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Wells Fargo Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 12, 2022 by
Wells Fargo Small Business Banking Review

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Wells Fargo may be the name that most people know, but that is not the only reason that it is well known: it is also very important to have an ethical banking system. In the past few years, Wells Fargo has been fined billions of dollars for fake customer accounts, paying fees that were clearly stated on its website and engaging in other sketchiness that led to fines of billions of dollars.

It may determine whether an individual wants to make a deposit into his or her business checking account with Wells Fargo, but considering the better points of the bank's three business checking accounts is also important.

Wells Fargo Business Checking services are ideal for small business entrepreneurs and managers if:

  • You are prioritizing banking in-person at a real-life bank branch.
  • You are eligible, Wells Fargo will waive the bank's service fee for your banking services.
  • You want to use Wells Fargo's online banking services besides the business banking services that it offers.

How to Get A Wells Fargo Business Checking Account?

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You can start a business checking account with Wells Fargo by going to the website or by calling us at 888-751-7767. But trust funds, government-run companies and tribes need to apply in person at a branch. Wells Fargo offers its customers 4,900 branch locations and over 12,000 ATMs in 40 states as well as  Washington, D.C.

Wells Fargo will give you instructions for submitting the required documents when you make an application. If visiting a store to fill out an application, all partners, owners, and key executives have to be there in order to process the application.

Why Is Wells Fargo Business Checking Different?

Meets the needs of businesses that are constantly changing

Wells Fargo features three main business checking accounts that offer a variety of features that help businesses grow. If you start to outgrow your current checking account, simply transfer funds to a new checking account that has more features. You also have access to a number of additional services, such as business lending options and SBA loans, as your business grows or as your business restructures. This allows you to become a true one-stop shop for business owners.

Wells Fargo Small Business Banking Review

Access to Wells Fargo branches across the country

There are more branches in the United States than any other bank. This really helps those who have frequent business trips across the country. Business customers can access their funds by contacting Wells Fargo customer service at any of its more than 12,000 ATMs, and they don't need to pay any fees for doing so.

Customers are able to start checking accounts at Wells Fargo for business transactions directly from the web. Online bank accounts are available to many business owners, even if they aren't in Wells Fargo's 40-state service area. Some banks still ask you to open an account in person if you want to get the best rate, but there are plenty of banks that offer more perks and are willing to charge you a lower fee.

Customer support isn't just available during the banker's normal business hours; it's available 24/7. Business customers can call Wells Fargo customer services for account problems Monday to Saturday between 7 a.m. and 11 p.m. ET, and on Sunday, between 9 a.m. and 10 p.m. ET. If you have any questions about your bank accounts or bill payment, you can contact customer service at any time. Support for customers is always open.

Small Business Questions Answered
Got A Business? Fast, Affordable Access To Business Experts

Chat online with business lawyers and accountants. Get the answers you need in minutes. No retainers. No hourly fees.

Where Does Wells Fargo Business Checking Fall Down?

All Wells Fargo small business accounts come with a one-time fee that varies from $10-$75 per month, based on the size of your account. Some business bank accounts do not charge a fee, but some companies may find that their bank account balances are too high to waive the monthly fee. For many business checking accounts, the minimum amount that a business can deposit is $10,000, whereas there is a requirement to deposit $500. There will always be a fee for opening a bank account, but there may be a free business checking account at any of our competitors.

It is not unusual for a bank to set a specific transaction limit for a particular transaction, but Wells Fargo's limits are much better. In fact, you'll be able to make 100 transactions for free each month with the bank, with each extra transaction costing just 50 cents. Bank.com's Business Advantage checking account provides up to 200 transactions per month for free. It also allows you to spend more money on other lines of credit. If you want unlimited free transactions, consider an online bank that offers unlimited transactions. You can open a free business checking account with an internet bank such as NBKC or Axos. You can make deposits in any bank account and receive fees-free transactions.

High fees for using a non-Wells Fargo debit card in an ATM. You'll pay $2.50 for each withdrawal and transfer, plus a $5 fee for checking your balance if you've bought goods from a foreign store. Also, some ATM owners charge a small surcharge for opening an ATM. Wells Fargo has an extensive network of over 12,000 ATMs, but it's still not as large as competitors like U.S. Bank or Capital One, who have several ATMs available for free. Wells Fargo charges varying fees for overdrafts and items that are returnable, like $35 for overdrafts or things that are paid in error, and wire fees ranging from $15 to $30. Wells Fargo waives some fees for customers who signed up for Business Checking with Navigate and Optimize.

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