Wells Fargo is a major U.S. bank offering checking, savings, and credit products

Wells Fargo Bank is one of the largest banks in the United States, headquartered in San Francisco. It operates thousands of branches and ATMs across the country and offers checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), credit cards, loans, and investment services. Most people encounter Wells Fargo either through a local branch, online banking, or because their employer uses it for payroll deposit.

The bank is a subsidiary of Wells Fargo & Company, a publicly traded financial holding company. When you open an account at Wells Fargo, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category, meaning your money is protected if the bank fails.

Wells Fargo operates as a full-service retail bank, meaning it handles both everyday banking (checking accounts, ATM access) and more complex financial products (mortgages, investment accounts). You can bank in person at a branch, through their website, or through their mobile app.

Key Takeaways

  • Wells Fargo is a major national bank with thousands of branches and ATMs, and it offers standard checking and savings accounts alongside credit products and loans.
  • Deposits at Wells Fargo are FDIC-insured up to $250,000 per account category, protecting your money if the bank fails.
  • You can open an account online, in person at a branch, or through a mobile app, and you can manage your account through any of those channels.
  • Wells Fargo charges monthly maintenance fees on many accounts, though some accounts waive the fee if you meet balance or deposit requirements.
  • If you have a dispute with Wells Fargo—a fraudulent charge, a missing deposit, or an error—you can file a complaint through the bank's customer service or escalate to the Consumer Financial Protection Bureau (CFPB).

How Wells Fargo checking and savings accounts work

Wells Fargo offers several checking account types, including the Wells Fargo Everyday Checking account and the Wells Fargo Premier Checking account. Checking accounts let you deposit money, write checks, use a debit card, and set up automatic bill payments. Most Wells Fargo checking accounts charge a monthly maintenance fee (typically $10 to $15), but the fee is waived if you meet certain conditions—such as maintaining a minimum balance, setting up direct deposit, or keeping a linked savings account open.

Savings accounts at Wells Fargo earn interest on your balance, though the interest rate varies and is typically low compared to online banks. Wells Fargo offers a standard Savings Account and a Money Market Account, which usually requires a higher opening balance but may pay slightly higher interest. Like checking accounts, savings accounts may carry a monthly fee unless you meet balance requirements.

When you open an account, you will need to provide identification, a Social Security number, and proof of address. You can do this online, in person at a branch, or sometimes by phone. Once your account is open, you can deposit checks through mobile deposit (photographing a check through the app), at an ATM, or at a branch.

Wells Fargo's history and past problems

Wells Fargo has been operating since 1852 and grew into one of the nation's largest banks through mergers and expansion. However, the bank faced a major scandal starting in 2016 when it was revealed that employees had opened millions of unauthorized accounts in customers' names without their knowledge or consent. This practice went on for years and affected hundreds of thousands of people.

As a result of this scandal, Wells Fargo paid billions in fines and settlements, and the bank faced increased regulatory scrutiny. The Consumer Financial Protection Bureau (CFPB) and other federal agencies imposed restrictions on the bank's growth and operations. If you are considering opening an account at Wells Fargo, you should know this history and decide whether you are comfortable banking there.

The bank has stated it has reformed its practices and implemented new oversight, but some customers have chosen to move their accounts to other banks because of the scandal. This is a legitimate choice, and you should open an account wherever you feel most comfortable.

Fees, minimum balances, and account requirements

Wells Fargo charges monthly maintenance fees on most accounts, ranging from $10 to $15 depending on the account type. However, you can avoid the fee by meeting one or more of these conditions: maintaining a minimum daily balance (often $500 to $1,500), setting up direct deposit, or keeping a linked savings account with a minimum balance.

The bank also charges fees for other services, such as overdraft fees (typically $35 per overdraft), ATM fees if you use an out-of-network ATM, wire transfer fees, and stop-payment fees. Some of these fees can be waived if you contact the bank and ask, especially if you have a good account history and the fee was caused by an error.

Wells Fargo requires a minimum opening deposit to start an account, though this amount varies by account type and may be as low as $25 for some accounts. Check the bank's website or call a branch to confirm the current minimum for the account you want to open.

How to contact Wells Fargo and file a dispute

If you have a problem with your Wells Fargo account—such as a fraudulent charge, a missing deposit, or an error on your statement—you should contact the bank first. You can reach Wells Fargo customer service by phone (1-800-869-3557 for customer service), through your online account, or in person at a branch. Have your account number and a description of the problem ready.

For a disputed transaction, Wells Fargo will open an investigation and typically respond within 10 business days. If the bank finds the charge was unauthorized, it will reverse it and credit your account. If the bank finds the charge was authorized, you have the right to dispute the decision.

If Wells Fargo does not resolve your complaint to your satisfaction, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB will forward your complaint to Wells Fargo, and the bank must respond within 15 days. You can also file a complaint with your state's banking regulator or the Office of the Comptroller of the Currency (OCC), which oversees national banks like Wells Fargo.

FDIC insurance and account protection

Your deposits at Wells Fargo are protected by FDIC insurance, which covers up to $250,000 per depositor, per bank, per account category. This means if you have a checking account with $100,000 and a savings account with $100,000 at Wells Fargo, both are fully covered. However, if you have two checking accounts at Wells Fargo with a combined balance of $300,000, only $250,000 is covered.

FDIC insurance does not cover investment products, such as stocks or mutual funds held through a Wells Fargo brokerage account. Those products are protected by different insurance (SIPC insurance), which covers up to $500,000 per account. If you are unsure whether a specific product is FDIC-insured, ask a Wells Fargo representative or check the FDIC website.

FDIC insurance is automatic—you do not need to do anything to set up it. If Wells Fargo were to fail, the FDIC would pay your covered deposits directly, usually within a few business days.

Alternatives to Wells Fargo

If you prefer not to bank with Wells Fargo, many other options exist. National banks such as Bank of America, Chase, and Citibank offer similar products and have extensive branch networks. Credit unions, which are member-owned and often charge lower fees, may also be available in your area. Online banks such as Ally, Charles Schwab, and Discover offer checking and savings accounts with no monthly fees and higher interest rates on savings, though they have no physical branches.

Your choice depends on what matters most to you: branch access, low fees, high interest rates, or customer service. If you are concerned about Wells Fargo's past practices, switching to another bank is a reasonable decision. If you are already a customer and want to move your accounts, contact your new bank first to open accounts there, then notify Wells Fargo and transfer your funds.

Frequently Asked Questions

Is my money safe at Wells Fargo?

Yes, your deposits are FDIC-insured up to $250,000 per account category, meaning the federal government guarantees your money even if the bank fails. However, the 2016 scandal showed that Wells Fargo employees engaged in unauthorized account openings, so you should monitor your account regularly for suspicious activity and report any unauthorized charges when ready.

How do I open a Wells Fargo account?

You can open an account online at wellsfargo.com, in person at a branch, or by phone. You will need a government-issued ID, your Social Security number, and proof of address. The process typically takes 10 to 15 minutes online or in person.

Can I avoid Wells Fargo's monthly maintenance fee?

Yes. Most Wells Fargo accounts waive the monthly fee if you maintain a minimum daily balance (often $500 to $1,500), set up direct deposit, or keep a linked savings account open. Check your specific account's requirements on the Wells Fargo website or ask a representative.

What should I do if I see a fraudulent charge on my Wells Fargo account?

Contact Wells Fargo when ready by phone, through your online account, or in person at a branch. Report the charge as unauthorized, and the bank will open an investigation. Wells Fargo typically responds within 10 business days and will reverse the charge if it finds it was fraudulent.

How does Wells Fargo compare to online banks?

Wells Fargo has thousands of physical branches and ATMs, which is useful if you prefer in-person banking. However, online banks typically charge no monthly fees and pay higher interest on savings accounts. The trade-off is that online banks have no branches, so all banking is done through an app or website.