Wells Fargo Bank Review 2022: Key Pros and Cons You Should Know
Wells Fargo Bank has been in operation for over a century and still ranks as one of the leading banks in the world. Questions like: Is Well Fargo a good bank? and other inquiries have been made regarding the bank leading to the release of several reviews on the bank. This article is one of such reviews.
This article is an overview of the Well Fargo Bank to determine if it is a good bank.
Wells Fargo Bank
Wells Fargo Bank was founded in 1852 and has since then been a major player in American finance for nearly 170 years. It ranks as the fourth-largest bank in America.
Over the years this bank has experienced several high-profile scandals and has been working to rehabilitate its image and regain trust by focusing on customer service and technological innovations.
Is Well Fargo a Good Bank? – Pros of Well Fargo Bank
1. Highly Accessible
The Wells Fargo bank has numerous locations making it highly accessible. With approximately 4,900 branches and over 12,000 ATMs across 37 states and the District of Columbia, Wells Fargo is one of the most easily accessible banks in the United States.
2. Low-interest rates
Wells Fargo offers very low rates (currently 0.01%-0.02%) on all of its savings accounts. In addition, all savings accounts bear a monthly fee, meaning initial saving capital may decrease instead of increase if you are unable to avoid the charges.
3. Frequently Waived Monthly Fees
While Wells Fargo does levy maintenance fees on many of its deposit accounts, the bank also has several methods of avoiding them. Customers can easily qualify for one of the many waivers methods.
With this, monthly fees are frequently waived, thus customers can avoid several bank charges by having an account with them.
4. Innovative, Secure Data-Sharing, and Money Management Apps
In 2017, Wells Fargo partnered with Intuit and this partnership provided a completely secured and seamless connection for customers who use Mint, QuickBooks Online, and TurboTax online. This allows Wells Fargo customers to easily share data with these Intuit products so they can handle their financial chores on a secured platform.
Is Well Fargo a Good Bank? Cons of Well Fargo Bank
1. Overdraft fees levied up to three times daily
Wells Fargo charges an overdraft fee of $35 for its Debit Card Overdraft Service every time you overdraw your account. Unfortunately, the bank’s policies allow overdrafts up to 3 times a day.
What this implies is that you could be staring down $105 in overdraft fees from a single day’s mistakes.
2. History of High-profile Scandals
In 2016, reports were made that Wells Fargo employees had for years been engaging in illegal practices that resulted in extra charges for customers. Also, news of them opening fake accounts, along with improperly repossessed homes and autos trended as well.
Frequently Asked Questions
Is Well Fargo a Good Bank for Students?
The Wells Fargo Student Checking Account is a relatively basic account.
Is Well Fargo a Good Bank to Work For?
Wells Fargo bank is a decent place of work with great benefits in terms of pay, health insurance, retirement, and work-life balance. So I guess the answer is yes.
Is Well Fargo Bank in Trouble?
Wells Fargo bank has had several high-profile scandals over the years and is still trying to rebuild its image and trust with customers.
Conclusion
The question, ‘Is Well Fargo a Good Bank?’ doesn’t have a straightforward answer. However, the pros and cons highlighted in this article will help you decide on whether to open an account with them or not.
