Plenty of locations. Wells Fargo has 4,900 branches and 13,000 ATMs across 38 states.
Mobile app. Wells Fargo's app makes banking on the go easier. You can link it to your accounts and perform several useful functions, like balance inquiry and making payments. The app is also well-liked by users and, at the time of writing, has a rating of 4.8 stars on both Google Play and the Apple App Store.
Account fraud scandal. Since late 2016, the bank’s reputation is still recovering from a scandal that saw millions of fake accounts being created in customers’ names. Wells Fargo is still facing public relations and legal ramifications because of this scandal.
Wells Fargo Checking and saving accounts Pros&Cons
The Everyday Checking account is free for students. When students open the popular Wells Fargo Everyday Checking account, they don’t have to pay the $25 monthly maintenance fee.
Monthly fee waivers. Wells Fargo’s account fees can be relatively easy to avoid if you meet the minimum balance and direct deposit requirements.
Save As You Go transfer program. This opt-in program transfers $1 from your checking account into your Way2Save savings account when you make a non-recurring purchase with your debit card or pay a bill using Wells Fargo Online Bill Pay.
24/7 fraud protection. Wells Fargo has automated security systems in place that constantly monitor your accounts and instantly notify you of any suspected fraudulent activity. This allows you to take immediate action before it is too late.
Zelle. You can send and receive funds from friends and family through Wells Fargo’s online portal or app.
Low interest rates. The interest on savings account balances is sitting at a low 0.01%. The national average is at 0.04%, according to the FDIC.
Overdraft fees. Checking accounts have an overdraft fee of $35. This fee can be charged up to three times a day.
Non-Wells Fargo ATM Fees. Every time you use a non-Wells Fargo ATM, you’re charged $2.50 for each transaction.
Wells Fargo Credit cards Pros&Cons
Multiple card options. Wells Fargo’s credit card options cater to a wide range of needs, whether one is looking to earn rewards, consolidate debt, or make online purchases.
A wide variety of redemption options. All Wells Fargo rewards-based credit cards earn Go Far Rewards points when you make eligible purchases. These points can be redeemed in several ways, including gift cards from major retailers, flights, rental cars, and hotel bookings, merchandise (jewelry, clothes, electronics, and more) from online sellers, and cash back.
Rewards sharing. You can transfer your points to other Go Far Rewards account holders.
Customer-friendly annual fee. Many of Wells Fargo’s best credit cards, like the Wells Fargo Active Cash Card and Wells Fargo Business Platinum credit cards, have 0 annual fees.
Welcome bonus. Many of Wells Fargo’s credit cards come with a sign-up bonus.
Requires good credit or better. To get approval on a majority of credit cards, your credit score needs to be between good and excellent.
Wells Fargo Personal loans Pros&Cons
Borrow up to $100,000. Compared to other lenders, the fact that you can borrow amounts as high as $100,000 is a huge plus.
Avoid origination and early payoff fees. You don’t have to worry about paying origination fees or penalties for early payment.
Late fee. If you are late on your loan repayments, you pay $39 as a penalty.
Convenient for existing customers only. If you aren’t a customer of the bank, you will need to go in person to apply for a personal loan. This is a problem if you live in one of the 12 states that don’t have a branch.
Wells Fargo Mortgage Pros&Cons
A variety of loan types. Mortgage types include conventional, FHA loan, USDA loan, VA loan, ARM loan, and Jumbo loan.
Down payment assistance. Wells Fargo has a number of programs that assist low-income earners with down payments. For example, YourFirst Mortgage reduces your down payment to 3% on a conventional fixed-rate mortgage when purchasing a home.
Apply online. You can complete the entire loan application process online, as well as check the status of your application. You can also see all rates and fees associated with each mortgage product on the website before applying.
Don’t offer home equity lines of credit. Due to the COVID-19 pandemic, Wells Fargo has joined a long list of lenders who aren’t offering this mortgage product at the moment.
Wells Fargo Investment Pros&Cons
Wells Trade. Wells Trade, a subsidiary of Wells Fargo, allows customers to open brokerage accounts. These accounts can be linked with the client’s existing Wells Fargo accounts and managed together.
Zero commission stocks and ETF. When trading stocks and ETFs, Wells Trade doesn’t charge any commission.
$1 minimum deposit. With such a low minimum deposit requirement when opening a Wells Trade brokerage account, the barrier to entry is extremely low.
Annual fee. If a household’s Wells Trade brokerage account has a balance below $250,000, an annual fee of $30 is charged.
High trading fees. When it comes to trading options, bonds, and mutual funds, the trading fees are pretty steep. For instance, you usually pay between $0.25 and $0.65 per contract for options on other platforms. On Wells Trade, however, fees per contract are $5.95 + $0.75.
Wells Fargo Student loans Pros&Cons
Discount. If you or a co-signer have a checking account with Wells Fargo, you can get a discount of up to 0.5%.
No fees. Students pay no origination, prepayment, or application fees.
Hard credit check requirement. Wells Fargo will run a hard credit check on potential student borrowers. Only when the bank does this, will the student be able to see what rate they have been offered.