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Wells Fargo Bank
Save, spend, invest and more with the second-largest banking institution in the US.
Updated
It can be intimidating to entrust a banking institution to store, grow and invest your money. Many of these banks have been around forever, offer countless wide-ranging services and can be found in the headlines for questionable practices, to say the least. Wells Fargo is one such bank that’s been helping its customers and businesses through banking accounts, lines of credit, investing services for more than 160 years.
What is Wells Fargo?
Wells Fargo was founded by Henry Wells and William Fargo in San Francisco during the heady gold rush days of 1852. Though it started out serving the West, this American financial institution now has a nationwide base and some $1.7 trillion in assets. Through a network of 8,700 locations, 12,500 ATMs and online and smartphone platforms, Wells Fargo does business with approximately 70 million customers across the United States.
Wells Fargo does business with one in three US households and has operations in 36 countries around the world. 2014 was a big year for Wells Fargo as it was named “Most Respected Bank” by Barron’s magazine and also won the award for “Best U.S. Bank” from The Banker magazine.
As the eighth-biggest public company in the world, Wells Fargo is the number-one retail mortgage lender in the United States and the number-one small business lender. From everyday banking accounts and credit cards through to foreign currency exchange, Wells Fargo offers a wide variety of products and services to its customers.
What is Wells Fargo known for?
Serving more communities than any other US bank, Wells Fargo is a banking institution known for its classic stagecoach logo. It’s the largest mortgage and auto lender in the United States, and an estimated 10% of all small businesses use this bank’s financial services.
Which makes its 2016 account fraud scandal, whereby Wells Fargo was accused of creating more than 2 billion fake bank accounts for unauthorized cross-selling of products, all the more disappointing. The bank eventually settled on a payout and committed to amend its bylaws to prevent future scandals.
What products does Wells Fargo offer?
Learn more about banking, loans, credit cards, investing and more with Wells Fargo.
| Product | Services |
|---|---|
| Banking |
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| Loans and credit | |
| Investing and retirement |
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| Business services |
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What are customers saying about Wells Fargo?
Wells Fargo is not accredited with the Better Business Bureau (BBB), and currently has a letter grade of NR (No Rating) as it responds to previously closed customer complaints. Of the 357 total customer reviews on the BBB site, 96% of them are Negative. Most reviews focus on dissatisfaction around customer service and products.
The Wells Fargo fake account scandal
In September 2016, Wells Fargo announced that it would pay $185 million to settle allegations by the Los Angeles Times that more than 5,000 of its employees created millions of ghost accounts for its customers since 2011. After an “eight is great” sales goal directed by management to sign up customers with at least eight Wells Fargo products each, employees began creating fake bank and credit card accounts to meet the quota, moving money between accounts without their knowledge or permission. These accounts racked up more than $2.5 million in fees for the bank — fees paid by customers who discovered they were on the hook for credit cards they hadn’t applied for or used, insufficient account funds and other penalties.
Longtime CEO John Stumpf resigned in October 2016, replaced by Timothy Sloan, and 5,300 employees were fired. But Wells Fargo’s problems are not yet behind them: In addition to the $185 million payout, federal prosecutors are continuing investigations and threaten to clawback retirement and other compensation for executives who retired in the wake of the scandal.
If you believe that an unauthorized account or service was opened in your name, no matter when it happened, call Wells Fargo’s dedicated claims hotline at 1-877-924-8697.
Bottom line: Can I trust Wells Fargo?
Wells Fargo offers a wealth of financial and banking services for nearly every stage of life and business. Despite its 2016 fake account scandal, it turns out that few customers have left the bank. Time will tell how deeply this scandal affects Wells Fargo’s bottom line.
What’s my Wells Fargo routing or ABA number?
Common questions about Wells Fargo
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Ask an Expert
What will it cost me to open a checking account and what charge is it by month.
Hi Raul,
Thanks for your inquiry.
If you are referring to Wells Fargo Everyday Checking account, this account requires a $25 minimum deposit to open. And there’s a $10 monthly service fee unless you can meet one of the following requirements each month:
– 10 or more debit card purchases or payments
– Qualifying direct deposits totaling at least $500
– Linking a Wells Fargo Campus ATM or Campus Debit Card
– Primary account holder is 17 to 24 years old
For further information, we do have a review of Wells Fargo Everyday Checking account. Check out that review to learn more about the account’s key details.
I hope this helps.
Kind regards,
Bella
I would like to set up recurring monthly transfers from my checking account using Zelle. My friends at Chase say they are doing that and so I want to know if I can do that with a Wells Fargo account.
Hi Don,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
Upon checking, there’s no mention in the website of Wells Fargo about the ability to set up a recurring monthly transfer or payment with their account. I have also read forums telling that Wells Fargo account holders are not able to accomplish this.
If you want to confirm, you can also directly get in touch with Wells Fargo and check.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Does Wells Fargo Bank offer free coin counting for customers with Wells Fargo accounts?
Hi Richard,
Thanks for reaching out to finder.
As of this time, Wells Fargo no longer offer free coin counting for their customers. Branches will only accept loose coins from business and commercial customers enrolled in their Large Coin Deposit process.
However, they are happy to provide free of charge coin wrappers for their customers to roll their change for deposit. Alternatively, you can consider using independent coin counting kiosks that can typically be found in a local retailer.
I hope this helps.
Cheers,
Charisse
I have a Wells Fargo account and want to set up a Zelle account. How do I do that?
Hi Ed,
Thanks for reaching out! To use Zelle, enroll in either Wells Fargo Online, or the Wells Fargo Mobile app.
To enroll:
1. Sign on to Wells Fargo Online or the Wells Fargo Mobile app.
2. From the Zelle screen, read and accept the Zelle® Transfer Service Addendum.
To get started with Zelle right away, make sure you register an email address or mobile number, along with the account where you want money to be deposited. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki