Should I Bank with Wells Fargo? In 2024
Wells Fargo is a brick-and-mortar and a popular bank. This bank also offers many bonuses on checking accounts so that you can use Wells Fargo as your bank.
Short Intro About Wells Fargo
Table of Contents
Wells Fargo is an international company that provides financial services and products. This company was founded by Henry Wells and William George Fargo on January 24, 1929, in Minneapolis, Minnesota, U.S. Wells Fargo is operating in 35 countries.
Why Wells Fargo is Good? In 2024
Wells Fargo is a good bank because this bank provides very good digital banking to its customers. And at the same time, you can also waive service charges on almost all accounts.
how to waive monthly charges?
If you make a direct deposit of $500 when you open an account with Wells Fargo, you will not be charged any monthly fee for one month.
So that you will get real information about the services of this bank and if you do not like the services then you can take service with any other bank.
Why Wells Fargo is Bad? In 2024
Well, we have focused only on the good things about Wells Fargo for so long, now we will also talk about some such services that may not be liked by many people and they may not want to do banking with Wells Fargo.
- Overdraft fees: $35 is a steep overdraft fee that many people don’t like.
- Low savings rates. Compared to only online banks, Wells Fargo offers low interest rates on Savings Accounts. Due to this many people do not want to open accounts in Wells Fargo.
- Previous fraudulent practices. In December 2022, Wells Fargo received a notice from the Consumer Financial Protection Bureau (CFPB) to pay a $3.7 billion penalty.
Reason Behinds:- To Pay Penalties of $3.7Billion
This was a Cross-Selling Scandal. About 1.5 million checking and savings accounts were opened by Fargo employees and 5Lac credit cards were issued without the customers’ permission and bounce charges were added to them. For doing this repeatedly, the Consumer Financial Protection Bureau (CFPB) ordered Fargo to pay a $3.7 billion penalty.
Conclusion – Should I Bank with Wells Fargo?
Wells Fargo is a popular bank offering digital banking and the ability to waive service charges on accounts. However, it has steep overdraft fees and low savings rates, which may discourage customers from opening accounts. In December 2022, Wells Fargo received a $3.7 billion penalty from the CFPB for fraudulent practices.
Chase Bank vs Wells Fargo
With the help of the table given below, you can understand what are the similarities and what are differences between Chase Bank and Wells Fargo.
Note:- For Checking And Savings Accounts Only
| Services | Chase Bank | Wells Fargo |
| Minimum amount to open. | Zero | $25 |
| Checking Account Monthly Charges. | $12 | $10 |
| Minimum Balance Requires monthly charges to be waived off | $500 | $500 |
| Charges fees for excessive savings six withdrawals | $5 | Zero |
| After six times withdrawals in a month. | Up to $15 | Zero |
Note:- Traditional CD rates between Chase and Wells Fargo
| Services | Chase | Wells Fargo |
| Minimum opening balance | $1000 | $5000 |
| Best CD rates are available | 3% to 5% APY. | 1.50% to 4.50% APY |
| IRA CD options | Not Available | Available |
F&Qs About Should I Bank with Wells Fargo?
Is Wells Fargo still really that bad?
Fargo was a very good bank in America for many years. But due to the scams done by Fargo at the end of 2022, many people are also not liking it.
Why is Wells Fargo hated so much here?
This reasons behind, In December 2022, Wells Fargo received a $3.7 billion penalty from the CFPB for fraudulent practices.
I bank with Wells Fargo, should I be concerned?
SVB had a very different model. Wells is supported by mortgages.
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