In 20 years, it had grown by roughly 3, percent. Wells Fargo is one of those firms that has a toxic culture. Earlier this year, outgoing Fed Chair Janet Yellen took the strongest action against the bank to date, forcing it to replace four of its 12 board members. But no whittling at the edges is going to change Wells Fargo. Though Stumpf was forced out of office in the uproar over the fake accounts, his replacement, Timothy Sloan, is a co-designer of this monster.
Wells Fargo may not even be the worst big bank out there. JPMorgan Chase has notched 52 fines and settlements since the crash. Goldman Sachs has 16, three of them this year. Forcing at least one institution to pay the ultimate corporate price would have put pressure on other major firms to clean up their acts.
News U. Politics Joe Biden Congress Extremism. Special Projects Highline. HuffPost Personal Video Horoscopes. Follow Us. Terms Privacy Policy. Part of HuffPost Politics. All rights reserved. But they do have excellent annual percentage yields, or APYs, that make your savings grow faster. And fees tend to be low or nonexistent. Monthly fee. You must meet one of the following requirements:.
Have a primary account owner who is years old. Note: The fee is waived for eligible students under Minimum deposit to open. ATM fees and network. Sign-up bonus. Neither checking account earns interest, but Wells Fargo's monthly fee is lower. If you plan to use direct deposit to avoid a monthly fee, note that the minimum deposit requirement at Wells Fargo is double that of Bank of America's.
Be aware that other banks charge no monthly fees with no strings attached. Set up a recurring auto-transfer from a linked account. Be a Bank of America Preferred Rewards client. Note: Students under 24 can waive the fee. Bank of America has a slight edge: a savings program. No standard rates available online beyond one-year terms.
Minimum deposit. For more details:. See our post on Wells Fargo CD rates. See our post on Bank of America CD rates. Rates may vary by location. Both banks have very low CD rates compared with national averages. Rates may also vary by ZIP code. About 5, in nearly 40 states and Washington, D. About 4, in more than 35 states and Washington, D. Banking apps ratings from app store users. Customer service. Available by phone Monday-Friday, 8 a.
ET, Saturday-Sunday, 8 a. Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count and state coverage. Both have multiple ways to contact customer service. Note: Wells Fargo paid several penalties to government regulators in the past few years due to a series of abusive practices. This included bank employees opening roughly 1. Overdraft fee. Overdraft protection fee. Extended overdraft fee.
Overdraft fees are high at both banks. Portfolio by Wells Fargo is a checking account featuring relationship benefits for individuals with other Wells Fargo accounts. Portfolio by Wells Fargo accounts come with more benefits than its other checking accounts, including:. Way2Save earns interest on all balances and features low variable rates in line with many national banks.
The other Wells Fargo savings account is Platinum Savings. 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 account.
Both rates are low compared to what you can find at an online bank. Standard CDs are available in three-month, six-month and one-year terms. The 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. 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 Well Fargo CDs renew automatically at maturity. Wells Fargo offers several other products and services outside of its personal deposit accounts. The bank offers many credit cards , including several popular rewards and cash back credit cards.
You can also apply for several types of loans through Wells Fargo, including home mortgages, personal loans , student loans and auto loans. Wells Fargo offers several investment services, including self-directed and automated investing.
Financial Advisor services are also available. Wells Fargo provides IRAs, mutual funds, rollover accounts and college savings accounts for retirement and education planning. If you need more personal banking attention, Wells Fargo offers wealth management and private banking services.
The bank is also known for its small business and commercial banking solutions. Wells Fargo banking customers can easily manage their accounts online or using the highly rated Wells Fargo mobile app. The app gets 4. Through the app, you can:. As mentioned earlier, Wells Fargo has an extensive local banking network, with more than 5, bank branches and 13, ATMs in the U.
This is on top of any fees charged by the ATM owner. Wells Fargo is an excellent bank for those looking for both local branch access and digital banking services. You can avoid some fees by taking advantage of the relationship benefits when you open multiple accounts. 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.
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