People have many confusions about wells Fargo. Is Wells Fargo a credit union or a bank? You need to know its details, account basics, and types of accounts.
Here I have discussed Wells Fargo account details and answered the significant queries of people.
Let us start!
Wells Fargo is a Credit Union or Bank?
No, it is not a credit union. Wells Fargo is the oldest financial institution in the United States and has hit many milestones recently. Now it is one of the biggest national banks of United States.
Moreover, they have broadened its network, and its banks and ATMs are located everywhere in the United States.
Meanwhile, it has more than 52,000 branches and more than 13,000 ATMs. It provides the facilities of saving and checking to the people and offers many banking solutions to individuals, businesses, and corporations.
What are the Basics of Account?
It has mainly two parts saving and checking. Let us have discussion on both of them
Checking
There are different options for account checking, and there are 4 types of accounts. However, for each account, you need to deposit $25 initially.
Everyday Checking
It is a simple and basic checking account, and you get a complimentary credit card and check writing privileges. However, you have to pay monthly $10, but they do not charge this amount when you meet these statements.
- When you keep a minimum balance of $500 daily
- Each statemental period’s total qualifying direct deposit should be $500 or more than it.
- You own a linked Wells Fargo Campus ATM or campus debit card
- You are a primary account holder having age 17-24 years
Digital Checking Account
Straightforward access banking is also known as a digital checking account. Anyone can have this checking account; however, it has a monthly fee of $5, which is only waived when the account holder is 13- 24 years old.
Preferred Checking
It is a type of interest-bearing account pinioned towards the people who have wells Fargo mortgage loans. However, this account has many benefits as you get extra perks.
You get a discount on checks of personal style, and you do not have to pay charges for cashier’s checks and money orders. You have $15 monthly charges.
If you fulfill these requirements on each statemental period, they do not charge you monthly.
- It would help if you had a wells Fargo home mortgage linked to this account.
- Keep &10,000 minimum combined in daily deposit balances of select Fargo account.
- You have $1000 or more in total qualifying direct deposits each statemental period.
Portfolio
it is also a checking account by wells Fargo, and it has many benefits for people who have featured relationships with other Wells Fargo account holders.
Its perks are more than other checking accounts. Let us discuss them one by one
- Bonus interest rates
- You get personalized phone support 24 hours a day from the bank’s premier banking team.
- You get an interest rate discount on some loan products
- Your non-wells Fargo ATM fee is waived
These account holders have to pay $30 monthly, which is much higher than a checking account. However, you do not have to pay these charges if you fulfill these requirements
- If you have $25,000 or more than it in qualifying deposits along selected linked and retirements account.
- You have maintained $50,000 or more than in qualifying linked wells Fargo bank, brokerage, and credit balance.
Saving
They have only two saving account
- Way2save
- Platinum
You need to deposit $25 initially for both accounts, and you have to pay $5 monthly; however, they do not charge you this account if you fulfill these requirements.
- Your daily balance should be $300.
- You should have one Save As You Go transfer from your linked account.
- From linked wells, Fargo checking account automatically transfers $25.
- Similarly, if you transfer $1 or more every business day from the linked wells Fargo checking account.
- If you are 24 years old or younger, you have a primary account.
Way2save can earn interest on all balances. Moreover, they feature much lower rates than many national banks. But has not strong competition with high yield interest rates found with many online saving accounts.
Similarly, the other saving account is platinum, and if you want to keep this account, you have to pay $12 monthly. However, they waive this amount if you maintain a $35,000 daily balance each statemental period.
Moreover, you also get a complimentary debit card. Furthermore, you can even write checks, and all these perks are not available for other account users.
It is an internet-saving bearing account, and you also have the option of pairing it with a portfolio by wells Fargo account. Thus, you have to pay less than you can find at an online bank.
Access on the go
They have an app that has made it very easy to handle the wells Fargo account. Moreover, the app has 4.8 ratings out of 5 on the app store and googles play. You can manage the following things by the app
- Manage accounts
- View account activity
- Deposit checks
- Transfer funds
- Send and receive money via Zelle
- Pay bills
- Track investments
- Manage credit card and rewards accounts
Pros
Following are the pros of wells Fargo
- They have a vast and extensive network of banks and ATMs.
- You can control everything by high rated mobile app
- If you fulfill their requirements, they waive your monthly fee on some checking and saving accounts.
Cons
Following are a few drawbacks of wells Fargo, and if you cannot compromise on them, do not make a wells Fargo account.
- They have low-interest rates
- Out of network ATM
- They charge overdraft three times a day
FAQs
Is wells Fargo bank FDIC insured?
Yes, all their accounts are FDIC insured up to $250,000 per depositor.
Is wells Fargo bank safe?
You have set different security measures to protect your customers and funds. They have the latest encryption technology, advanced sign-in options, automatic sign-offs, and fraud monitoring.
Do wells Fargo have 24 hours customer service?
Yes, they have 24 hours customer service, and you can call them anytime at 1-800-869-3557. Moreover, you can also contact them through Facebook and Twitter.
Can I open a wells Fargo online account?
Yes, you can open an online account through wells Fargo online, at a local branch, or call on the number 1-800-869-3557.
Final Words
Wells Fargo is not a credit union; it is a bank and has two main categories of accounts saving and checking. There are 4 types of checking accounts and 2 types of saving accounts.
It is a secure bank with an extensive network; you get many perks. All of them are mentioned above. However, some people avoid it due to low-interest rates out-of-network ATM. If you still have any queries, feel free to ask in the comment section below. Thank you for your visit!