Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.^[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.^[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.^[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.^[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.^[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".^[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.^[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible^[6] quotas.^[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any "...overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."^[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang^[9] stated: "Wells Fargo's fleecing of its customers...demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."^[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.^[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.^[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.^[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.^[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.^[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.^[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.^[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.^[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.^[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,^[15] and announced that it might seek damages from Wells Fargo.^[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.^[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.^[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.^[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating "...[the fraud] was not part of an intentional strategy".^[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.^[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,^[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.^[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.^[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.^[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.^[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.^[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after "...deciding that the best thing for Wells Fargo to move forward was for him to retire...".^[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.^[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.^[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.^[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.^[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.^[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.^[29] Payments to law firms and other external advisers resulted in increased expenses.^[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.^[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.^[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.^[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.^[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

• $6.1 million in customer refunds due to inappropriate fees and charges;^[33]
• $142 million in customer compensation due to a class-action settlement;^[33]
• $480 million settlement for a shareholder class-action lawsuit;^[34] and
• $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.^[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.^[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.^[11] Customers' credit scores were also likely hurt by the fake accounts.^[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.^[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.^[36][37] The money repaid fraudulent fees and paid damages to those affected.^[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.^[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.^[38][12] At least one employee consumed hand sanitizer to cope with the pressure.^[12] Some indicated that calls to the company's ethics hotline were met with either no reaction^[38] or resulted in the termination of the employee making the call.^[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.^[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,^[39] a practice that received media attention as early as 2011.^[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.^[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.^[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.^[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.^[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.^[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.^[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.^[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.^[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.^[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.^[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.^[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.^[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.^[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.^[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.^[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the "... opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.^[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.^[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.^[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,^[54] and the state of Illinois.^[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.^[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.^[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.^[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,^[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.^[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.^[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.^[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.^[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.^[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,^[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;^[66] this plan, announced in January 2021, was received skeptically by industry analysts.^[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.^[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.^[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.^[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.^[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.^[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.^[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.^[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.^[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.^[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".^[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.^[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.^[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.^[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.^[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".^[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.^[82] The company later paid this fine.^[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.^[81]

References[edit]

Banking / Checking Account

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With over 7,200 branches and 13,000 ATMs, Wells Fargo banks are a common sight for Americans nationwide. And with products offering competitive fees and a wide range of accounts to choose from, it can be an attractive option despite its relatively low interest rates.

Opening a Wells Fargo bank account is simple, and you can do it yourself online or in person at a local branch. In this guide, you’ll learn how to open an account. This guide also looks at Wells Fargo’s checking and savings account fees and features and how Wells Fargo stacks up against other banks.

Steps To Open a Wells Fargo Bank Account

Despite a 2016 scandal resulting from sales practices at the time, opening a Wells Fargo bank account makes sense due to its wide availability of physical locations and ATMs. If that controversy makes you wary, rest assured that Wells Fargo has revamped its strategy to restore team members’ and customers’ trust by making a great customer experience its highest priority.

Here are a few simple steps you’ll need to follow to open an account with Wells Fargo.

1. Gather Required Personal Information

Collect all the information Well Fargo needs to properly identify you and remain compliant with banking laws:

• Valid identification (driver’s license, state ID or matricula card)
• Social Security number or tax ID number
• Contact information: name, address, email address, phone number
• Money for your opening deposit

If you open your account online rather than in person, you might have to scan your ID and attach it to your application or fax it to the bank.

2. Choose a Wells Fargo Bank Account

Explore all of Wells Fargo’s checking and savings account options and decide which is best for you. Wells Fargo currently has four checking accounts and two savings accounts available, and each has its benefits and drawbacks.

Wells Fargo Checking Accounts

• Wells Fargo Everyday Checking: This account includes features such as the Wells Fargo mobile app, a debit card and alerts. There is a $10 monthly service fee, but there are ways to avoid it, such as by maintaining a $500 daily minimum balance or receiving $500 in direct deposits. The fee is also waived for account holders ages 17-24.
• Wells Fargo Preferred Checking: Preferred Checking pays interest on your balance and offers free cashier’s checks. It comes with a $15 monthly service fee, but you can avoid this by maintaining a $10,000 minimum balance, having at least $1,000 in direct deposits each month or linking a Wells Fargo home mortgage.
• Wells Fargo Clear Access Banking: This checking account is designed specifically for young people opening their first account, as people as young as 13 years old can open one with an adult co-owner. There are no checks or overdraft fees. It does have a $5 monthly service fee, but Wells Fargo waives the fee for account holders ages 13-24.
• Portfolio by Wells Fargo: This interest checking account earns you premium relationship benefits and rewards. It also waives ATM fees in the U.S. and overseas. There is currently a $30 monthly service fee, but you can avoid this with $25,000 in monthly linked bank deposits or $50,000 in linked bank, brokerage and credit balances. However, be aware that the following changes are coming to this account:
  • Beginning May 28, the monthly fee will be lowered to $25, with $20,000 in qualifying deposits or investment account balances needed to waive the fee.
  • Credit balances will no longer count toward the monthly minimum, and credit accounts will be delinked starting on that date.

Wells Fargo Savings Accounts

• Way2Save Savings: This account helps you build savings with automatic transfers of $1 from your checking account to your savings account with each debit card purchase. There is a $5 monthly fee that you can avoid by maintaining a $300 minimum daily balance or meeting certain transfer requirements. The fee is also waived for all primary account holders under age 24.
• Platinum Savings: Earn up to a 0.02% bonus annual percentage yield and get easy access to your money with check-writing capability and the option to make unlimited ATM withdrawals. This account comes with a $12 monthly service fee, but you can avoid it by maintaining a $3,500 minimum daily balance.

3. Fill Out the Online Application or Apply in Person

Wells Fargo makes it fast and easy to open a bank account online. Gather the required personal information and the $25 opening deposit. You’ll be asked a few questions, such as whether you are a current customer and whether you want a joint or individual account. From there, you can choose the account you’d like to apply for and complete the application.

You can also talk to a banker in person by visiting any of Wells Fargo’s branch offices near you or calling a customer service representative. Representatives are available 24/7 at 866-245-3452.

Wells Fargo Checking Account Fees and Features

Wells Fargo offers checking accounts for customers at every financial stage of their lives. Although all accounts have a minimum opening deposit, you can have most of the monthly fees waived when you meet certain requirements.

The Wells Fargo Card Design Studio is an additional feature worth noting — you can insert your favorite image onto your Wells Fargo debit card and/or credit card, free of charge.

Here are the fees and features of each Wells Fargo checking account.

Wells Fargo Everyday Checking

• Best for: Customers who want the convenience of many bank and ATM locations
• Monthly fees: $10 (waived when you meet account requirements)
• Minimum opening deposit: $25
• Features:

Wells Fargo Preferred Checking

• Best for: Customers who want the convenience of many bank and ATM locations
• Monthly fees: $15 (waived when you meet account requirements)
• Minimum opening deposit: $25
• Features:
  • Debit card
  • Bill pay and online transfers
  • Mobile deposit
  • Text banking

Wells Fargo Clear Access Banking

• Best for: People ages 13-24
• Monthly fees: $5 (waived for customers ages 13-24)
• Minimum opening deposit: $25
• Features:
  • Debit card
  • Bill pay and online transfers
  • Mobile deposit
  • Text banking

Portfolio by Wells Fargo

• Best for: Customers who maintain high balances and want rewards
• Monthly fees:
  • Currently $30 (waived when you meet account requirements)
  • Updated account requirements and a $25 monthly fee are set to take effect on May 28, as noted above
• Minimum opening deposit: $25
• Features:
  • Relationship bonuses
  • Debit card
  • Waived ATM fees

Wells Fargo Savings Account Fees and Features

You can open a Wells Fargo savings account or CD individually or jointly through Wells Fargo Online or by calling or visiting a nearby branch office. The interest you earn on your deposits makes your money grow and helps to secure your long-term financial future.

Wells Fargo offers two popular savings accounts in addition to time accounts, each with benefits and features to meet your individual financial needs.

Way2Save Savings

• Minimum opening deposit: $25
• Monthly service fee: $5 (waived when you meet account requirements)
• Features:
  • Automatic transfers from linked checking account
  • Overdraft protection

Platinum Savings

• Minimum opening deposit: $25
• Monthly service fee: $12 (waived when you meet account requirements)
• Features:
  • Offers the highest rates of all Wells Fargo savings accounts
  • Option to write checks

Wells Fargo CDs

• Minimum opening deposit: $2,500
• Monthly service fee: $0
• Features:
  • Fixed rates
  • Choice of terms
  • Often offer a better rate than savings accounts

How To Avoid Unwanted Fees

Most banks’ checking and savings accounts charge monthly fees unless the customer maintains a minimum average daily balance, and those aren’t the only fees you need to worry about. Here are some tips to help you hold on to more of your money.

Preventing Unwanted Fees

• Avoid ATM fees: Find an in-network ATM near you to make fee-free withdrawals, or open a Portfolio by Wells Fargo account, which waives all ATM fees.
• Set up email alerts: Set up free alerts via Wells Fargo’s website or app to be notified when your account balance dips below any amount you specify.
• Avoid overdrafts: Open a Wells Fargo account offering overdraft protection or Overdraft Rewind to avoid costly overdraft fees. Also, use Wells Fargo’s app or phone support to keep track of your checking and savings account balances.

What To Consider Before Opening a Wells Fargo Account

Wells Fargo’s financial products cover almost every area of consumer finance. But like every bank, Wells Fargo has its pros and cons.

Pros of Wells Fargo:

• Large network of banking locations and ATMs make Wells Fargo a convenient choice
• Variety of checking and savings account options
• Excellent customer service at local branches and online
• Wells Fargo mobile app makes it easy to monitor your account from your mobile device
• Free online budgeting tools
• Competitive accounts for teens and college students

Cons of Wells Fargo:

• 2016 scandal has caused mistrust
• Size of Wells Fargo might intimidate customers who prefer a small-town banking network
• High fees that can be difficult to waive
• Low APY on savings accounts

Wells Fargo has some good points and some bad, so it’s important to weigh each of these pros and cons to determine if Wells Fargo is the best choice to meet your financial needs.

Actively Monitor Your Wells Fargo Accounts

Once you’ve set up your checking or savings account, you can manage it with instant alerts sent to your email or mobile device. That way, you’ll be notified right away when a transaction takes place. Wells Fargo also offers the following ways to monitor your account:

• Wells Fargo Online gives you easy access to all of your accounts and lets you choose which activity details and alerts you see.
• You can check your accounts with text banking or by using the Wells Fargo mobile website or app.
• Paperless statements make your past account activity instantly available.

How Does Wells Fargo Stack Up Against Other Banks?

Here’s a look at how Wells Fargo compares to other large banks in terms of checking and savings account fees and interest rates.

Wells Fargo vs. Competitors: How Their Fees and Rates Compare

Wells Fargo

• Basic checking account fees: $10 (waived when you meet account requirements)
• Basic savings account fees: $5 (waived when you meet account requirements)
• Overdraft fees: $35
• ATM fees: $0 at Wells Fargo ATMs; $2.50 at non-Wells Fargo ATMs
• Basic saving interest rate:0.01%

TD Bank

• Basic checking account fees: $15 (waived when you meet account requirements)
• Basic savings account fees: $5 (several ways to waive fee)
• Overdraft fees: $35
• ATM fees: $0 at TD Bank ATMs; $3 at non-TD ATMs
• Basic saving interest rate: 0.02%

Bank of America

• Basic checking account fees: $4.95 (waived when you meet account requirements)
• Basic savings account fees: $8 (several ways to waive fee)
• Overdraft fees: $35
• ATM fees: $0 at Bank of America ATMs; $2.50 at non-Bank of America ATMs
• Basic saving interest rate:0.01%

Chase

• Basic checking account fees: $4.95 (can’t waive fee)
• Basic savings account fees: $5 (waived when you meet account requirements)
• Overdraft fees: $34
• ATM fees: $0 at Chase ATMs; $2.50 at non-Chase ATMs
• Basic saving interest rate:0.01%

Capital One

• Basic checking account fees: $0
• Basic savings account fees: $0
• Overdraft fees: $35
• ATM fees: $0
• Basic saving interest rate:0.40%

U.S. Bank

• Basic checking account fees: $6.95 (waived when you meet account requirements)
• Basic savings account fees: $4 (waived when you meet account requirements)
• Overdraft fees: $36
• ATM fees: $0 at U.S. Bank ATMs; $2.50 at non-U.S. Bank ATMs outside of the MoneyPass network
• Basic saving interest rate:0.01%

Is Wells Fargo the Bank for You?

Wells Fargo has a range of products available — including four checking accounts and two savings accounts — for all types of customers. No matter which one you choose, you can open it online or in person with the required personal information and a $25 opening deposit.

Once you open your account, you’ll be subject to monthly maintenance fees, but Wells Fargo will waive those fees if you meet specific requirements.

When considering Wells Fargo, keep in mind that it has lower interest rates than some other banks. If the low interest is acceptable to you, Wells Fargo may be a great option. You can open an account by dropping by a Wells Fargo branch near you.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 15, 2021.

This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Wells Fargo.

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., based on the bank’s unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations of the 2018 Compliance Consent Order.

“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” said Acting Comptroller of the Currency Michael J. Hsu. “In addition to the $250 million civil money penalty that we are assessing against Wells Fargo, today’s action puts limits on the bank’s future activities until existing problems in mortgage servicing are adequately addressed. The OCC will continue to use all the tools at our disposal, including business restrictions, to ensure that national banks address problems in a timely manner, treat customers fairly, and operate in a safe and sound manner.”

The OCC also issued a Cease and Desist Order against the bank based on the bank’s failure to establish an effective home lending loss mitigation program. The order requires the bank to take broad and comprehensive corrective actions to improve the execution, risk management, and oversight of the bank’s loss mitigation program. The order restricts the bank, while the order is effective, from acquiring certain third-party residential mortgage servicing and requires the bank to ensure that borrowers are not transferred out of the bank’s loan servicing portfolio until remediation is provided, except as required by an investor pursuant to a contractual right.

The OCC penalty will be paid to the U.S. Treasury.

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WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., based on the bank’s unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations of the 2018 Compliance Consent Order.

“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” said Acting Comptroller of the Currency Michael J. Hsu. “In addition to the $250 million civil money penalty that we are assessing against Wells Fargo, today’s action puts limits on the bank’s future activities until existing problems in mortgage servicing are adequately addressed. The OCC will continue to use all the tools at our disposal, including business restrictions, to ensure that national banks address problems in a timely manner, treat customers fairly, and operate in a safe and sound manner.”

The OCC also issued a Cease and Desist Order against the bank based on the bank’s failure to establish an effective home lending loss mitigation program. The order requires the bank to take broad and comprehensive corrective actions to improve the execution, risk management, and oversight of the bank’s loss mitigation program. The order restricts the bank, while the order is effective, from acquiring certain third-party residential mortgage servicing and requires the bank to ensure that borrowers are not transferred out of the bank’s loan servicing portfolio until remediation is provided, except as required by an investor pursuant to a contractual right.

The OCC penalty will be paid to the U.S. Treasury.

Related Links

Media Contact

Stephanie Collins
(202) 649-6870

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.^[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.^[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.^[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.^[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.^[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".^[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.^[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible^[6] quotas.^[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any inexpensive printers at walmart sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."^[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang^[9] stated: "Wells Fargo's fleecing of its customers.demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."^[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.^[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement wells fargo new checking account money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.^[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.^[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.^[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.^[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.^[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.^[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.^[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.^[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,^[15] and announced that it might seek damages from Wells Fargo.^[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.^[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.^[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.^[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating ".[the fraud] was not part of an intentional strategy".^[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.^[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,^[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.^[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.^[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.^[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so united bank wv login the company's board.^[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.^[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after ".deciding that the best thing for Wells Fargo to move forward was for him to retire.".^[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.^[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.^[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.^[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.^[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.^[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the cant activate my cash app card broke.^[29] Payments to law firms and other external advisers resulted in increased expenses.^[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.^[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.^[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.^[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.^[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

• $6.1 million in customer refunds due to inappropriate fees and charges;^[33]
• $142 million in customer compensation due to a class-action settlement;^[33]
• $480 million settlement for a shareholder class-action lawsuit;^[34] and
• $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.^[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.^[1]

On wells fargo new checking account 85,000 of the accounts opened incurred fees, totaling $2 million.^[11] Customers' credit scores were also likely hurt by the fake accounts.^[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.^[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.^[36][37] The money repaid fraudulent fees and paid damages to those affected.^[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.^[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.^[38][12] At least one employee consumed hand sanitizer to cope with the pressure.^[12] Some indicated that calls to the company's ethics hotline were met with either no reaction^[38] or resulted in the termination of the employee making the call.^[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.^[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,^[39] a practice that received media attention as early as 2011.^[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.^[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.^[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.^[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.^[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.^[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.^[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.^[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.^[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.^[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.^[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.^[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of great western bank omaha ne routing number bank.^[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.^[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.^[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.^[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the ". opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.^[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.^[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the property tax calculator contra costa county from doing business with the bank for two years.^[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,^[54] and the state of Illinois.^[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.^[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.^[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.^[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,^[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.^[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.^[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.^[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.^[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.^[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,^[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;^[66] this plan, announced in January 2021, was received skeptically by industry analysts.^[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.^[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.^[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.^[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.^[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.^[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.^[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.^[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.^[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.^[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".^[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.^[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.^[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.^[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.^[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called wells fargo new checking account is Wells Fargo".^[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.^[82] The company later paid this fine.^[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.^[81]

References[edit]

Banking / Checking Account

Rob Wilson / Shutterstock.com

With over 7,200 branches and 13,000 ATMs, Wells Fargo banks are a common sight for Americans nationwide. And with products offering competitive fees and a wide range of accounts to choose from, it can be an attractive option despite its relatively low interest rates.

Opening a Wells Fargo bank account is simple, and you can do it yourself online or in person at a local branch. In this guide, you’ll learn how to open an account. This guide also looks at Wells Fargo’s checking and savings account fees and features and how Wells Fargo stacks up against other banks.

Steps To Open a Wells Fargo Bank Account

Despite a 2016 scandal resulting from sales practices at the time, opening a Wells Fargo bank account makes sense due to its wide availability of physical locations and ATMs. If that controversy makes you wary, rest assured that Wells Fargo has revamped its strategy to restore team members’ and customers’ trust by making a great customer experience its highest priority.

Here are a few simple steps you’ll need to follow to open an account with Wells Fargo.

1. Gather Required Personal Information

Collect all the information Well Fargo needs to properly identify you and remain compliant with banking laws:

• Valid identification (driver’s license, state ID or matricula card)
• Social Security number or tax ID number
• Contact information: name, address, email address, phone number
• Money for your opening deposit

If you open your account online rather than in person, you might have to scan your ID and attach it to your application or fax it to the bank.

2. Choose a Wells Fargo Bank Account

Explore all of Wells Fargo’s checking and savings account options and decide which is best for you. Wells Fargo currently has four checking accounts and two savings accounts available, and each has its benefits and drawbacks.

Wells Fargo Checking Accounts

• Wells Fargo Everyday Checking: This account includes features such as the Wells Fargo mobile app, a debit card and alerts. There is a $10 monthly service fee, but there are ways to avoid it, such as by maintaining a $500 daily minimum balance or receiving $500 in direct deposits. The fee is also waived for account holders ages 17-24.
• Wells Fargo Preferred Checking: Preferred Checking pays interest on your balance and offers free cashier’s checks. It comes with a $15 monthly service fee, but you can avoid this by maintaining a $10,000 minimum balance, having at least $1,000 in direct deposits each month or linking a Wells Fargo home mortgage.
• Wells Fargo Clear Access Banking: This checking account is designed specifically for young people opening their first account, as people as young as 13 years old can open one with an adult co-owner. There are no checks or overdraft fees. It does have a $5 monthly service fee, but Wells Fargo waives the fee for account holders ages 13-24.
• Portfolio by Wells Fargo: This interest checking account earns you premium relationship benefits and rewards. It also waives ATM fees in the U.S. and overseas. There is currently a $30 monthly service fee, but you can avoid this with $25,000 in monthly linked bank deposits or $50,000 in linked bank, brokerage and credit balances. However, be aware that the following changes are coming to this account:
  • Beginning May 28, the monthly fee will be lowered to $25, with $20,000 in qualifying deposits or investment account balances needed to waive the fee.
  • Credit balances will no longer count toward the monthly minimum, and credit accounts will be delinked starting on that date.

Wells Fargo Savings Accounts

• Way2Save Savings: This account helps you build savings with automatic transfers of $1 from your checking account to your savings account with each debit card purchase. There is a $5 monthly fee that you can avoid by maintaining a $300 minimum daily balance or meeting certain transfer requirements. The fee is also waived for all primary account holders under age 24.
• Platinum Savings: Earn up to a 0.02% bonus annual percentage yield and get easy access to your money with check-writing capability and the option to make unlimited ATM withdrawals. This account comes with a $12 monthly service fee, but you can avoid it by maintaining a $3,500 minimum daily balance.

3. Fill Out the Online Application or Apply in Person

Wells Fargo makes it fast and easy to open a bank account online. Gather the required personal information and the $25 opening deposit. You’ll be asked a few questions, such as whether you are a current customer and whether you want a joint or individual account. From there, you can choose the account you’d like to apply for and complete the application.

You can also talk to a banker in person by visiting any of Wells Fargo’s branch offices near you or calling a customer service representative. Representatives are available 24/7 at 866-245-3452.

Wells Fargo Checking Account Fees and Features

Wells Fargo offers checking accounts for customers at every financial stage of their lives. Although all accounts have a minimum opening deposit, you can have most of the monthly fees waived when you meet certain requirements.

The Wells Fargo Card Design Studio is an additional feature worth noting — you can insert your favorite image onto your Wells Fargo debit card and/or credit card, free of charge.

Here are the fees and features of each Wells Fargo checking account.

Wells Fargo Everyday Checking

• Best for: Customers who want the convenience of many bank and ATM locations
• Monthly fees: $10 (waived when you meet account requirements)
• Minimum opening deposit: $25
• Features:

Wells Fargo Preferred Checking

• Best for: Customers who want the convenience of many bank and ATM locations
• Monthly fees: $15 (waived when you meet account requirements)
• Minimum opening deposit: $25
• Features:
  • Debit card
  • Bill pay and online transfers
  • Mobile deposit
  • Text banking

Wells Fargo Clear Access Banking

• Best for: People ages 13-24
• Monthly fees: $5 (waived for customers ages 13-24)
• Minimum opening deposit: $25
• Features:
  • Debit card
  • Bill pay and online transfers
  • Mobile deposit
  • Text banking

Portfolio by Wells Fargo

• Best for: Customers who maintain high balances and want rewards
• Monthly fees:
  • Currently $30 (waived when you meet account requirements)
  • Updated account requirements and a $25 monthly fee are set to take effect on May 28, as noted above
• Minimum opening deposit: $25
• Features:
  • Relationship bonuses
  • Debit card
  • Waived ATM fees

Wells Fargo Savings Account Fees and Features

You can open a Wells Fargo savings account or CD individually or jointly through Wells Fargo Online or by calling or visiting a nearby branch office. The interest you earn on your deposits makes your money grow and helps to secure your long-term financial future.

Wells Fargo offers two popular savings accounts in addition to time accounts, each with benefits and features to meet your individual financial needs.

Way2Save Savings

• Minimum opening deposit: $25
• Monthly service fee: $5 (waived when you meet account requirements)
• Features:
  • Automatic transfers from linked checking account
  • Overdraft protection

Platinum Savings

• Minimum opening deposit: $25
• Monthly service fee: $12 (waived when you meet account requirements)
• Features:
  • Offers the highest rates of all Wells Fargo savings accounts
  • Option to write checks

Wells Fargo CDs

• Minimum opening deposit: $2,500
• Monthly service fee: $0
• Features:
  • Fixed rates
  • Choice of terms
  • Often offer a better rate than savings accounts

How To Avoid Unwanted Fees

Most banks’ checking and savings accounts charge monthly fees unless the customer maintains a minimum average daily balance, and those aren’t the only fees you need to worry about. Here are some tips to help you hold on to more of your money.

Preventing Unwanted Fees

• Avoid ATM fees: Find an in-network ATM near you to make fee-free withdrawals, or open a Portfolio by Wells Fargo account, which waives all ATM fees.
• Set up email alerts: Set up free alerts via Wells Fargo’s website or app to be notified when your account balance dips below any amount you specify.
• Avoid overdrafts: Open a Wells Fargo account offering overdraft protection or Overdraft Rewind to avoid costly overdraft fees. Also, use Wells Fargo’s app or phone support to keep track of your checking and savings account balances.

What To Consider Before Opening a Wells Fargo Account

Wells Fargo’s financial products cover almost every area of consumer finance. But like every bank, Wells Fargo has its pros and cons.

Pros of Wells Fargo:

• Large network of banking locations and ATMs make Wells Fargo a convenient choice
• Variety of checking and savings account options
• Excellent customer service at local branches and online
• Wells Fargo mobile app makes it easy to monitor your account from your mobile device
• Free online budgeting tools
• Competitive accounts for teens and college students

Cons of Wells Fargo:

• 2016 scandal has caused mistrust
• Size of Wells Fargo might intimidate customers who prefer a small-town banking network
• High fees that can be difficult to waive
• Low APY on savings accounts

Wells Fargo has some good points and some bad, so it’s important to weigh each of these pros and cons to determine if Wells Fargo is the best choice to meet your financial needs.

Actively Monitor Your Wells Fargo Liberty high school online you’ve set up your checking or savings account, you can manage it with instant alerts sent to your email or wells fargo new checking account device. That way, you’ll be notified right away when a transaction takes place. Wells Fargo also offers the following ways to monitor your account:

• Wells Fargo Online gives you easy access to all of your accounts and lets you choose which activity details and alerts you see.
• You can check your accounts with text banking or by using the Wells Fargo mobile website or app.
• Paperless statements make your past account activity instantly available.

How Does Wells Fargo Stack Up Against Other Banks?

Here’s a look at how Wells Fargo compares to other large banks in terms of checking and savings account fees and interest rates.

Wells Fargo vs. Competitors: How Their Fees and Rates Compare

Wells Fargo

• Basic checking account fees: $10 (waived when you meet account requirements)
• Basic savings account fees: $5 (waived when you meet account requirements)
• Overdraft fees: $35
• ATM fees: $0 wells fargo new checking account Wells Fargo ATMs; $2.50 at non-Wells Fargo ATMs
• Basic saving interest rate:0.01%

TD Bank

• Basic checking account fees: $15 (waived when you meet account requirements)
• Basic savings account fees: $5 (several ways to waive fee)
• Overdraft fees: $35
• ATM fees: $0 at TD Bank ATMs; $3 at non-TD ATMs
• Basic saving interest rate: 0.02%

Bank of America

• Basic checking account fees: $4.95 (waived when you meet account requirements)
• Basic savings account fees: $8 (several ways to waive fee)
• Overdraft fees: $35
• ATM fees: $0 at Bank of America ATMs; $2.50 at non-Bank of America ATMs
• Basic saving interest rate:0.01%

Chase

• Basic checking account fees: $4.95 (can’t waive fee)
• Basic savings account fees: $5 (waived when you meet account requirements)
• Overdraft fees: $34
• ATM fees: $0 at Chase ATMs; $2.50 at non-Chase ATMs
• Basic saving interest rate:0.01%

Capital One

• Basic checking account fees: $0
• Basic savings account fees: $0
• Overdraft fees: $35
• ATM fees: $0
• Basic saving interest rate:0.40%

U.S. Bank

• Basic checking account fees: $6.95 (waived best buy blackberry key2 le you meet account requirements)
• Basic savings account fees: $4 (waived when you meet account requirements)
• Overdraft fees: $36
• ATM fees: $0 at U.S. Bank ATMs; $2.50 at non-U.S. Bank ATMs outside of the MoneyPass network
• Basic saving interest rate:0.01%

Is Wells Fargo the Bank for You?

Wells Fargo has a range of products available — including four checking accounts and two savings accounts — for all types of customers. No matter which one you choose, you can open it online or in person with the required personal information and a $25 opening deposit.

Once you open your account, you’ll be subject to monthly maintenance fees, but Wells Fargo will waive those fees if you meet specific requirements.

When considering Wells Fargo, keep in mind that it has lower interest rates than some other banks. If the low interest is acceptable to you, Wells Fargo may be a great option. You can open an account by dropping by a Wells Fargo branch near you.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of April 15, 2021.

This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise wells fargo new checking account by Wells Fargo.

Find the latest listing of Wells Fargo promotions, bonuses, and offers here.

Currently, Wells Fargo is offering a $150, $200, $300, $400, and $1,000 bank bonuses.

Wells Fargo Promotions Review

Wells Fargo ranks #1 in terms of the number of branches in the United States, with well over 6,000 locations across these states.

• Bonus Link:
  • $200 Checking Bonus (12/31/2021)
  • $150-$200 ATM Bonus *No Direct Link, ongoing*
  • $1,000 Business Checking Bonus *No Direct Link*
• Account Type: Everyday Checking, Preferred Checking, Business Choice Checking, Platinum Business Checking or Analyzed Business Checking
  
• Availability: Nationwide
• Branches: 6,000+ Branches (Bank Locator)
• Credit Inquiry: Soft Pull
• Direct Deposit Requirement: Varies
• Credit Card Funding:Up to $50
• Early Termination Fee: Unknown

Additionally, for more current offers, check out our bank bonuses page. Compare Wells Fargo rates for CDs and Savings with our best rates for Savings and CD accounts.

In addition, be sure to check more popular bank promotions include Chase Bank, Discover Bank, TD Bank, Huntington Bank, HSBC Bank, and many more.

I’ll go over Wells Fargo offers below.

Wells Fargo $200 Checking Bonus

• What you’ll get: $200 bonus
• Where it’s available: Nationwide, online & in-branch
• How to earn it:
  • Open a new Everyday Checking account from this offer webpage with a minimum opening deposit of $25 by December 31, 2021.
  • Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 calendar days from account opening
    • A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account. Confirm with your employer or the agency or company making these payments that they use the ACH network.
    • Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM don’t qualify as a amazon chime meeting deposit.
• When it expires: 12/31/2021

(Expires December 31, 2021)

Wells Fargo $400 Checking Bonus (Targeted)

• What you’ll get: $400 bonus
• Where it’s available: Nationwide
• How to earn it:
  • Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 in a Wells Fargo branch by September 30, 2021 using your unique bonus offer code
  • Have at least $25,000 ending daily balance in your new checking account on the 30th calendar day and the 90th calendar day after account opening.
• When it expires: 09/30/2021

(Expires September 30, 2021)

Wells Fargo $300 Checking Bonus (Targeted)

• What you’ll get: $300 bonus
• Where it’s available: Nationwide, Targeted
• How to earn it: 
  • Use your bonus offer code below at account opening when you apply for a new eligible Wells Fargo checking account with a minimum opening deposit of $25 by September 30, 2021
  • Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 calendar days from account opening
• When it expires: 09/30/2021

(Expires September 30, 2021)

Wells Fargo $150-$200 ATM Bonus

• What you’ll get: $150-$200 bonus
• Where it’s available: Nationwide; ATM
• How to earn it:
  • Use a Wells Fargo ATM to withdraw cash with a non-Wells Fargo debit card. Keep in mind the ATM fee depending on which bank you’re with.
  • A screen pop-up will appear asking what you would do with $150 or $200 dollars
  • Select gas and groceries on the screen
  • A $150 or $200 coupon offer should print out once you’re done with the ATM transaction.
• When it expires: Ongoing
• Fine Print:
  • Complete the bonus requirements within 60 days of account opening.
  • Once requirements are met, you’ll have your bonus deposited within 45 days.
  • You cannot be An owner, or joint owner, on a Wells Fargo consumer checking account in the past 6 months, A Wells Fargo team member, A recipient of a consumer checking bonus in the past 12 months.
  • A qualifying direct deposit is your salary, pension, Social Security, or other regular recurring monthly income of an accumulated $500 or more

Wells Fargo $1,000 Business Checking Bonus *Targeted*

• What you’ll get: $1,000 bonus
• Where it’s available: Nationwide
• How to earn it:
  • Open a new Platinum Business or Analyzed Business Checking account in the branch by December 31, 2020.
  • Fund the new Business Checking account with a minimum opening deposit of $25.
  • Deposit $25,000 or more into the new Business Checking account within 10 days of opening.
  • Have a $25,000 minimum balance in your new Business Checking account on Day 180 after account opening.
  • Make 10 or more qualifying transactions by Day 180. Qualifying transactions include:
    • Debit card purchases/payments
    • ACH credits and debits
    • Checks paid from your new account (deposited and cashed)
    • Mobile deposits
    • Wires (credits and debits)
    • Wells Fargo Business Bill Pay or Direct Pay
• When it expires: 12/31/2020

(Expires December 31, 2020)

How to Avoid Wells Fargo Monthly Account Fees

• Everyday Checking $10 Fee:The monthly service fee can be avoided with any one of the following each fee period:
  • Maintain a $1,500 minimum daily balance
  • $500 or more in total qualifying direct deposits
  • 10 or more posted debit card purchases/payments from this checking account.
  • A linked Wells Fargo Campus ATM or Campus Debit Card.
  • The primary account owner is 17 – 24 years old. (On the primary account owner’s 25th birthday, the account is automatically subject to the monthly service fee unless you meet one of the other options to avoid the monthly service fee.)
• Preferred Checking $15 Fee: The monthly service fee can be avoided with any one of the following each fee period:
  • Maintain $10,000 or more in combined deposit balances
  • $1,000 or more in total qualifying direct deposits
  • Link your Wells Fargo Home Mortgage to this account
• Business Choice Checking – Avoid the $14 monthly service fee with one of the following each fee period:
  • Maintain a $7,500 average ledger balance, OR
  • $10,000 in combined balances (business checking, savings, CDs, and credit), OR
  • 10 or more posted business debit card purchases/payments. This includes posted debit card purchases or posted debit card payments of bills from this checking account. This does not include transactions at an ATM, OR
  • Linked to a Direct Pay service through Wells Fargo Business Online^® Banking, OR
  • Qualifying transactions from a linked Wells Fargo Merchant Services account, OR
  • Qualifying transactions from a linked Wells Fargo Business Payroll Services account
• Simple Business Checking – Avoid the $10 monthly service fee if you maintain a $500 average ledger balance each fee period.
• Platinum Business Checking – Avoid the $40 monthly service fee with one of the following each fee period:
  • $25,000 average balance, OR
  • $40,000 in combined balances (business checking, savings, CDs, and credit)

Author’s Verdict

To summarize, Wells Fargo has some of the best promotions, bonuses, and offers in the nation. As one of the largest banks, you can be sure to find a branch to help you meet your financial needs!

Additionally, you can find a full list of the best bank promotions here. Finally, remember to bookmark this page because you will always find an updated list of Wells Fargo promotions here.

Find new Wells Fargo bonuses, promotions, and offers here.

Currently, you can find Wells Fargo Checking bonuses from $150, $200, and up to $1,000 in promotional offers.

Wells Fargo Bonuses Review

• Promotion Links:
  • $200 Checking Bonus (12/31/2021)
  • $150-$200 ATM Bonus *No Direct Link, ongoing*
  • $1,000 Business Checking Bonus *No Direct Link*
• Account Type: Checking Account
• Availability: Nationwide
• Branches: (Bank Locator)
• Credit Inquiry: Soft Pull
• Direct Deposit Requirement: Yes

However, although Wells Fargo has decent rates for CDs and Savings, always check out our best rates for Savings, Money Market, and CD accounts from the links below.

Additionally, if the ale house columbia not local to any of the states above, use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, Discover Bank, Citibank, TD Bank, Huntington Bank and HSBC Bank are also fantastic choices.

I’ll go over all Wells Fargo offers below.

Wells Fargo $200 Checking Bonus

Earn $200 in bonuses for a new Checking account with this online offer from Wells Fargo.

• What you’ll get: $200 Bonus
• Eligible account: Everyday Checking Account
• Credit Inquiry:Soft Pull
• Where it’s available: Nationwide
• How to earn it: 
  • Open a new Everyday Checking account from this offer webpage with a minimum opening deposit of $25 by December 31, 2021.
  • Receive a total of $1,000 or more in qualifying direct deposits to the new checking account within 90 calendar days from account opening
• When you’ll receive it: $200 will be directly deposited once requirements are met
• Monthly fee: Yes

(Offer Expires 12/31/2021)

How To Earn The $200 Bonus

Wells Fargo $400 Checking Bonus – Targeted

Earn $400 in bonuses for a new Checking account with this offer from Wells Fargo.

• What you’ll get: $400 Bonus
• Eligible account: Checking Account
• Credit Inquiry:Soft Pull
• Where it’s available: Nationwide
• How to earn it: 
  • Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 in a Wells Fargo branch by September 30, 2021.
  • Have at least $25,000 ending balance in your new checking account on the 30th calendar day and the 90th calendar day after account opening.
• When you’ll receive it: Bonus will be deposited to your account within 30 days after meeting offer requirements.
• Monthly fee: Yes, varies by account.

(Offer expires September 30, 2021)

How to Earn $400 Bonus

Wells Fargo $300 Checking Bonus (Targeted)

Earn $300 in bonuses for a new Checking account with this offer from Wells Fargo.

• What you’ll get: $300 Bonus
• Eligible account: Checking Account
• Credit Inquiry:Soft Pull
• Where it’s available: Nationwide
• How to earn it: 
  • Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 in a Wells Fargo branch by September 30, 2021.
  • Complete qualifying direct deposit by the expiration date.
• When you’ll receive it: Bonus will be deposited to your account within 30 days after meeting offer requirements.
• Monthly fee: Yes, varies by account.

(Offer expires September 30, 2021)

How to Earn $300 Bonus

Wells Fargo $1,000 Business Checking Bonus *Targeted*

Take advantage of a $1,000 bonus when you sign up for a new Business Checking Account and meeting all the requirements associated.

• What you’ll get: $1,000 Bonus
• Eligible account: Platinum Business or Analyzed Business Checking Account
• Credit Inquiry:Soft Pull
• Where it’s available: Nationwide
• How to earn it: 
  • Open a qualifying account
  • Complete all the qualifying activities
• When you’ll receive it: Once the new account meets the qualifications listed above, $400 will be directly deposited
• Monthly fee: Yes

Take Advantage of the $1,000 Bonus

Wells Fargo $150-$200 ATM Bonus

To take advantage of the bonus, simply follow the requirements below.

1. Use a Wells Fargo ATM to withdraw cash with a non-Wells Fargo debit card. Keep in mind the ATM fee depending on which bank you’re with.
2. A screen pop-up will appear asking what you would do with $150 or $200 dollars
3. Select gas and groceries on the screen
4. A $150 or $200 coupon offer should print out once you’re done with the ATM transaction.

• Expiration Date: Ongoing
• Direct Deposit Requirement: Optional (must be $500+ if you take this option)
• Household Limit: 1
• Credit Inquiry:Soft Pull
• Fine Print:
  • Complete the bonus requirements within 60 days of account opening.
  • Once requirements are met, you’ll have your bonus deposited within 45 days.
  • You cannot be An owner, or joint owner, on a Wells Fargo consumer checking account in the past 6 months, A Wells Fargo team member, A recipient of a consumer checking bonus in the past 12 months.
  • A qualifying direct deposit is your salary, pension, Social Security, or other regular recurring monthly income of an accumulated $500 or more

Wells Fargo $5 Bonus via ATM

You can earn a $5 bonus when you use a Debit Card at ATM with Digital Wallet. All you have to do is follow these steps:

1. Use your Wells Fargo consumer debit card with a digital wallet at a Wells Fargo ATM for the first time
2. Simply go to a Wells Fargo ATM, tap a digital wallet (such as Apple Pay
3. Provide your debit card PIN
4. Complete an ATM transaction or select an ATM Service
5. Receive your $5 bonus

• Expiration Date: 03/05/2021
• Direct Deposit Requirement: No
• Household Limit: 1
• Closing Account Fee: Unknown
• Fine Print:
  • Valid until March 5, 2021.
  • Business debit cards are not eligible for this offer.
  • This offer is single-use per customer, exclusive, and non-transferable. The maximum a customer can earn is $5. Only the intended recipient of the email is eligible for this offer.
  • Please allow 6 – 8 weeks for the statement credit to post to your primary linked deposit account.

Wells Fargo $300 Business Checking Bonus *Expired*

Earn $300 in bonuses for a new business checking account with this offer from Wells Fargo.

• What you’ll get: $300 Bonus
• Eligible account: Business Checking Account
• Credit Inquiry:Soft Pull
• Where it’s available: Nationwide in branch
• How to earn it: 
  • Open a qualifying account
  • Complete all the qualifying activities
• When you’ll receive it: Once the new account meets the qualifications listed above, $400 will be directly deposited
• Monthly fee: Yes

(Expired)

Receive The $300 Bonus

Wells Fargo Credit Card Bonuses

They have two great credit cards for bonuses. You can earn $200 cash with Wells Fargo Cash Wise or 30K points with Wells Fargo Propel Card.

Wells Fargo Credit Cards

Conclusion

Lastly, if you live near a Wells Fargo location, you have the opportunity to earn attractive bonuses. Additionally, in my opinion, the bonuses are attractive because it is a soft pull. Furthermore, you are bank of america bank fees for checking accounts to meet the direct deposit requirements I would definitely recommend anyone of these Checking Bonuses!

Additionally, for those who have experiences with Wells Fargo, feel free to leave a comment below informing our readers about wells fargo new checking account pros and cons of the bank!

*We will continue to add to this review for more current Wells Fargo bonuses, promotions and offers!

just a user

Well, first, we know "something" is odd about your current checking account. (I don't know what, I've just encountered similar issues.)

My next step is to START OVER with another backup of your live file to run a second test.

So, testing again, but this time we are going to PRETEND this is your live file. (I do NOT recommend doing this on your live file YET.)

So don't delete the checking account, but do create a new one. Batch move all of the transactions from the original account that isn't working right (this may take a while if you have tons of transactions as I do). Rename the original account "bad", and move woodforest bank in conroe walmart phone number the information (preferences, name, etc.) over to the new account.

Basically we are trying to just create the complete account all over again, as I do not know of a way to fix something that I'm not even sure what is wrong. (I do have guesses)

Once you have a new complete account, delete "bad". Wells fargo new checking account, we now have the exact same things as before, but with an account that will work. Now try setting up online banking and downloading.

If this works, then it should just be as it was before, with things working. Given your statement about categories and linkages, I'm assuming you enter the transactions manually and use the download for verification/merge. If not, then it seems like the download would be the same as with your previous test, as you would have had to do categories/linkages anyway.

Here is a thread where I talk about the same problem I have had (at least 3 times) with Chase.
https://infinitekind.tenderapp.com/discussions/online-banking

Hope that helps. I'm just a user, which is why you really need to test this to see if it works for yourself.