Wells Fargo Bank Review: Checking Accounts, Savings Accounts and CDs| North Loop Official Blog
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North Loop
24 Feb 2020

Wells Fargo Bank Review: Checking Accounts, Savings Accounts and CDs

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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

Pros:
  • 13,000 free ATMs.


Cons:
  • $35 overdraft fee
  • 0.01% APY on standard savings account; better rates available elsewhere.
  • Recent scandals affect trustworthiness
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Credit: North Loop

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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

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.