Wells Fargo is a big bank with the second most branches in the U.S. and locations in 39 states and Washington, D.C, as of June 2022. But the bank has also faced heavy scrutiny by regulators in recent years for opening fake accounts and other offenses. While you won’t find attractive yields here, Wells Fargo’s checking account scores highly in our analysis.
Fees on checking accounts can easily be avoided.
Wells Fargo eliminated non-sufficient funds (NSF) fees and offers Clear Access Banking, which has no overdraft fees.
Wells Fargo offers early direct deposit.
Yields on certificates of deposit and savings accounts are low, like many big banks.
There is an out-of-network ATM fee of $2.50 for checking account customers.
The money market account has a steeper monthly fee if a specified balance isn’t maintained.
Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.
The Wells Fargo mobile app earns solid praise from reviewers, earning a 4.8 score in the Apple App Store and 4.7 stars on Google Play.
And while Wells Fargo offers progressive digital banking, with more than 4,800 branches, customers can also take advantage of in-person banking in most states.
There are also plenty of ATM locations, with 12,000 ATMs to choose from.
About Wells Fargo
Founded in 1852 as a bank and express delivery company, Wells Fargo offers a full range of banking services, including checking accounts, savings accounts, CDs, money market accounts, mortgages and other loans.
In 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 million for the widespread illegal practice of secretly opening unauthorized accounts. The violation forced the bank to amend its approaches to sales, such as by sending an email confirmation to customers after the opening of a deposit account.
With branches and ATMs in 39 states, Wells Fargo may be a good fit if you value nearly nationwide access to your accounts. The bulk of its 4,824 branches are in California, Texas, Florida, North Carolina, New Jersey, Virginia, Pennsylvania and Georgia.