How To Do Wells Fargo Online Banking
This article explains all you need to know about Wells Fargo Online Banking.
About Wells Fargo
Wells Fargo is one of the country’s oldest banks. Wells Fargo, founded in 1852, is now one of America’s largest national banks. Wells Fargo has over 5,200 bank locations and 13,000 ATMs across the US. The national bank offers personal, business, and corporate banking services.
This Wells Fargo Bank review focuses on personal banking services. Account information and APYs are current as of March 24, 2021.
Customers of Wells Fargo have various alternatives for checking accounts. Each of the four accounts requires a $25 initial deposit.
Everyday Checking comes with a free debit card and check-writing privileges. The $10 monthly service fee is waived if you meet one of the following criteria:
* Maintain a $500 daily balance
* Have a linked Wells Fargo Campus ATM or Campus Debit Card
* Have a total qualifying direct deposit of $500 or more
Are you a primary account owner aged 17-24?
Digital checking account with Clear Access. Anyone can open this checkless account, however the $5 monthly cost is waived for primary account holders aged 13 to 24.
Preferred Checking is an interest-bearing account for Wells Fargo mortgage borrowers. Cashier’s checks and money orders are free with this account. Preferred Checking charges a $15 monthly fee. Customers who meet one of the following criteria each statement period are exempt:
* Has a Wells Fargo Home Mortgage attached to it
* Maintain a daily deposit balance of $10,000 in specified Wells Fargo accounts.
A total of $1,000 in qualified direct deposits each statement period
Portfolio by Wells Fargo is a checking account with relationship perks.
Benefits of Portfolio by Wells Fargo accounts include:
* Bonus interest rates
* 24/7 phone help from the Premier Banking Team
* Waiver of non-Wells Fargo ATM fees
* Interest rate savings on select loan products
In addition, users who fulfill one of the following balance thresholds are exempt from the $30 monthly service fee.
* Keep qualifying deposits in certain Wells Fargo bank, brokerage, and credit accounts of $25,000 or more
Some Wells Fargo accounts allow overdrafts. It charges $35 for each overdraft and can happen up to three times per day.
Way2Save and Platinum Savings are Wells Fargo’s principal savings accounts.
The initial deposit for both accounts is $25. You can waive Way2Save Savings’ $5 monthly service fee if you match one of the following criteria:
* Maintain a daily balance of $300.
The primary account owner must be 24 years of age or younger and make at least one Save As You Go transfer from a connected Wells Fargo checking account.
Way2Save pays interest on all accounts and offers competitive variable rates. It still isn’t competitive with many online savings accounts’ high-yield interest rates.
Platinum Savings is another Wells Fargo account. A minimum daily balance of $3,500 per statement period waives the $12 monthly service fee. Platinum Savings account holders get a free debit card, which is unusual for savings accounts. It even allows you to write checks.
It can earn a bonus rate if paired with a Portfolio by Wells Fargo account. Both rates are modest compared to internet banks.
Wells Fargo sells CDs but doesn’t offer a wide variety of CD terms. Standard CDs are offered for three, six, and one year. Wells Fargo CDs aren’t excellent for establishing a CD ladder. Wells Fargo’s CD rates are also higher than those offered by internet banks. A $2,500 deposit is required to open a CD.
Wells Fargo also sells Step Rate CDs. The 24-month CD has rate increases at 7, 13, and 19 months. So long as your account balance is above the minimum, Wells Fargo Step Rate CDs offer one penalty-free withdrawal every six months.
Both CDs provide a bonus rate for Portfolio by Wells Fargo customers.
Clients can adjust terms, add funds, withdraw funds (maintaining the minimum balance required) or close their Wells Fargo CD accounts.
Well Fargo CDs automatically renew. Early withdrawal penalties of up to 12 months’ interest apply to standard CDs. A six-month early withdrawal penalty applies to Step Rate CDs (outside of the allowed withdrawal rules).
How Wells Fargo online banking Rates
Wells Fargo is a great choice for folks who want both local and online banking. The bank’s interest rates on most accounts are below the best online banks, but comparable to major national banks.
Wells Fargo charges a monthly service fee on all accounts. If you aren’t sure you can fulfill the monthly requirements to avoid the costs, you should bank elsewhere. You’ll need to compare the fees versus the account perks to decide if Wells Fargo is worth it. Using the relationship benefits while opening numerous accounts will help you save some fees.
Using Wells Fargo Bank
New Wells Fargo accounts can be opened online or in a branch. Online applications also provide instant application status updates.
With a Wells Fargo account, you can bank online or via the mobile app.
Wells Fargo online banking: Conclusion
Wells Fargo is a solid banking institution with a long history. This bank not only has a vast geographic reach, but also offers all types of accounts, products, and services—a genuine one-stop shop. Add to that the fact that you can get rewards for linking numerous accounts or products to Wells Fargo, and this bank is a clear winner for anyone who appreciates efficiency and convenience. The bank has yet to regain the public’s trust after a series of widespread fraud activities revealed in 2016 and 2018 that affected its own clients for nearly two decades. However, while the bank is striving to right its mistake (in February 2020, it agreed to pay $3 billion in fines to resolve a civil case and a Justice Department criminal prosecution), consumers may want to wait and see if any more nasty shoes fall. 5 Unless Wells Fargo can improve its rates or differentiate its goods, its tarnished reputation makes it less appealing to those who aren’t searching for convenience.
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