote it for). This error on their part caused a transfer from my WF credit card to attempt to cover the overdraft. I called the bank and they acknowledged the error on their part, but the claims department would have to look into it which would take up to 5 days.
Failure #2: I called them on the the fifth day, and was told that due to filing the initial claim on a weekend that it didn’t go through, and I’d have to start another claim–taking up to 10 business days this time. Nearly in tears, I spoke with a supervisor at that time who was stone cold and just explained to me that “sorry sir, it just takes that long.” No offer was made of a credit advance, expedited service, nothing.
Failure #3: Seven days later the duplicate check was credited back to my account, but they credited the one for the original amount, allowing the one for $40 more to go through.
Failure #4: I called them to rectify the overdraft transfer placed on my credit card. They said they would pull the funds out of my checking and put it back on the card avoiding any overdraft interest charges. The next morning, I got an email for an overdraft charge again. This time, they had reversed the charge AND had another transaction for a “phone payment” on the card, doubling what should have been reversed, again leaving me in the red. I called them yet again, and they acknowledged the error, but told me that it would take another 10 business days for claims to clear it up.
Finally six days later they got it right.
September 15, 2011 at 12:05 pm
I wish they’d never taken over Wachovia. Avoid Wells Fargo’s checking account and its Online Bill Payment system. They deduct the money from your account the same day the payment is sent—even though they can take 2-5 days to get it to your payee. Basically you have to send it early to get it there on time, but they money is already out of your account. You’re better off mailing a check because at least them it doesn’t come out until your payee receives it.
August 17, 2011 at 3:01 pm
I used Wachovia and loved it. No problems. Then the switched and they failed to make a payment that I had scheduled through billpay during the transition period. I spent about twenty minuts on the phone with a rep he said that he would file a report and to call back in a few days. I called back the next day and there was NO RECORD of the call. I felt like I was dealing with a cell phone carrier. I am shopping around. Anyone want to recommend a bank in Florida?
July 14, 2011 at 7:32 pm
Wells Fargo assimilated Wachovia, who I had been using for years with no problems. I used to be able to have a payment on my BoA credit posted within two days of making the payment through Quicken Billpay. Now, apparently Wells Fargo (which I will be calling Well to Forego) has imposed some sort of delay where it now takes 6 to 7 days from posting the payment to it showing up. I consider that absolutely unacceptable, and am in the process of looking for a new bank. This is a step backwards into the 80′s, not a step forward into the 10′s. Wells Fargo, we won’t be going far together. At all.
July 9, 2011 at 10:21 pm
I also despise Wells Fargo. I have had numerous problems with them. They kept charging me a fee on one of my accounts because the balance was too low, but the only reason the balance was too low is that they took out the fee and the balance dropped below what it was supposed to be at! They did this for 6 months, every month, despite my complaints, until I finally just added another $15 to the account so that the next time they took out the fee the balance wouldn’t drop below the minimum balance. Also, when I opened that account, they were supposed to link it to my other accounts so that the total combined balances was three times what the minimum was, but they didn’t do that either. Their managers were rude, unhelpful and made empty promises or flat out denied any wrongdoing whatsoever. Talk about a bank that’s gotten so big that it doesn’t care about it’s customers anymore!!! What a disgrace. I hate this bank.
April 20, 2011 at 11:55 pm
Is there a way to give zero stars? Wells Fargo has done a horrific job of handling a problem between my checking acct and mortgage. The mortgage was overpaid by mistake. I let them know immediately. They said it would be credited back to my checking in one day. Two weeks and loads of overdrafts later, they still hadn’t. Then, when I asked them to redit me the overdraft fees, they pulled money out of my checking to put onto the crdit card so they could give me my $20.00 without telling me. I overdrafted again ( surprise!) and now owe them 20 bucks again. Nice. All because they promised to return an overpayment and never did. I am done with them. Thieves!!!