Overall Review of Wells Fargo
As one of the largest banks in the US, Wells Fargo has a large number of ATMs and branches. While it has a wide variety of financial products, it has extremely low rates and high fees.
Pros & Cons
- $35 overdraft fee
- 0.01% APY on standard savings account; better rates available elsewhere.
- Recent scandals affect trustworthiness
Credit: North Loop
Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes
Wells Fargo Savings Account Review
Wells Fargo’s Way2Save account has a $5 monthly fee, which can be waived by holding a daily balance of $300. With an APY of 0.01%, you can’t get a lower rate and are better off looking at other online options to grow your savings.
Wells Fargo CDs Review
Wells Fargo offers a few certificates of deposits, with high minimum requirements and unfriendly term limits.
Wells Fargo Checking Accounts Review
Wells Fargo’s Everyday Checking has a $10 monthly fee that can be avoided in one of several ways: making 10 debit payments, $500 in direct deposits or by keeping a minimum daily balance of $1,500 each month. College students can also avoid the fee. There’s no yield, so you won’t see your money grow with compound interest. Checking account holders can take advantage of over 13,000 Wells Fargo ATMs, which trails Chase’s and Bank of America’s 16,000-ATM networks.
Wells Fargo has a $10 monthly fee on its Everyday Checking Account, and to avoid this you need to either make 10 debit payments, have a minimum daily balance of $1,500 or have $500 in direct deposits. The checking account has no yield, which compares poorly to online checking accounts which are high yield (such as North Loop).
While the bank has 13,000 free ATMs, this is smaller than other large banks such as Chase, as well as online account providers such as North Loop.
The overall banking experience
We must note that the bank has paid billions of dollars in fines for creating unauthorized accounts for its customers, and then discreetly charging them.
Wells Fargo, unlike Chase and Bank of America, has 24/7 customer support as well.
Fees at Wells Fargo
Wells Fargo Checking Accounts charge the following fees:
- $10 monthly fee, or $1,500 minimum balance
- $15 incoming wire fee
- $25 outgoing wire fee (domestic)
- $40 outgoing wire fee (international)
- $2.50 non-Wells Fargo ATM fee
- $5 international ATM fee
- 3% Foreign Transaction Fee
Hey, since we have you - North Loop charges no outgoing wire fees, no incoming wire fees and no ATM fees at any ATM in the world! And of course, it has no minimum or monthly fee.
Overdraft Fees at Wells Fargo
Overdrafting on your account is expensive at Wells Fargo. If you overdraft on your account, Wells Fargo will charge you $35 each time, up to a maximum of three times a day ($115 a day). Wells Fargo offers overdraft protection, but that costs a $12.50 transfer fee everytime you move money from your linked savings account to your checking account to cover that overdraft transaction.
Online Banking at Wells Fargo
Wells Fargo has a fairly strong online banking experience - you can deposit checks, pay other users, and pay bills using the app. Similar to other legacy banks, you may find some experiences require you to call or visit a branch rather than be able to do everything online.
North Loop Checking Accounts
Sick of fees and account minimums? North Loop is a no-minimum, no-fee checking account - you could save over $300 a year with a North Loop account vs. a Wells Fargo Account. Signing up takes 5 minutes, and you can link any other bank account you have to our powerful spending analysis tools! Sign up here