Wells Fargo Overview: Giant sign-up bonuses contain excessive charges

Wells Fargo is a Big Four bank that made big headlines in 2016 and 2017 about a scandal in which employees created millions of fake accounts to achieve their sales goals.

However, it is up to you to decide whether to trust Wells Fargo with your money or not. We're here to give you an honest look at the bank's check and save features for individuals and small businesses, as well as the general convenience and mobile banking features in this Wells Fargo report.

Wells Fargo Review: Pros and Cons

What we like:

Monthly service fees for basic Wells Fargo current and savings accounts can be easily waived.
The automatic refund is free and cancels some overdraft fees.
Inexpensive review and savings options for small businesses.
Wells Fargo is currently offering a $ 400 bonus to new customers who open a checking account and make monthly direct deposits of at least $ 4,000 for three consecutive months.

What we don't like:

The APY on savings accounts is well below the national average.
Not for ordinary overdrafts: The standard overdraft fee is $ 35 and overdraft protection costs $ 12.50 per transfer.
The trust factor: do you remember all this false account scandal?

Verification

Note: C.

Wells Fargo's most popular check option, the Everyday Checking account, has a fairly normal minimum deposit of $ 25.

It has a $ 10 monthly service fee, but Wells Fargo will waive if you meet any of the following conditions:

You have 10 or more direct debit transactions.
Have direct deposits of $ 500 or more.
Maintain $ 1,500 or more daily credit.
Are between 17 and 24 years old.

The money you keep in the Everyday Checking account does not earn you any interest. However, if you choose the Preferred Checking account, you will receive a tiny APY of 0.01% if you have a minimum balance of $ 500.

Wells Fargo overdraft fees are a whopping $ 35 a day limit. Overdraft protection is available if you have a linked Wells Fargo savings account or credit card. However, the transfer to cover your overdraft will cost you an impressive $ 12.50.

However, we like the automatic refund feature, which waives some overdraft fees when Wells Fargo receives an automatic transfer that covers at least the amount you overdrafted by 9 a.m. the following business day. This function is free and is automatically applied to all current accounts.

Wells Fargo is known for nice bonus offers for new customers: If you are a new customer and open a checking account, you will receive one $ 400 bonus When you set up and receive monthly direct deposits of at least USD 4,000 for three consecutive months. The offer is valid until July 31, 2020.

savings

Carmen Mandato / The Penny Hoarder

Note: C.

Wells Fargo's basic savings account, the Way2Save account, also has a minimum deposit of $ 25.

There is a $ 5 monthly service fee that is waived if:

You maintain a daily credit of at least USD 300.
You have set up at least one automatic transfer.
You are under 18.

We're also fans of the optional Save As You Go program, which transfers $ 1 to your savings account for every one-time direct debit purchase and automatic online bill payment.

However, the Way2Save account is not exactly a way to earn interest as your balance only earns 0.01% APY, which is well below the national average. The Platinum Savings Account has a standard APY of 0.05%, which is still below average, and requires a minimum balance of $ 3,500 to avoid the $ 12 monthly service fee.

Standard Wells Fargo CDs require a deposit of at least $ 2,500 and APYs are also below average. To see the Wells Fargo CD prices near you, Click here,

Small business banking

Note: B +

We think Wells Fargo is one of them best banks for small businesses generally. What we like about the offers for check and savings accounts for small businesses due to the low fees.

The Simple Business Checking Account has a minimum deposit of $ 25. There is a $ 10 monthly service fee that is waived on an average account balance of $ 500. You'll also receive 50 free transactions and free cash deposits worth $ 3,000 each month.

Only $ 25 is required to open the Business Market Rate savings account. There is a $ 6 monthly service fee that is waived with an average account balance of $ 500. The account has 20 free check deposits and free cash deposits worth $ 5,000 per month.

Convenience

Note: A.

Wells Fargo is hard to beat with more than 5,400 branches and 13,000 ATMs in the United States. Customer service is available around the clock.

Of course, like most major banks, Wells Fargo offers many digital features (more on that in a minute) like mobile deposits and text banking that make it less important to visit a physical location or interact with an actual person.

While this Wells Fargo review is limited to review and savings options, it is a convenient place for banking if you want a full range of financial products such as credit cards, mortgages, auto loans, and investment accounts under one roof.

Mobile banking

A woman smiles as she looks at her cell phone.

Getty Images

Note: A.

Customers give the Wells Fargo mobile app solid ratings. It received 4.8 out of 5 stars in the Apple App Store and 4.6 out of 5 stars in the Google Play Store.

We also like the Control Tower option, which allows you to easily turn off your card when you misplace it. There's also a cool cardless ATM option that allows you to access cash from your phone – no debit card required.

The app has several neat ones Financial management tools This allows you to track your expenses in real time, create a budget and create a savings plan. Granted, there are tons of others Budgeting apps It does the same thing, but it's nice to integrate these features into your banking app.

Our bank verification method

Penny Hoarder's editorial team considers more than 25 factors when checking its bank account, including fees, minimum daily balance requirements, APYs, overdraft fees, access to ATMs, number of physical locations, access to customer service and mobile features.

To determine how we weigh each factor, The Penny Hoarder interviewed 1,500 people to find out which banking roles were most important to you.

For example, we give top-rated banks with low fees because our survey found that this is the number 1 you're looking for in a bank. Since more than 70% of you stated that you visited a physical bank branch last year, we take into account the number of stationary locations. More than a third of you use mobile apps for more than 75% of your banking business. Therefore, digital functions are also carefully checked.

Banks are divided into the following categories:

Personal checking accounts
Personal savings accounts
Small business banking
Convenience
Mobile banking

Credit card and credit products are currently not taken into account.

Robin Hartill is a senior editor at The Penny Hoarder.

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