Wells Fargo Business 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. Wells Fargo has a nationwide network of branch locations, checking and savings accounts, debit cards, a mobile app, and a far-reaching ATM network to enable easy access to banking functions. A business account can help its users manage the day-to-day financial requirements of doing business.

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.

Whether you’re interested in a Wells Fargo small business account or looking for a robust financial solution capable of meeting your larger business’s complex needs, Wells Fargo might be able to deliver. Keep reading this Wells Fargo business review to learn more.

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 (currently at 0.06%).

Wells Fargo Business savings APY still compares favorably to some of its competitors, which offer no interest-bearing account options at all. 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.

Where Wells Fargo Business shines in this rating category is in the wide access to credit options available. From loans to secured credit and even to equipment financing options, a Wells Fargo Business account opens the doors to the financing your business may need to grow. And, of course, Wells Fargo offers business customers access to merchant services. However, the processing time means it will take one to four days for proceeds from sales to hit your bank account, and that’s not necessarily something we would count as a perk.

Wells Fargo Business Pricing & 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 might want to keep looking. We don’t think Wells Fargo’s business account fees are outrageous or too far outside the norm. However, Wells Fargo Business checking fees add up to a relatively high total compared to other options aimed at small and medium-sized businesses.

For starters, although you can open a Wells Fargo Business checking account with a reasonable $25 opening deposit, 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. (See the Wells Fargo Business Features section below for more details on the differences between the three business checking accounts that are available.)

If you’re interested in Wells Fargo Business checking, we advise you to take a look at the Wells Fargo’s full fee schedule. Here’s a quick sampling of Wells Fargo business fees if you’re still comparing business banking options:

• ATM Fees: The fees are $0 in-network, $2.50 out of network in the US, and $5 outside the US.
• Cash Processing Fees: 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.
• Transaction Fees: Transactions are free up to a limit that varies by type of account (100-250/month) and $0.50 each after that limit.
• International Debit Card Fee: This fee is 3% of each transaction.
• Wire Transfers: Transfers are $15 per incoming wire in US dollars or $16 per wire in international currency and $30 per outgoing wire.
• Overdraft Fee: The fee is $35 per item if an overdraft is more than $5.
• Returned Check Fee: This fee is always $12.

Wells Fargo Business Eligibility Requirements

Wells Fargo Business accounts are available to businesses of all sizes 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.

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 align with industry standards and should not be onerous.

Wells Fargo also welcomes social/recreational clubs, unincorporated associations, and civic groups to open a Wells Fargo small business account, with relaxed documentation requirements for such groups.

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 $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 $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 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 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:

Looking For Additional Features? Here are Wells Fargo Business’s Other Business Services

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. If you’re interested in any of these services, click for more information:

• Wells Fargo Merchant Services Review
• Wells Fargo Business Loans Review

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. And, to be fair, I called on a day when many businesses around the country are experiencing COVID-related disruptions, so it wouldn’t be fair to knock Wells Fargo for the wait I experienced.

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, if you want to poke through some self-help resources while you enjoy the hold music, you can choose from these customer service options:

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. And it’s taken more serious and legitimate reputation hits over the years than any number of anonymous online reviewers could deliver. And through it all, Wells Fargo has remained one of the country’s largest banks and credit card issuers.

Although Wells Fargo is not accredited with 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 (though complaints were not sorted to allow one to view only those related to business banking). Overall, the bank seemed responsive and generally satisfied the complaining customers.

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 as well as 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.

Of course, these accounts all come with limits on the number of transactions allowed before fees start to kick in. We advise anyone considering Wells Fargo business banking to take a close look at these free transaction limits and evaluate how well they would fit your business banking needs.

For those that don’t mind the added fees for transactions that exceed the monthly limits, who don’t plan to exceed them, or who won’t mind paying the cash deposit fees, Wells Fargo offers an expansive range of financing options. These range from loans and lines of credit to credit cards with enticing rewards and even equipment financing. If your business is on a trajectory of rising growth and financing is imperative, Wells Fargo business banking might be a good choice.

We find ourselves troubled by the limits on free transactions, the fees for cash deposits, and especially the fees for depositing checks with a teller. That last point matters, both because we found it only in the small print and we also consider Wells Fargo’s 5,000+ physical locations across the country to be one of this bank’s advantages. If being able to visit your local branch matters to you, be aware that you’ll still have to use the mobile app to deposit checks unless you don’t mind paying the fee to have a teller help you do it.

If you’re still uncertain whether Wells Fargo bank is the right choice for your small business, think about what you want in a business bank so that you can choose the right business bank account. To help you, we’ve compiled a list of some of the best business bank accounts for small businesses. Think about your needs, compare your options, and you’ll be well situated to make the right choice for your business banking.

Wells Fargo Business FAQs

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