Wells Fargo Business Checking & Savings Review

Pros

• Checking aimed at different size businesses
• Waivable fees
• Low opening balance
• Cash deposits accepted
• Easy to apply online, over the phone, or in person

Cons

• Limits on free transactions
• Fees on cash deposits
• Added fee for teller-deposited checks

Services Offered By Wells Fargo Business

Wells Fargo Business offers a complete set of financial services aimed mostly at small- and medium-sized businesses.

In terms of banking, Wells Fargo offers:

• Checking
• Savings
• CDs

Wells Fargo business banking offers more than checking and savings options. With a deep history in financial services dating back to 1852, it’s not surprising that Wells Fargo’s offerings run the gamut. With access to credit, including credit cards, loans, and lines of credit, in addition to merchant services, larger businesses will find the tools they need to run increasingly complex business functions and tap the funding they need to continue growing.

Wells Fargo Business Rewards & Perks

Compared to some of its competitors, a Wells Fargo Business account offers rewards and perks that stay competitive without going so far as to distinguish themselves. At the time of this review, interest is available primarily on savings accounts and CDs. Additionally, Wells Fargo only has one type of savings account, with an APY that, at 0.01%, is below the national average for savings accounts.

Wells Fargo Business savings APY still compares favorably to some of its traditional bank competitors, which offer no interest-bearing account options at all, but the lack of high APY puts Wells Fargo far behind the top online business bank accounts.

Wells Fargo does offer a $300 welcome bonus on checking accounts, but you won’t find cash-back or interest-earning options like you would with the other top business checking accounts.

All in all, Wells Fargo leaves customers wanting in this section, resulting in a score of 2.0/5.

Wells Fargo Business Fees

Wells Fargo Business pricing is, in a word, complicated.

If you’re looking for a business bank that offers no fees or a simple fee structure, you won’t find it here. Wells Fargo’s business account fees aren’t outrageous for a bank but are high compared to other options aimed at small and medium-sized businesses, resulting in a 2.9/5 star rating for this section.

You can open a Wells Fargo Business checking account with a reasonable $25 opening deposit, but you’ll need to maintain a minimum account balance if you want to avoid monthly account fees that range from $10-$75 depending on the type of account.

Two Wells Fargo business checking accounts come with a limit on fee-free cash deposits. After you reach that monthly limit, you’ll pay $0.30 on every $100 you deposit in cash with the Initiate and Navigate accounts. The Optimize Business Checking account includes a flat fee of $0.003 for each $1 deposited, with no fee-free cash deposits whatsoever. Similarly, transactions are free up to a limit that varies by type of account (100-250/month) and $0.50 each after that limit.

If you’re interested in Wells Fargo Business checking, we advise you to take a look at the Wells Fargo’s full fee schedule.

Wells Fargo Business savings accounts do not have any minimum balance requirement, although you’ll need a $300 average minimum daily balance if you want to avoid the $5 monthly service fee.

Wells Fargo Business Eligibility Requirements

One thing that Wells Fargo does well is eligibility.

Wells Fargo Business accounts are available to businesses of all sizes and types that are formed within the US and its territories. Any business owner applying for a Wells Fargo business account will need to show a Social Security Number, tax identification number, valid government-issued ID, and the appropriate state or territory registration information.

Note that every signer you wish to add to your Wells Fargo business account must show a valid Social Security Number.

Wells Fargo Business Application Process

You can apply for a business account online, over the phone, or by visiting a local branch. A $25 opening deposit is required. The bank provides a full list of the documents needed to open a Wells Fargo business checking account. Whether you’re applying as a sole proprietor, partnership, LLC, or corporation, the requirements are standard for how to open a business bank account.

Wells Fargo isn’t clear on how long the application process takes, which earns it a 3.7/5 star rating for this section.

Wells Fargo Business Features

Wells Fargo business checking accounts offer a range of features that make this a suitable option for businesses of many sizes, from startups to much larger organizations.

Let’s start with the basics of each business checking account:

Initiate Business Checking

Aimed at business owners who are just starting to use business banking services, this account includes:

• $10 monthly service fee, waivable with a $500 minimum daily balance or $1,000 average ledger balance
• 100 fee-free transactions (checks deposited, withdrawals, and debits, including paper and electronic) each fee period; debit card purchases and payments are excluded from the limit
• Cash deposits of $5,000 in the fee period are free
• Debit cards can be used fee-free at abundant in-network ATMs, including card-free ATM access
• Online banking and mobile app to get alerts, track balances, make payments, and deposit checks
• Zero liability debit card protection and fraud monitoring

Navigate Business Checking

Business owners experiencing growth or looking for a more expansive business checking option might find what they need in this second-tier Wells Fargo business checking account. For reasons that are unclear, the Navigate checking account earns interest, with no minimum balance requirement and a low APY compared to the national average. It is the only Wells Fargo checking account to earn interest. Navigate checking includes most features of the Initiate account plus these additional features:

• $25 monthly fee, waivable with a $10,000 minimum daily balance or $15,000 average combined business deposit balances (includes checking, savings, CDs, and more)
• No fees for the first 250 transactions in each fee period
• The first $20,000 in cash deposits incur no fees
• Fees waived for linked Business Platinum Savings and additional Navigate Business Checking accounts
• Interest-bearing checking account with a variable APY that’s currently at 0.01% (at the time of this review)
• Fee-free stop-payment orders, cashier’s checks, and money orders
• There’s overdraft protection if linked to an eligible business savings account
• Free incoming wire transfers plus two free outgoing wire transfers each fee period
• Two domestic out-of-network ATM cash withdrawals every fee period

Optimize Business Checking

The Optimize checking account has most of the features of the Navigate checking level, except interest, for reasons that the agent I spoke to could not explain. Here’s a summary of additional features the Optimize account delivers:

• $75 monthly fee, waivable with variable earnings allowance on investable account balances
• No fees for the first 250 transactions in each fee period
• A cash deposit fee of $0.003 per $1
• Up to five linked Optimize Business Checking accounts
• Access to treasury management services through Commercial Electronic Office
• No fee for stop-payment orders, cashier’s checks, money orders, and incoming domestic and international wire transfers in any currency

As with every bank, funds deposited in a Wells Fargo business account may not be immediately available. Here’s a breakdown of Wells Fargo payment processing times for business accounts:

Wells Fargo Business Savings

Wells Fargo offers a Ways2Save basic business savings account and a Platinum Savings account (CDs are available as well). You’ll find these features with both savings accounts:

• Automatic saving transfers
• Overdraft protection
• Budgeting
• Track spending
• Account alerts

Wells Fargo Sales & Advertising Transparency

Wells Fargo is relatively transparent with its features, fees, and eligibility requirements. The company’s website has well-built-out resources so you can know what to expect before opening an account, though you may have to search for these resources.

Wells Fargo Business Customer Service

Wells Fargo Business offers customers multiple options for reaching support services, including separate phone numbers for general banking queries and online banking/bill pay concerns. There’s a different number for reporting fraud or suspicious or unauthorized activity.

When I called with a question, I heard a recording announcing that the bank was receiving an unusually high volume of calls. While I did have to wait on the phone for more than a half-hour, listening to instrumental music, when I finally connected with an agent, she was friendly, helpful, and courteous — and she answered all my questions.

Of course, if you don’t feel like waiting on the phone that long, you could always pop in to talk with a live person at one of Wells Fargo’s 5,000+ locations nationwide. Or, you can check the company’s extensive knowledge base.

Wells Fargo Business Reviews & Customer Complaints

With a long history of providing banking services, it’s easy to find positive and negative reviews from Wells Fargo customers. Overall, the bank seems to have a solid but not stellar reputation. The company has taken more serious and legitimate reputation hits over the years than any number of anonymous online reviewers could deliver, though there’s a fair share of negative customer complaints as well.

Wells Fargo is not accredited by the Better Business Bureau. The BBB has recorded a total of 3,922 customer complaints against Wells Fargo in the past three years. More than 2,500 of those complaints were regarding a problem with a product or service; however, there’s no great way to filter business bank reviews from Well’s Fargo other services. It’s worth noting that the bank seemed responsive and generally satisfied the complaining customers, but the number of negative reviews surrounding this company still gives us pause.

Here are some specifics regarding Wells Fargo’s business banking products:

Negative Wells Fargo Business Reviews

• Inconsistent service
• Unsatisfactory response to fraudulent transactions
• Fees

Positive Wells Fargo Business Reviews

• Good customer service
• Wide ATM network
• Useful, user-friendly mobile app
• Local branch access

Is Wells Fargo Business Safe?

As an FDIC member, Wells Fargo offers a safe banking option for individuals and business customers. Accounts with Wells Fargo are insured to the FDIC maximum. Wells Fargo business accounts include 24/7 fraud monitoring, customizable account alerts, and Zero Liability protection.

If you use Wells Fargo Business Online, your financial information is protected through the app too. Wells Fargo uses 128-bit encryption to scramble sensitive information and authentication methods, including fingerprint sign-on. When you close the mobile app, your session automatically ends to prevent data sharing.

Final Verdict: Is Wells Fargo Business Worth It?

Wells Fargo business banking offers a range of services aimed at different types of businesses, from startups and sole proprietorships to corporations and partnerships. With three business checking accounts to choose from, Wells Fargo business banking customers can pick the account that matches their needs, with a monthly fee they can either afford or avoid by maintaining the required account balances.

However, these accounts all come with transaction limits and unfortunately, there’s a huge lack of rewards and perks when it comes to Wells Fargo business banking. Pair that with above-average fees and numerous complaints, and Wells Fargo only scores a 3.4/5 star rating from us.

If having a traditional business bank account with physical branch access and many business service options is important to you, you may still want to consider a Wells Fargo account. But, for most businesses, we have a hard time recommending Wells Fargo when you can get much better rewards and fees with other online business bank accounts.

You can shop around with the best business checking accounts or the best business savings accounts as well to compare Wells Fargo’s to the other options out there.

Wells Fargo FAQs:

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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