Capital One VS Wells Fargo: Which Bank Is Better For Your Business?
Wells Fargo and Capital One business bank accounts both offer FDIC-insured checking and savings options, ATM access, business credit cards, and more. Compare these two banks to find the right banking solution for your business.
|Capital One||Wells Fargo|
|What’s Next||Visit Site
Wells Fargo and Capital One both offer business banking services aimed at small businesses. If you’re ready to sign up for a business bank account and facing a Capital One vs. Wells Fargo decision, you’re weighing two good choices. Both Wells Fargo business banking and a Capital One business bank account offer FDIC-insured checking and savings options, ATM access, business credit cards, etc. Capital One and Wells Fargo have some important differences, too, such as physical branches, the ability to deposit cash, and varying fees.
Which of these business banking services is right for your small business? Let’s find out.
Table of Contents
- Capital One VS Wells Fargo Business Banking
- What’s The Difference Between Wells Fargo & Capital One Banking?
- Capital One VS Wells Fargo Business Banking Comparison Table
- User Reviews, Complaints & Criticisms
- How To Choose Between Capital One & Wells Fargo
- Capital One & Wells Fargo Business Banking Competitors
- FAQs: Capital One VS Wells Fargo
- Which Bank Is Better For Your Business, Wells Fargo Or Capital One?
Capital One VS Wells Fargo Business Banking
Capital One and Wells Fargo offer similar business banking services, including FDIC insurance on checking and savings accounts, as well as physical locations for doing business. However, only one offers true nationwide reach, and if you’re looking for merchant services or unlimited transactions, you’ll see clear differences.
This Wells Fargo vs. Capital One comparison will help you decide which is better. Let’s start with a quick dive into the benefits that Capital One and Wells Fargo bring to the table.
Capital One Business Bank Account
- No minimum balance requirements
- Branch offices in eight states + D.C.
- Cash deposits allowed
- Unlimited free digital transactions
- Free overdraft protection
- Merchant services through Clover POS
- Must apply in person
- High balance requirement to waive monthly fees
- Limited-time APY boost
A Capital One business bank account, known as Capital One Spark, offers FDIC-insured business checking and savings account. The application process is quick, but it must be done in person. That could be a problem for some business owners, as Capital One has branch locations in just eight states plus Washington, D.C. Unless you live in or near one of the bank’s physical locations, this won’t be a good choice for you.
If you’re able to get to a branch office, you’ll find everything a small and growing business could need, including merchant services, a promotional rate that gives you high APY on savings, free ATM use, and access to credit via loans, lines of credit, and business credit cards.
Wells Fargo Business Banking
- Low opening balance
- Cash deposits accepted
- Fees can be waived
- Checking account options for all businesses types
- Easy to apply online
- In-house merchant services
- Limited free transactions
- Fees for cash deposits
- Low APY on savings
Wells Fargo is a nationwide bank with easy-to-find physical locations and a far-reaching ATM network. In addition to business checking and savings options, Wells Fargo business banking also offers a strong mobile app, merchant services, and access to credit in the form of credit cards, loans, and lines of credit.
While Wells Fargo business banking offers well-rounded business services, if you’re looking for a high rate of return, you won’t find it here, as Wells Fargo savings accounts have a below-average APY.
What’s The Difference Between Wells Fargo & Capital One Banking?
Capital One business vs. Wells Fargo business banking services is a strong head-to-head competition. Wells Fargo and Capital One both offer the basics of small business banking, plus the banking support you’ll need as your business grows. Let’s start with a look at what Capital One and Wells Fargo both offer to business banking customers:
- Business checking accounts
- Business savings accounts
- Cash deposits (with limits; fees may apply)
- Debit cards
- Bill pay service
- FDIC insurance
- Online banking
- ATM network
- Credit cards
- Certificates of deposit
- Lines of credit
- Merchant services
- SBA loans
- Telephone support
Wells Fargo Also Includes…
- Three types of checking accounts, aimed at different sizes of business
- Physical locations nationwide
- Online applications
- Equipment financing options
Capital One Also Includes…
- Two types of checking accounts, aimed at different sizes of business
- Above-average APY on savings (promotional rate; terms apply)
- Fees that can be waived with a minimum balance
- Unlimited free digital transactions
Capital One VS Wells Fargo Business Banking Comparison Table
|Capital One||Wells Fargo|
|Savings||Limited time promotional rate||Low APY|
|Cash Deposits||Free up to $5K-$40K/month||Free up to $5K-$20K/month or $0.003 per $1|
|Mobile App||Android & iOS||Android & iOS|
|Bill Pay||Fee-free online||Fee-free online|
|Access To Credit||
|Merchant Services||Through Clover POS||In-house|
Our Capital One vs. Wells Fargo comparison so far shows more similarities than differences. Both Wells Fargo business banking and Capital One business banking offer a full range of business banking services, including mobile apps, online bill pay, merchant services, and access to the credit you’ll need as your business grows. Still, each bank stands out in one or two key areas.
Capital One offers greater access to cash deposits. If your sales are cash-heavy, you’ll appreciate the ability to deposit up to $5,000/month in cash with the Capital One Basic Checking account or up to $40,000/month with the Capital One Unlimited Checking. These accounts come with monthly fees of $15 and $35, respectively, that can be waived when you maintain a minimum balance of $2,000 in the Basic account or $25,000 in the Unlimited. All Capital One business bank accounts come with unlimited free digital transactions.
Wells Fargo business bank accounts include limits of $5,000 and $20,000 in free monthly cash deposits on its Initiate and Navigate business checking accounts. The top-tier Optimize Business Checking account offers a flat fee of $0.003 for each $1 deposited. Wells Fargo has lower account maintenance fees that include a limited number of free transactions each month. The Initiate account’s $10 monthly fee can be waived with a $500 minimum daily balance, while the Navigate account’s $25 monthly fee can be waived with a $10,000 minimum daily balance. The Optimize account’s $75 monthly fee is waivable only with an earnings allowance of investable account balances. Optimize and Navigate both allows 250 free transactions each month, while Initiate allows just 100.
User Reviews, Complaints & Criticisms
Capital One is accredited with the Better Business Bureau and maintains a solid A rating there, despite a variety of complaints on file. Wells Fargo is not BBB accredited and has thousands of complaints filed with the BBB. As with most services, the complaints filed with the BBB are not specific to one function, such as business banking only. Wells Fargo seems responsive to customer complaints and generally responds to its customers’ satisfaction.
Both banks have complaints from users regarding poor customer service and unsatisfactory responses to fraudulent transactions. Most user complaints seem related to individual users’ specific experiences; we did not spot any patterns that raised serious concerns. In fact, an examination of reviews and user experiences often shows that some users rave about the issues that others complain about. We feel confident in saying that both banks have good reputations, despite some common problems, and you can feel confident if you choose to give your business to either.
Wells Fargo Complaints & Common Problems
Wells Fargo is one of the nation’s oldest and largest banks, with a solid if not stellar reputation and a documented history of some serious, legitimate lawsuits and scandals. Despite these concerns, Wells Fargo has a 3.4/5 star rating, based on 746 reviews, with Consumer Affairs. While these reviews are not specific to business banking, here are some things users do not like about Wells Fargo banking services:
- Increasing fees
- Inconsistent customer service
- Unsatisfactory response to fraudulent transactions
- Holds on deposits
Capital One Complaints & Common Problems
Capital One banking reviews are interesting because, for many complaints about a specific aspect, it’s possible to find a positive comment from a different user praising that same function. Consumer Affairs shows a 3.8/5 star rating for Capital One, based on 2,052 user reviews. Here are some common complaints about Capital One banking services:
- Unhelpful customer service
- Problems with direct deposits
- Buggy app
- Unsatisfactory response to fraudulent transactions
How To Choose Between Capital One & Wells Fargo
You won’t find a clear winner in the Capital One vs. Wells Fargo matchup for business banking services. However, we have uncovered some clear differences that you can use to help you choose between these two worthy business banking solutions.
Choose Wells Fargo If…
- You have some cash transactions, but the majority of your sales are not cash.
- You want a merchant services account that works seamlessly with your banking accounts.
- You want low minimum balance requirements.
- You are comfortable with online banking but would like easy access to physical bank branches at times.
Choose Capital One If…
- You are able to visit a physical branch (located in only eight states plus Washington, D.C.) to apply and are willing to do most banking functions online.
- You want access to some of the best business credit cards available.
- You’re looking for a savings option with a higher-than-average APY, at least for the duration of the promotional period.
- You make a significant amount of sales in cash transactions.
Capital One & Wells Fargo Business Banking Competitors
We’ve dug deep into two great business banking service providers in this Wells Fargo vs. Capital One comparison. If you like what you’ve seen so far, you can do more research by reading our full Capital One business banking review or our in-depth Wells Fargo business banking review. But what if you have heard enough, and you’re not convinced that either Wells Fargo or Capital One is the best bank for your small business?
Fortunately, we have reviewed a number of other business banking account providers. You can find a roundup of our in-depth business bank account reviews to learn more about some of your options. If you’d like a little more guidance as you browse, check out our picks for the best business bank accounts. And, if you’re ready to put your money to work for you, don’t miss our list of the best high-yield business savings accounts for suggestions of the banks that will deliver the highest interest rates around.
FAQs: Capital One VS Wells Fargo
Which Bank Is Better For Your Business, Wells Fargo Or Capital One?
A Capital One business bank account delivers a high yield on your savings, lets you deposit high amounts of cash without fees, and has reasonable monthly fees that can be waived if you meet minimum balance requirements. If you choose Wells Fargo business banking, you’ll enjoy having connected merchant services, low monthly fees, access to financing, and easy visits to physical branches.
Each of these banking options can be a good choice for a small business looking to move into a better business banking relationship. If your small business is choosing its first business banking partner, make it easy on yourself by gathering what you’ll need to open a business bank account. You can learn more in our complete guide to finding and choosing the right business bank account.