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Wells Fargo Review: Large Branch and ATM Network, but Low Customer Satisfaction

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Robin Hartill, CFP
Reviewer: Robin Hartill, CFP
Robin Hartill, CFP
Robin Hartill, CFP
Writer

Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

Wells Fargo

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Wells Fargo offers a variety of banking accounts and relationship benefits, including rare perks like loan discounts to those with multiple accounts. It's also one of the few banks to offer a debit card to savings account customers, and its branch network shines with a large national footprint.

Pros
  • Variety of checking accounts
  • Relationship benefits for loyal customers
  • Debit card with savings accounts
  • Ability to bank all in one place
Cons
  • Checking account fees
  • Low APYs
  • Poor customer service ratings
  • No long-term CDs
  • High overdraft fees

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Wells Fargo right for you?

Wells Fargo is a good choice for you if:

  • You want to handle multiple accounts in the same place.
  • You're seeking brick-and-mortar branch access and a wide network of ATMs.
  • You want a bank that offers relationship benefits.

Bank fees

Wells Fargo fee Charge
Monthly service fee (checking) Clear Access Banking: $5
Everyday Checking: $10
Prime Checking: $25
Premier Checking: $35
Monthly service fee (savings) Way2Save®: $5
Platinum Savings: $12
Non-bank ATM fee Fees from non-Wells Fargo network or operator may apply; Wells Fargo will reimburse both one fee from a non-bank ATM in the U.S. and one fee from a non-bank ATM outside the U.S. per statement cycle
Overdraft fee $35 per item
Stop payment request $0 for paper or ACH items
Incoming wire transfer fee $15
Outgoing wire transfer $25 (digital wire), $40 (branch)
Data source: Wells Fargo

Savings accounts

Wells Fargo offers two savings accounts, the Wells Fargo Way2Save Savings account and the Wells Fargo Platinum Savings account.

Wells Fargo Way2Save Savings

The Wells Fargo Way2Save Savings is the better choice for teenagers and those who usually don't keep much money in savings. It has a $5 monthly fee, which can be waived in several easy ways

The interest rate is below the national average. Nevertheless, Wells Fargo tries to make up for it with other features you don't often see in brick-and-mortar savings accounts. For example, this account includes a debit card for direct access to cash.

It also offers automatic savings tools, like Save As You Go® transfers. If you have this feature enabled, Wells Fargo will automatically transfer $1 from your linked Wells Fargo checking account to your Way2Save® Savings account whenever you make a nonrecurring debit card purchase or pay a bill online.

Ratings Methodology
Rates as of Dec 20, 2024

Wells Fargo Way2Save Savings

Read Review
Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.01%
Min. To Earn APY
N/A
  • Easy access to savings
  • Account fees can be waived
  • Save As You Go helps you save money
  • Low APY
  • No check-writing privileges
  • Potential for a $5 monthly fee

The Wells Fargo Way2Save Savings offers a safe, FDIC-insured place to store savings, as well as numerous ways to withdraw and deposit cash. It has an extremely low APY (no tiers earn at a higher rate), but if in-person banking is important to you, this account could offer more flexibility than online banks.

  • The Wells Fargo Platinum Savings account is the smarter option for those interested in doing all of their banking with Wells Fargo.

    This account includes a debit card. It also features automatic savings transfers. You can link your Wells Fargo Platinum Savings account to your Wells Fargo checking account as well for overdraft protection.

    The monthly maintenance fee is $12, though you can avoid it if you maintain a minimum daily balance of $3,500. Both the fee and the balance requirement to have the banking fee waived are much higher than with the Wells Fargo Way2Save Savings account. Make sure you are comfortable meeting these before you sign up.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Wells Fargo offers one type of certificate of deposit (CD).

Wells Fargo Standard CDs give you the choice between a three-month, six-month, or one-year term, though additional terms may be available at your branch. Surprisingly, it doesn't offer traditional CDs with terms longer than one year, so it's not ideal for those who hope to build a CD ladder.

Minimum balance requirements are not unreasonable, but they are a little higher than you see with some other banks. APYs are pretty low, even for those with larger balances.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Wells Fargo Standard CD
Wells Fargo Standard CD
MINIMUM DEPOSIT $2,500 for Standard, $5,000 for Special
Read Review
3 Mo. APY 4 Mo. APY 6 Mo. APY 7 Mo. APY 1 Yr. APY
up to 2.01% up to 4.51% up to 2.01% up to 4.26% up to 3.26%

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Wells Fargo has four personal checking accounts. All checking accounts have a $25 minimum opening deposit. The bank also charges overdraft fees of $35 up to three times per business day to checking account customers who don't have overdraft protection.

Wells Fargo Clear Access Banking

This bank account has a $5 monthly fee that's waived if you're 24 years old or younger or if you link a Wells Fargo Campus ATM Card or Campus Debit Card to the account. Those under 24 years old don't pay a monthly fee at all. Like the Everyday Checking account, it offers online and mobile banking tools as well as a debit card for easy access to your funds. However, you can't write checks from the account.

Ratings Methodology
Rates as of Dec 20, 2024

Wells Fargo Clear Access Banking

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0%
Min. To Earn APY
N/A
  • Large network of physical branches and ATMs
  • Highly-rated mobile app
  • Wells Fargo Campus Card for participating colleges
  • Low APY
  • High overdraft and international payments fees
  • High requirements to qualify for waived fees

Wells Fargo has about 5,200 branches worldwide, with over 13,000 fee-free ATM locations, and The Wells Fargo Campus Card Program offers banking services at 27 schools in 13 states. Wells Fargo also has a program where students can take advantage of CollegeSTEPS® planning resources, which includes exclusive access to over 7 million scholarships.

  • The Wells Fargo Everyday Checking account pairs well with the Wells Fargo Way2Save Savings account. The account has a $10 monthly maintenance fee that's waived if you maintain a $500 minimum daily balance or have $500 worth of electronic deposits.

    The account is also free if you're a college student with a linked Wells Fargo student bank account, or if you're age 24 and younger. The account includes online and mobile banking tools, plus budgeting tools, and it comes with a debit card and check-writing capabilities.

  • This account offers a modest rate of interest and special perks like discounted rates on some Wells Fargo loan products. It also has higher limits for transferring money between banks than its other checking accounts. But you have to keep a balance of $20,000 at the end of each statement period to avoid its $25 monthly fee.

  • The Premier Checking account requires a $250,000 balance at the end of each statement period to avoid the account's $35 monthly service fee. You can only open a Premier Checking account by visiting a Wells Fargo branch in person. The account offers a higher level of relationship banking benefits and discounts than the Prime Checking account.

Customer experience

Wells Fargo scored second to last in the 2023 J.D. Power U.S. National Banking Satisfaction Study. This may be a source of concern for some potential customers, particularly those who are interested in a brick-and-mortar bank because they believe it offers superior customer service.

The bank's customer service may not affect your day-to-day experience, though, particularly if you're used to managing most of your money online.

Customer reviews

Wells Fargo has an F rating with the Better Business Bureau as the result of government actions against it and its failure to respond to multiple complaints; the bank is not accredited by the BBB. Trustpilot reviews for Wells Fargo are mostly negative as well.

  • Better Business Bureau rating: 1.07 out of 5
  • Trustpilot rating: 1.5 out of 5

Customers frequently complain that they encountered difficulty disputing unauthorized charges. Many also say that they were charged fees they weren't aware of when they signed up for banking products and that they had difficulty closing their accounts. Although it's been nearly a decade since the Wells Fargo fake account scandal came to light, many recent reviews still cite the debacle as a reason they don't trust the bank.

Wells Fargo's general banking customer service can be reached at 800-TO-WELLS. You can also get help from customer service at a local branch.

Mobile app

Both the iOS and Android versions of Wells Fargo's mobile app get high ratings:

  • App Store rating: 4.9 out of 5 stars
  • Google Play rating: 4.8 out of 5 stars

Customers can use the Wells Fargo app to manage their accounts, review transactions, deposit checks, and track their savings goals. The bank's Ask Fargo™ virtual assistant uses AI to help customers gain insight into their finances and find answers to basic banking questions.

Physical locations

Wells Fargo has more than 4,000 locations and more than 11,000 fee-free ATMs. However, given Wells Fargo's robust digital tools and mobile app, you can handle many of your banking needs without setting foot in a branch.

How does Wells Fargo compare?

If Wells Fargo doesn't look like the right fit for your banking needs, consider these alternatives.

Wells Fargo vs. Chase

Chase is another brick-and-mortar banking giant, with about 4,700 locations and 15,000 ATMs in the U.S. Like Wells Fargo, Chase has a wide variety of checking and savings products, though its APYs are also extremely low.

However, Chase generally gets higher customer satisfaction marks from Wells Fargo. Chase ranked No. 2 for overall customer satisfaction on the J.D. Power 2023 U.S. National Banking Satisfaction Study.

Wells Fargo vs. Discover® Bank

If you're fine with handling your banking entirely online, Discover® Bank deserves a look. The online bank offers a competitive APY on its savings account and well as a rewards checking account. Discover also has a broad mix of financial products, including CDs, personal loans, and mortgages.

FAQs

  • The money you deposit at Wells Fargo is safe because it's FDIC insured. In the event that any FDIC-insured bank fails, customers are guaranteed to get back deposits of up to $250,000 per institution, per depositor, per account ownership category.

  • You can open most Wells Fargo checking and savings accounts online. However, there are a few exceptions. If you're younger than 18, you'll typically have to visit a branch to open an account. Opening a Premier Checking account also requires an in-person visit to a branch.

  • Wells Fargo has approximately 4,000 retail banking branches in the U.S., as well as approximately 11,000 ATMs.