The real differences come down to fees, branch access, and what you're trying to do with your account

Wells Fargo and Bank of America are both large national banks with similar services—checking, savings, credit cards, mortgages, investment accounts. But they charge different fees, have different branch networks in different places, and handle customer service differently. Which one costs you less money depends on how you actually use a bank: how often you visit a branch, whether you keep a minimum balance, how many times you overdraft, and what products you need.

Neither bank is objectively "better." One will be better for your specific situation. The way to find out is to compare what each charges for the accounts and services you actually use, then test their customer service before you move money.

Key Takeaways

  • Both banks charge monthly fees on checking accounts, but the fee waiver requirements differ—Bank of America requires a higher minimum balance or direct deposit, while Wells Fargo's requirements vary by account type.
  • Wells Fargo has fewer branches than Bank of America in most regions, so if you need in-person service regularly, check whether each has locations near your home and work.
  • Overdraft fees and ATM fees are similar between the two, but the number of surcharge-free ATMs in your area may differ.
  • Both banks have faced regulatory issues and customer service complaints, so read recent reviews specific to the branch or service you plan to use.
  • The best way to decide is to calculate what you would actually pay for checking, savings, and any other products you need at each bank.

Monthly checking account fees and how to avoid them

Bank of America charges $12 per month on its basic checking account (Advantage SafePass) unless you maintain a $1,500 minimum daily balance, set up direct deposit, or keep a linked savings account with $500 in it. If you do one of those things, the fee waives. The account comes with no overdraft fees for the first four overdrafts per year, then $35 per overdraft after that.

Wells Fargo's basic checking (Everyday Checking) has no monthly fee, but it charges $35 per overdraft with no free overdrafts. Some Wells Fargo accounts do charge monthly fees—the Preferred Checking is $10 per month but waives the fee if you maintain a $500 minimum balance or set up direct deposit. If you rarely overdraft and can meet a minimum balance requirement, Wells Fargo may cost less. If you overdraft occasionally and want some free overdrafts, Bank of America's structure is cheaper.

Both banks offer savings accounts with low interest rates. As of now, both pay well below what online-only banks offer—typically 0.01% to 0.05% APY compared to 4% to 5% at online banks. If you're saving money, neither of these banks is the right place for it.

Branch and ATM access in your area

Bank of America operates roughly 4,300 branches across the United States. Wells Fargo operates roughly 4,700 branches, but they are concentrated in certain regions—particularly strong in the West and Midwest, thinner on the East Coast. If you live in California, Colorado, or the upper Midwest, Wells Fargo may have more locations near you. If you live in the Northeast or Southeast, Bank of America likely has more.

Both banks participate in surcharge-free ATM networks. Bank of America is part of the Allpoint network (about 55,000 ATMs worldwide) plus its own machines. Wells Fargo is part of the MoneyPass network (about 30,000 ATMs) plus its own machines. If you use ATMs frequently and travel, Bank of America's network is larger. If you stay in one region, check which bank's ATMs are actually near your home, work, and places you shop—the national numbers matter less than what's on your block.

Credit cards and rewards programs

Both banks offer credit cards with cash back and travel rewards. Bank of America's cards typically earn 1% to 3% cash back depending on the card and spending category. Wells Fargo's cards also offer 1% to 3% cash back. Neither bank's card rewards are exceptional compared to cards from other issuers—American Express, Chase, and Citi often offer higher cash back rates or better travel benefits.

The real difference is whether you want your credit card and checking account at the same bank. If you do, you can move rewards between accounts or use them to offset fees. If you don't care about that convenience, you'll get better rewards from a card issued by a bank that specializes in credit products.

Customer service and recent problems

Both banks have faced significant regulatory action and customer complaints. Wells Fargo was fined billions of dollars for opening unauthorized accounts in customers' names between 2011 and 2015. Bank of America has faced complaints about overdraft practices, fee structures, and service delays. Neither bank has a clean record, and both have faced lawsuits and regulatory scrutiny in recent years.

Customer service quality varies by branch and by which service line you call. Some customers report good experiences at both banks; others report long wait times and difficulty resolving problems. Before you open an account, read recent reviews on the Better Business Bureau website and Google Maps for the specific branch you plan to use. Call their customer service line with a question and time how long you wait—that's a real test of how they treat customers.

Investment accounts and wealth management

Both banks offer brokerage accounts and investment advisory services. Bank of America's Merrill Edge brokerage is integrated with checking accounts, and the bank offers wealth management through Merrill Lynch for customers with higher balances. Wells Fargo offers brokerage services and advisory accounts as well. If you're investing money, neither bank's rates or advisory fees are competitive with dedicated investment firms or low-cost brokerages like Vanguard, Fidelity, or Charles Schwab.

Use a bank for banking—checking, savings, payments. Use a separate firm for investing. The fees are lower and the service is better.

Mortgages and loans

Both banks originate mortgages and offer personal loans, auto loans, and home equity lines of credit. Interest rates and terms are similar between the two, and both are competitive with other large lenders. The real difference is the process process and how quickly they close. Some borrowers report faster closings with Wells Fargo; others report faster closings with Bank of America. Shop rates with both banks and at least one independent mortgage broker before you decide. Mortgage rates vary daily and by borrower, so the best rate today might not be the best rate next week.

The time to close a mortgage typically ranges from 30 to 45 days at either bank, though some customers experience faster or slower timelines depending on how quickly they provide documents and how complex their financial situation is. Neither bank has a clear advantage in speed—it depends on your specific process and the branch handling it.

How to actually compare them for your situation

Make a list of what you need: checking account, savings account, credit card, ATM access, branch visits per month, overdraft frequency. Then go to each bank's website and write down the fees for each product. Add up what you would pay per year at each bank. Add the cost of driving to a branch if you visit regularly and it's not near your home or work.

Open a checking account at the bank that costs less. You can always move later—it takes a few hours to set up direct deposit at the new bank and close the old account. Banks make it straightforward to switch because they know most people stay once they've set up direct deposit, even if a competitor is cheaper.

Frequently Asked Questions

Which bank has better customer service?

Both banks have mixed reviews. Service quality depends on the specific branch and the person you talk to. Call the customer service line for each bank with a question and see how long you wait and whether they solve your problem. That's more reliable than reading reviews online.

Can I switch from one bank to the other without losing my direct deposit?

Yes. Give your new bank your routing number and account number, and they will set up direct deposit for you. Once it's working, close the old account. Most employers let you change your direct deposit information online or through payroll.

Do either bank offer no-fee checking?

Wells Fargo's Everyday Checking has no monthly fee. Bank of America's basic checking charges $12 per month unless you meet one of the fee waiver requirements. If you want no fees and no minimum balance, Wells Fargo is cheaper on that specific product.

Which bank is safer?

Both are FDIC insured up to $250,000 per account type, so your money is protected if the bank fails. Both have faced regulatory problems, but neither is at risk of collapse. Safety is not the deciding factor between them.

Should I use the same bank for checking and savings?

For checking, yes—use whichever bank is cheapest. For savings, no—online banks pay 4% to 5% APY while Bank of America and Wells Fargo pay less than 0.1%. Keep your checking at a traditional bank and your savings at an online bank.