Wells Fargo Bank Review

Is wells fargo a good bank?
Is wells fargo a good bank?

Is Wells Fargo the right bank for you? In this comprehensive review, we’ll delve into the pros and cons of banking with Wells Fargo, exploring their account options, services, fees, and past controversies to help you make an informed decision.

IS Wells Fargo A Trustworthy Bank?

Whether Wells Fargo is a trustworthy bank depends on your individual perspective and priorities. Here’s a breakdown to help you decide:


  • Financial Strength: Wells Fargo is the third largest bank in the United States, with a long history (founded in 1852) and a large asset base. This indicates a relatively low risk of financial collapse compared to smaller banks.
  • Extensive Network: With over 5,800 branches and 13,000 ATMs nationwide, Wells Fargo offers easy access to banking services in person.
  • Wide Range of Products & Services: They offer a broad spectrum of financial products and services, including checking and savings accounts, mortgages, credit cards, and investment services. This can be convenient for customers who want to manage their finances from a single institution.


  • Past Scandals: Wells Fargo has been involved in several high-profile scandals in recent years, including the 2016 account fraud scandal, where employees opened millions of unauthorized accounts to meet sales goals. This has damaged the bank’s reputation and raised concerns about its ethical practices.
  • Customer Reviews: Wells Fargo currently holds an F rating from the Better Business Bureau (BBB), indicating dissatisfaction among some customers with their experience.
  • Fees: Some customers find Wells Fargo’s fees for certain services to be higher than those charged by competitors.


While Wells Fargo offers a wide range of services and a large branch network, its past scandals and customer service issues may raise concerns for some. Ultimately, deciding whether Wells Fargo is trustworthy depends on your individual priorities and risk tolerance.

Read More: Is wells fargo a good bank to bank with?

What are the disadvantages of wells fargo?

While Wells Fargo boasts strengths like financial stability and a vast network, it’s important to be aware of its potential drawbacks before entrusting your finances to them.

1. Low APYs: Compared to online banks or smaller institutions, Wells Fargo generally offers lower interest rates on savings accounts and certificates of deposit (CDs). This means your money may not grow as quickly as it could elsewhere.

2. High Overdraft Fees: Wells Fargo charges a hefty $35 overdraft fee for debit card transactions that overdraw your account, and these fees can be applied multiple times in a single day. This can be a significant financial burden for individuals who occasionally overdraw their accounts.

3. Past Scandals: As mentioned previously, Wells Fargo has been tarnished by several high-profile scandals, most notably the 2016 account creation scandal, where employees opened millions of unauthorized accounts to meet sales targets. This incident raised serious concerns about the bank’s ethical practices and customer care and may leave some individuals hesitant to trust them with their financial well-being.

4. Customer Service Issues: While brick-and-mortar access has its advantages, some users report facing challenges with customer service, citing long wait times and difficulties resolving issues. Additionally, Wells Fargo currently holds an F rating from the Better Business Bureau (BBB), reflecting customer dissatisfaction with their service.

5. Fees for Additional Services: Compared to some competitors, Wells Fargo may charge higher fees for certain services like account maintenance or wire transfers. This could be a significant factor for budget-conscious individuals seeking to minimize banking costs.

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Is wells fargo a good bank for a checking account?

Determining whether Wells Fargo is “good” for a checking account depends on your individual needs and priorities.


  • Wide Branch Network and ATM Access: With over 5,800 branches and 13,000 ATMs nationwide, Wells Fargo offers easy access to your money in person and through ATMs. This can be valuable if you frequently need to visit a branch or use cash.
  • Variety of Checking Accounts: They offer a range of checking accounts, including:
    • Everyday Checking: $10 monthly fee, waived with specific requirements (direct deposit, minimum balance, age).
    • Platinum Checking: Waived monthly fee with a $2,500 minimum balance, includes interest-bearing checking.
    • Reflect Checking: No monthly fees, primarily for students and young adults.
  • Mobile and Online Banking: Wells Fargo’s mobile and online banking platforms are user-friendly and offer features like mobile deposits, bill pay, and account management.


  • Low Interest Rates: Wells Fargo generally offers lower interest rates on checking accounts compared to online banks or credit unions. This means your money won’t grow as quickly.
  • Potential for Fees: While some fees can be avoided, Wells Fargo has fees for overdrafts, insufficient funds, and certain transactions like cashier’s checks. Review the fee schedule for the specific account you’re considering.
  • Past Scandals: Several past scandals, including the 2016 account creation incident, may raise concerns about the bank’s ethical practices and how it treats its customers.

Is wells Fargo good bank for credit card?

Wells Fargo Credit Cards: Pros and Cons


  • Variety of Cards: They offer a diverse range of credit cards catering to different needs and spending styles:
    • Cash Back Cards: Earn cash rewards on everyday purchases, like the Wells Fargo Active Cash® Card (unlimited 2% cash back on all purchases).
    • Travel Rewards Cards: Accumulate points or miles for travel expenses, like the Wells Fargo Rewards Card (triple points on gas, grocery, and mobile phone payments).
    • Low Interest Cards: Benefit from competitive introductory APRs on purchases and balance transfers, like the Wells Fargo Platinum Visa® Card (0% APR for 15 months on purchases and balance transfers).
  • Cell Phone Protection: Many Wells Fargo credit cards offer cell phone damage protection as a benefit.
  • Global Acceptance: Most cards are widely accepted worldwide, making them suitable for travel.


  • Potential for Annual Fees: While some cards have no annual fee, others charge fees ranging from $0 to $95. Carefully consider the fee against the potential rewards or benefits before applying.
  • Lower Rewards Rates: Compared to some competitors, Wells Fargo cards may offer slightly lower rewards rates
  • Past Scandals: As mentioned earlier, the 2016 account creation scandal and other controversies may raise concerns about the bank’s ethical practices and how it treats customers.

is wells Fargo a good bank for students?

Wells Fargo offers benefits like student accounts with no fees and easy access with ATMs, but past controversies and lower interest rates may be downsides. Consider alternatives before deciding.


  • Student-Specific Accounts: Wells Fargo offers the Clear Access Banking℠ account, specifically designed for students aged 13-24. This account boasts:
    • No monthly maintenance fees.
    • No minimum balance requirement.
    • No overdraft or non-sufficient funds (NSF) fees.
    • Mobile banking capabilities for convenient access.
  • Campus Card Program: At participating universities, students can link their accounts to a Campus Card, offering:
    • Easy on-campus payments.
    • Potential discounts and benefits at participating merchants.
  • Financial Education Resources: Wells Fargo provides students with online resources and tools to help them develop financial literacy and manage their finances effectively.


  • Limited Branch Network in Some Areas: Compared to online banks, Wells Fargo has a smaller branch network in certain regions. This might be a disadvantage if you prefer in-person banking access.
  • Lower Interest Rates: Wells Fargo generally offers lower interest rates on savings accounts and CDs compared to some online banks and credit unions. This means your money may not grow as quickly.
  • Past Scandals: Similar to previous points, concerns around past controversies like the 2016 account creation scandal may influence a student’s decision.

Is wells fargo a good bank?

Consider Wells Fargo if you prioritize convenience with a nationwide network of physical branches. They also frequently sweeten the deal for new customers with top-tier bonuses for opening checking or savings accounts.

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The Bottom Line: Wells Fargo – A Bank with Trade-Offs

Wells Fargo offers a variety of banking products and services, a large branch and ATM network, and convenient online and mobile banking options. However, lower interest rates, potential fees, and past ethical concerns may be drawbacks for some.

Ultimately, deciding if Wells Fargo is the right bank for you depends on your individual needs

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