Wells Fargo Review | Business or Personal Banking and Lending

Wells Fargo Review | Business or Personal Banking and Lending

Whether you are looking for a checking account, a savings account, a combination of the two, or some other kind of personal banking product like a line of credit or certificate of deposit, your choice of bank will make a significant difference.

You need to find a bank that is right for your specific needs. Wells Fargo offers a wide range of banking products and services geared to meet the needs of different people and businesses.

Let’s explore what Wells Fargo is all about, so you can decide whether or not it is the right bank for you.

Wells Fargo Overview

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Wells Fargo Bank opened its doors to clients on March 18, 1852. Headquartered in San Francisco, California, it is the third-largest bank on market capitalization in the United States.

The bank boasts total assets of about $2 trillion and is publicly traded on the New York Stock Exchange under the abbreviation WFC.

It offers retail customers checking accounts, savings accounts, and CDs, as well as investment products, individual retirement accounts (IRAs), and financial advisors.

Wells Fargo Banking Products

Wells Fargo offers a wide selection of banking products, including savings and checking accounts-but are Wells Fargo’s accounts right for you?

Wells Fargo Checking Accounts

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There are several options for Wells Fargo checking accounts that you can choose from. Each of the accounts comes with a Platinum Debit card equipped with chip technology.

  • Everyday Checking You need just a small deposit to set up a Wells Fargo Everyday Checking account. You’ll need to pay monthly service fees for this account. However, the fees can be waived if you meet certain conditions such as making a given number of credit/debit purchases or carrying a given monthly balance.
  • Preferred Checking With a Preferred Checking account, your money can earn interest on the condition that you meet the minimum balance requirement. Moreover, if you have a mortgage with this bank, you won’t pay the monthly service fee for this account. This account also offers you budgeting and cash flow tools.
  • Portfolio Account If you have a lot of cash to keep in your checking account, you stand to earn higher interest rates with the Portfolio by Wells Fargo account. In fact, the interest rate increases as you deposit more money into your account.
  • Interest rate discounts on Wells Fargo loans
  • Waived ATM charges for non-Well Fargo transactions
  • No overdraft protection transfer fees
  • Opportunity Checking If no bank is willing to offer you a traditional checking account, a Wells Fargo opportunity checking account would be your ideal option. You’ll get to enjoy lower balance requirements, mobile baking, and waived monthly fees.
  • Teen Checking If you have kids between the ages of 13 and 17, you how do payday loans work can open checking accounts for them, but you’ll co-own the account with them. This type of account features tools that are geared to teach teens financial responsibility.

Wells Fargo Savings Accounts

Low-interest rates and monthly fees characterize Wells Fargo savings accounts. The bank offers a number of savings account types, which include:

  • Way2Save Savings if you’re not disciplined when it comes to saving, you can benefit from the Way2Save program. This program works by automatically transferring $1 to your savings account every time you make a qualifying purchase with your linked Wells Fargo checking account.
  • Platinum Savings If you have a significant amount of money in your savings account, the cash may qualify for higher interest rates with the Platinum Savings. Despite being a savings account, Platinum Savings also allows you to write free checks. That means you can easily access your money.

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