Wells fargo financial institution address for direct deposit

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Wells Fargo is one of the oldest financial institutions in the United States. Founded in 1852, it has grown to become one of the largest national banks in America with a vast physical presence of thousands of bank branches and ATMs spread across the U.S. Wells Fargo is home to several checking and savings products and many other banking solutions for individuals, businesses and corporations.

This Wells Fargo Bank review is focused specifically on its personal banking products and services. Account details and annual percentage yields (APYs) are accurate as of Sept. 26, 2022.

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Wells Fargo Bank Account Basics

Wells Fargo offers a variety of banking products for individuals at any stage of life. Whether you’re looking to open a checking, savings or certificate of deposit (CD) account, the bank has options for you. This Wells Fargo review will help you determine if these products fit your needs.

Checking

Wells Fargo customers have several options when it comes to checking accounts. There are four different accounts available, each requiring a $25 minimum initial deposit.

Wells Fargo Everyday Checking is a basic checking account with a complimentary debit card and check-writing privileges. The account features a $10 monthly service fee, which is waived if you meet one of the following each statement period:

• Keep a $500 minimum daily balance
• Have $500 or more in total qualifying direct deposits each statement period
• Have a linked Wells Fargo Campus ATM Card or Campus Affinity Debit Card
• Are a primary account owner 17 to 24 years old

Wells Fargo Clear Access Banking℠ is a digital checking account. This checkless account is available for anyone to open, but its $5 monthly fee is waived only for primary account holders ages 13 to 24.

Prime Checking is an interest-bearing (0.01% APY) account that offers a long list of perks and discounts. Prime account holders enjoy:

• Reduced interest rates on loans
• Fee-free cashier’s checks and money orders
• No charge for incoming wire transfers
• Some reimbursements of ATM fees charged by machines not owned by Wells Fargo
• Discounted safe deposit box rentals
• Free personal checks

Prime Checking accounts come with a $25 monthly service fee. It’s waived for customers who keep $20,000 or more in linked Wells Fargo deposit and investment accounts, such as checking, savings, CD and brokerage accounts.

Premier Checking is an interest-bearing (0.01% APY for any balance amount APY) account featuring what Wells Fargo describes as its “highest level of relationship banking benefits and perks.” They include:

• Bonus interest rates
• Personalized 24/7 phone support from the bank’s Premier Banking team
• Waived non-Wells Fargo ATM fees
• Interest rate discounts on select loan products

The account’s monthly service fee is the highest among all of the bank’s checking accounts, but it’s waived for customers who maintain balances totaling $250,000 or more across Wells Fargo deposit and investment accounts, including checking, savings, CDs, annuities and brokerage accounts.

Savings

Wells Fargo has two primary savings accounts: Way2Save and Platinum Savings.
Both accounts require a $25 minimum initial deposit.

Wells Fargo Way2Save® Savings has a $5 monthly service fee, but it’s waivable if you meet one of the following monthly requirements:

• Maintain a $300 minimum daily balance
• Have at least one “Save As You Go” automatic $1 transfer from a linked Wells Fargo checking account when you complete a debit card purchase or bill pay transaction
• Make an automatic transfer of $25 or more from a linked Wells Fargo checking account
• Make an automatic transfer of $1 or more each business day from a linked Wells Fargo checking account
• Are the primary account owner and 24 years of age or younger

Way2Save earns interest on all balances and features low variable rates in line with many national banks. Still, it’s not competitive with the high-yield interest rates found with many online savings accounts.

The other savings account is the Wells Fargo Platinum Savings. This account carries a $12 monthly service fee, which is waived by maintaining a $3,500 minimum daily balance each statement period. Platinum Savings account holders can receive a complimentary debit card, a perk that isn’t common with savings accounts. The account even comes with the option to write checks.

Platinum Savings is an interest-bearing savings account with the option to earn a bonus rate by pairing it with a Portfolio by Wells Fargo checking account. Both rates are low compared to what you can find at an online bank.

CDs

Wells Fargo offers CDs but doesn’t provide an extensive range of CD terms. Standard CDs are available in three-month, six-month and one-year terms. Wells Fargo CDs aren’t ideal for individuals who want to maximize their savings by building a CD ladder. CDs through Wells Fargo don’t have competitive rates, either, compared to those offered by online banks. The minimum deposit needed to open a CD is $2,500.

Step Rate CDs are also available through Wells Fargo. The 24-month CD comes with automatic rate increases at seven, 13 and 19 months. Unlike most CDs, Wells Fargo Step Rate CDs allow for one penalty-free withdrawal every six months so long your account balance is over the minimum requirement.

Both CD types offer a bonus rate for individuals with a linked Portfolio by Wells Fargo account.
When a Wells Fargo CD reaches maturity, customers can change terms, add funds, withdraw funds (keeping the minimum balance requirements) or close the CD account.

All Wells Fargo CDs renew automatically at maturity. Standard CDs are subject to early withdrawal penalties of up to 12 months’ interest if you withdraw funds before the maturity date. Step Rate CDs are subject to early withdrawal penalties of up to six months’ interest (outside of the allowed withdrawal rules).

Here are Wells Fargo’s rates for its Standard CDs across all balance tiers:

The rate on all three Standard CD account terms moves up to 0.02% APY for customers with a linked Prime Checking, Premier Checking or Private Bank Interest Checking account.

Other Wells Fargo Products

Credit Cards

The bank’s product portfolio includes five credit cards. None of the available credit cards charge an annual fee, and all offer some level of rewards or cash back with purchases. Wells Fargo also provides business credit cards.

Loans

Wells Fargo offers various types of loans: home loans, auto loans, mortgage refinance options and personal loans for debt consolidation, large purchases or home improvements. Loans are available to new and existing customers, but new customers may not be able to apply online for all loan products.

Investing and Wealth Management

Wells Fargo offers a range of wealth management solutions. You can begin investing independently with $0 trades for online stocks and EFTs. Or you can utilize Wells Fargo’s Intuitive Investor, a robo-advisor platform, with as little as $500. Customers can also invest in traditional and Roth IRA accounts, and the bank allows for retirement account rollovers and Roth conversions. For students planning for college, Wells Fargo provides 529 savings accounts.

Wells Fargo also offers a dedicated financial advisor, retirement planning services, insurance products and annuities. High-net-worth individuals can use the Private Bank service to access team-based wealth management and private-banking services.

Business Accounts

Wells Fargo provides checking and savings accounts for small businesses, as well as business credit cards, lines of credit and financing for commercial real estate. Small business owners can also access payroll services and merchant services, including payment processing.

For larger companies, nonprofit and government entities, Wells Fargo offers Commercial Banking and Corporate and Investment Banking divisions. Qualified organizations can access institutional investing, risk management, industry expertise and payment solutions. These customers are also supported with capital, equipment and commercial financing.

Access on the Go

Wells Fargo banking customers can easily manage their accounts online or using the highly rated Wells Fargo mobile app. The app gets 4.8 out of 5 stars on the App Store and 4.7 stars out of 5 on Google Play. Through the app, you can:

• Manage accounts
• View account activity
• Deposit checks
• Transfer funds
• Send and receive money via Zelle
• Pay bills
• Track investments
• Manage credit card and rewards accounts

Wells Fargo has an extensive local banking network, with more than 4,700 bank branches and 12,000 ATMs in the U.S. One thing to note is that with most deposit accounts, the bank charges a $2.50 ATM fee per transaction at non-Wells Fargo ATMs. This is on top of any fees charged by the ATM owner.

Pros

• Extensive network of local banks and ATMs
• Monthly fees can be waived on some checking and savings accounts
• Highly rated mobile app

Cons

• Low interest rates
• Out-of-network ATM fees
• Overdraft fees charged up to three times daily

How Wells Fargo Stacks Up

Wells Fargo is an excellent bank for those looking for both local branch access and digital banking services. The bank’s interest rates on most of its accounts leave a lot to be desired compared to the best online banks, but they are comparable to other national banks.

All of Wells Fargo’s bank accounts come with monthly service fees. You may be better off banking elsewhere if you aren’t confident you can meet monthly requirements to have the fees waived. You’ll have to weigh the cost of paying fees versus account benefits to see if it’s worth banking with Wells Fargo. You can avoid some fees by taking advantage of relationship benefits when you open multiple accounts.

Chase vs. Wells Fargo

Both Chase and Wells Fargo make it easy to avoid monthly checking account service fees with monthly direct deposits over $500. If you wish to steer clear of those service fees by maintaining a minimum balance, Wells Fargo is your best bet. Otherwise, Chase charges fewer fees and offers a more forgiving overdraft policy. Chase also offers a wider variety of youth checking options and is a better choice for children whose parents or guardians are current Chase customers.

Both banks offer mediocre interest rates on savings accounts and charge monthly service fees for savings accounts. However, you can avoid those fees with a $25 monthly deposit in each case. It’s worth noting that Wells Fargo no longer charges fees for excessive savings withdrawals, but Chase charges $5 for excess withdrawals—up to a maximum of $15—if you take funds from the accounts more than six times in a month.

Traditional CD rates are comparable between banks. The minimum opening balance for Chase is much lower, making entry easier. For higher deposits, Wells Fargo and Chase offer higher interest rates in some locations for opening balances of $5,000 and $10,000, respectively. Wells Fargo offers IRA CD options, while Chase does not.

Wells Fargo vs. Bank of America

Both banks offer introductory checking accounts for the same small fee and opening balance. For its upgraded checking account, Bank of America only requires a $250 direct deposit to waive the monthly fee. For those without direct deposit, Wells Fargo requires a lower daily balance to avoid fees and a lower minimum opening balance, compared to BofA.

Wells Fargo also offers a greater variety of youth accounts, including one for teens as young as 13. Bank of America’s student account is available only to young people ages 18 to 25 who are enrolled in qualifying schools.

Neither bank offers significant interest rates on savings, and both options run the risk of fees.
Wells Fargo charges a lower monthly fee and makes it easier to sidestep that fee. You can open a Wells Fargo savings account with only $25, while Bank of America requires a $100 opening balance. If you plan to make frequent withdrawals from savings, Wells Fargo is a better choice, as Bank of America charges $10 for transfers if you exceed six per month.

Bank of America makes it easier to open a traditional CD, charging a lower minimum balance of $1,000, as opposed to Wells Fargo’s $2,500 requirement. But Wells Fargo offers much lower starting balances for IRA CDs. And though the interest rates vary by location, you will likely find significantly higher CD rates elsewhere.

Wells Fargo vs. U.S. Bank

Both banks offer similar low-fee introductory checking options. Beyond basic checking, Wells Fargo may save you money with lower requirements to waive monthly fees. Wells Fargo also offers more options for youth accounts, and it allows checking access to joint account holders as young as 13. U.S. Bank only has one student account for minors 14 years or older.

Both Wells Fargo and U.S. Bank offer savings accounts with the option to avoid fees by maintaining a $300 balance. For account holders with a lower daily balance, US Bank offers a slightly lower monthly fee. U.S. Bank also offers an Elite money market account. While the interest rates vary by location, account holders with balances under $10,000 are unlikely to earn enough to cover the $10 monthly fee.

Both banks offer traditional CDs. Only Wells Fargo offers IRA CDs, while U.S. Bank’s retirement savings option is a Retirement Money Market account. Both banks’ savings rates are easily outperformed by a variety of competitor banks.

Frequently Asked Questions (FAQs)

Is Wells Fargo Bank FDIC insured?

Yes, all Wells Fargo accounts are FDIC insured (FDIC certificate No. 3511) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Is Wells Fargo Bank safe?

Wells Fargo Bank employs several security measures to protect its customers and their funds. Some of its security measures include the latest encryption technology, advanced sign-in options, automatic sign-offs, zero liability protection on debit and credit cards and fraud monitoring.

Is Wells Fargo a good bank?

Wells Fargo is the third largest U.S. bank, so it is a very popular financial institution. However, not all of the Wells Fargo reviews are favorable. The bank is not accredited by the Better Business Bureau (BBB), which currently gives Wells Fargo Bank a grade of F. Additionally, Wells Fargo is currently facing government action regarding its conduct in the marketplace.

Does Wells Fargo have 24-hour customer service?

Yes, for banking support, you can call Wells Fargo at 800-869-3557 24 hours a day, seven days a week. You can also ask Wells Fargo customer service questions through Twitter and Facebook.

Can I open a Wells Fargo account online?

Individuals can open a bank account through Wells Fargo online, in person at a local bank branch or over the phone at 800-869-3557.

What address do I put for direct deposit?

What address do I put down for Wells Fargo?

What information do you need for direct deposit?

How can I do a direct deposit from my Wells Fargo account?