Wells Fargo is one of the most well-known banks in the states; one of the Big Four. It holds over $2 trillion in assets at the time of writing, and is the third largest bank in the states. So as a bank with that many assets, millions of customers, dozens of products and services, and a negative reputation, does it all add up to being a good bank?
A complicated question. To be frank, Wells Fargo has a less-than-ideal reputation. It’s known for a history of breaking banking regulations and consumer protections, involved in controversies around opening fake consumer accounts to meet sales goals, and it even broke the record for the largest fine in 2022.(1)
And when it comes to actual banking products, they’re middle of the road and definitely not making any of the best bank account lists.
Most of its checking and savings accounts come with monthly fees (though sometimes ways to waive them), and its savings rates are rock bottom.
With all of that said, Wells Fargo more than covers the basics. It has FDIC insurance, works with Zelle, has checking and savings, student and kids’ banking and tons of credit card options. It also has thousands of branch locations and ATMs, and extra banking services like IRAs, investing, business financing and several types of personal loan services.
So if you want a full service bank with just about any deposit account or loan you could ask for, then Wells Fargo is good for that.
Wells Fargo has just about any checking, savings, CD, retirement and lending service you could need. But looking just a tad closer, its fees and APYs just aren’t that competitive.
Alongside FDIC insurance, Wells Fargo has these other typical security measures:
| BBB accredited | No |
|---|---|
| BBB rating | D- |
| BBB customer reviews | 1.11 out of 5 stars, based on 953 customer reviews |
| Trustpilot score | 1.4 out of 5 stars, based on 955 customer reviews |
| Customer reviews verified as of | 10 September 2026 |
Wells Fargo doesn’t get the best customer reviews and ratings. With over 70 million customers worldwide, that’s a big customer base and many more opportunities for negative reviews.
Customer reviews are all over the map. We saw complaints of lost deposits, long hold times on the phone, bad experiences at branches, issues with fraudulent transactions, sudden account closures and so on. One of the most common complaints we saw was specific bad interactions at a branch location, but with around 5,000 locations, we’re taking that with a grain of salt.
On Trustpilot, reviews are in the same vein, with customers saying hold times on the phone are long, communication issues or long wait times to resolve fraudulent charges or dispute payment issues.
On Reddit, things are mixed. Many comments on threads about Wells Fargo say it’s a typical, large corporate bank, but they do note that it’s famous for scandals. Many people report they’ve been with Wells Fargo for years with no issues, often saying things like Wells Fargo is a good bank for the basics and everyday things.
| Fee type | Cost |
|---|---|
| Monthly service fees | Checking: $5 to $35, Savings: $5 to $12 |
| Opening deposit requirements | Checking: $0 to $25, Savings: $25, CDs: $2,500 to $5,000 |
| Overdraft fees | $35 |
| Late fees | Up to $40 |
We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Wells Fargo has a long history of scandals and regulatory trouble, but it hasn’t made headlines in a few years. But it had a string of issues in the early 2020s.
In 2022, the bank paid over $2 billion in redress to consumers and a $1.7 billion civil penalty for a variety of violations, including illegally charging fees and interest on home and auto loans, wrongfully repossessing vehicles, charging surprise overdraft fees and opening fake accounts to hit sales goals.(1)
From that 2022 scandal, Wells Fargo holds the record for the biggest fine and redress in 2022, totaling $3.7 billion. Yeesh.
The next year, Wells Fargo got into more hot water. The bank had to pay the Securities and Exchange Commission $125 million after employees were found using personal devices to conduct business.(2) The bank’s shareholders separately sued the bank, alleging it mishandled the cleanup from its 2020 account scandal. That suit ended in a $1 billion class-action settlement.
At the end of the day, we can’t ignore Wells Fargo’s complicated and not-so-great history with regulators. On top of that, its checking and savings accounts are basic at best, all with monthly fees, opening deposit requirements and low APYs.
The bank’s CDs are really the only product that are above average, thanks to the high APYs. But they also have a higher-than-average opening deposit requirement of $2,500 when most banks require around $1,000.
If you want a bank with a large footprint across the states, prefer branch access with in-person support, or just want a basic checking and savings account, then Wells Fargo will get the job done. Compared to other banks, though, it just isn’t our first choice.
Not sure if Wells Fargo is a good bank for you? See how it stacks up side by side to competitors, and compare other top banks.
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