February 11

Wells Fargo review 2020


Banking has now become a need of every person. Correctly, a working man needs a bank account for handling his expenses and earnings. Above all, a working person also needs a line of credit, which can support him in times of crisis when funds are in need. However, every bank charges different rates and provide different services. That’s why you have to know the comparative knowledge and reviews of your bank. So, you can decide the best for yourself financially.

We have brought you the review of Wells Fargo. And we will describe the upside and downside of its every service. So, you must keep reading further. It will educate you.

About Wells Fargo

This bank was founded in 1852 as a bank and express delivery service. It a seasoned bank, which is working with numerous branches all over the US. The bank offers a wide range of services, which include checking accounts, savings accounts, CDs, money market accounts, and mortgages. Moreover, it also provides financing for small businesses.

In 2016, it was fined for $100 for opening unauthorized accounts by Bureau of Consumer Protection. In 2008, it acquired many other financial services, which grew its business.

Overall Banking service

This bank has more branches than other banks in the US. And it is upgrading its technology for consumers, which results in a better experience.

What do we like?

  • It has the largest physical presence, with 6000 branches and 13000 ATMs.
  • It has a consumer-friendly overdraft policy, which serves the best near the payday by streamlining the flow of credits and debits.
  • You can avoid fees on checking accounts.
  • It is the industry leader in money management apps like Mint, which allows the sharing of bank data.

What do we not like?

  • You will get low yields on deposits and savings certificates, which is also lower than other banks.
  • The out of network ATM fees are higher, which are $2.5 per transaction.
  • It does not have a presence in 13 states, which creates problems for the consumer out of its state.

Saving accounts

You can initiate a savings account in Wells Fargo at $25. But you have to pay a $5 monthly fee. However, you can avoid monthly fees by maintaining daily $300 in your savings account. The savings account has a lower APY than the national average.

What do we like?

  • You will get check-writing privileges on the Platinum savings account.
  • You will get an ATM card on the Platinum saving account and other saving accounts.
  • The condition for minimum balance is lower than other popular banks, which is $300.

What do we not like?

  • You can get Higher APYs from other banking institutions.
  • The savings account provides much lower APY than the national APY.
  • You have to maintain a daily amount to waive recurring fees. Other banks do not have such requirements.

CD rates

This bank has CDs and special CDs with conditions that other banks do not offer. You can get step rate CDs, which provide increased yield. You can get an earned interest rate before its maturity. Your bonus rate is mentioned in your Portfolio of Wells Fargo. If you withdraw a CD before 12 months, then you have to pay a 3-month penalty.

What do we like?

  • You will get an automatically increased rate on the step rate CD.
  • You will get compounded interest on a daily basis.
  • You can get interest paid out monthly or less than a month period.

What do we not like?

  • You will get lower yields as compared to other banks.
  • There are a few standard term CDs.

Checking accounts

You can open a checking account with $25. But you have to pay a $15 monthly fee. You can avoid monthly fees by three methods, which are depositing $10000, or a direct deposit of $1000, or link a mortgage with the account. Your checking account will also be affected by your credit history. You can also avoid daily checking fees with a monthly $10 fee.

What do we like?

  • You can get interest with a high balance, which must be above $500.
  • You can avoid monthly fees with a direct deposit.
  • You can also avoid monthly fees with a linked mortgage.

What do we not like?

  • You will get a lower interest rate, which is higher in other banks.
  • You will be charged $35 for an overdraft, which can reach $105 daily.

Money market accounts

You will get check-writing privilege on Platinum saving. That’s why it is treated as a money market account. Other saving accounts do not have such privilege. The Platinum saving account offers APY, which is more than six times the national average that also lasts 12 months or $25000. Wells Fargo has the highest yield at $100000.

What do we like?

  • Your APY on the Platinum saving account is competitive.
  • You can deposit as minimum as $25.
  • You will get introductory APY higher than the national average.

What do we not like?

  • You can get a more stable APY than Wells Fargo bonus APY from other banks.
  • If you have checking account elsewhere, then it is not the right account for you.
  • You have to maintain a minimum of $3500 to avoid fees.
  • You will get the APY if you have $25000. And you will not get the APY on $2499.99.

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Bank experience

Wells Fargo is known for its customer scandals. But it has the best digital banking services. That’s why you can operate the account from any place in the world if you have an internet connection.

The mobile app is solid, and it has gained popularity, along with praise from all reviewers. And the bank is continuously adding more and more features, which is making customer’s life easier. You can also track your shared banking information.

Wells Fargo has a great physical presence due to 13000 ATMs. Moreover, it also wishes customers on their birthdays.

Final thought

We think that Well Fargo is the right bank for you if you want the best digital services and ATM services. However, it has higher fees as compared to other brick and mortar banks. Have a good day, and work towards your success.


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