Wells Fargo Review 2024 | Bankrate (2024)

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Our Wells Fargo Ratings

We at the MarketWatch Guides team give Wells Fargo 3.8 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support.

Companies with rank 7 or higher will be unlikely to fall into distressed situations. Companies with rank of 3 or less are likely in financial distress. Wells Fargo has the Financial Strength Rank of 4.

Bank of America could be a better choice if you have a lower budget to open a CD account. It requires a minimum of just $1,000 to open a CD compared to $5,000 at Wells Fargo. For savings accounts, the minimum opening deposit is $100 at Bank of America versus $100 at Wells Fargo, so slightly higher.

Moody's Investors Service revised outlook on Wells Fargo Bank, N.A. to negative and affirmed at "Aa1" (LT- local currency) credit rating. Moody's Investors Service affirmed the "Aa1" LT- local currency credit rating of Wells Fargo Bank, N.A. on November 13, 2023.

Banks are required to maintain a certain level of capital to absorb potential losses. Wells Fargo has consistently met regulatory capital requirements, indicating it has the financial resources to withstand economic downturns or unexpected losses.

Wells Fargo's fake accounts scandal surfaced in September 2016, revealing that employees at the San Francisco-based bank had opened millions of fraudulent accounts, often to meet sales goals.

The downsides include a monthly service fee of $10 monthly fee which can be waived by maintaining a $500 minimum daily balance, having at least $500 in total qualifying electronic deposits, linking a Wells Fargo Campus ATM Card or Campus Debit Card to the account, receiving a qualifying monthly non-civilian military ...

Yields on certificates of deposit and savings accounts are generally low, like many big banks. The money market account has a steeper monthly fee if a specified balance isn't maintained. Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.

Wells Fargo stands out from other banks if you prioritize an extensive branch and ATM network. Wells Fargo also has a variety of bank accounts, credit cards, mortgages, and loan types, so it may be worthwhile if you want to do all your banking with one financial institution.

Between the two, the Chase account is a clear standout. It offers free money orders and cashier's checks, while Wells Fargo's basic account charges $5 for money orders and $10 for cashier's checks.

Where does Wells Fargo rank in the US? ›

Banks such as Wells Fargo's The Private Bank require a $1 million account balance to open with them, but they offer a team-based approach for wealthy clients, meaning a whole team will be dedicated to their account.

The Probability of Bankruptcy of Wells Fargo & Co (WFC) is 5.1% . This number represents the probability that WFC will face financial distress in the next 24 months given its current fundamentals and market conditions.

Citi downgraded Wells Fargo (WFC) to Neutral from Buy with a price target of $63, up from $57. The stock has been one of the firm's top picks among the Global Systemically Important Banks given its potential for EPS revisions, but this is now likely priced into the stock, the firm says.

The Wells Fargo fake accounts scandal was a major financial scandal that shook the banking industry to its core. The bank was revealed to have created fake accounts. Shockingly, these accounts were in the names of its customers. without their knowledge or consent.

Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide.

At Wells Fargo Advisors, cash deposits are covered by FDIC insurance for a total of at least , if you are enrolled in our Bank Deposit Sweep Program. * Through this program, uninvested cash balances (principal and interest) are automatically deposited, or “swept,” into three affiliate banks.

Wells Fargo has more branches than Bank of America—4,800 versus 4,000—plus lower monthly fees and minimum balance requirements to avoid the fees. Bank of America has a bigger network of ATMs—16,000 versus Wells Fargo's 12,000—and it waives monthly fees for some accounts if you direct-deposit at least $250 a month.