Wells Fargo Bank Review (April 2024)

Wells Fargo is the third largest bank in the U.S., with consolidated assets of over $1.7 billion, as reported by the Federal Reserve, and branches in 36 states and Washington, D.C. The company offers a wide array of financial services, including consumer and commercial banking, wealth management, investment banking and lending.

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. The company gains points for the number of products it offers, its large number of physical branches and its mobile app. It loses points for its F rating from the Better Business Bureau (BBB) and the fact that it offers a limited selection of CD terms online. 

Here’s how the company scores in each of our review categories:

Flip Card Wells Fargo

Wells Fargo Rating 3.8 / out of 5 stars

Rating breakdown

Banking Experience and Access Pros: Products, customer service. Cons: Fewer ATMs than competitors, BBB rating 4.2 / 5

Checking Pros: Sign-up bonus, Zelle, waived ATM fees. Cons: Overdraft fees, monthly fees 4.3 / 5

Savings Pros: Low minimum opening deposit. Cons: Monthly fees, low APYs 3.6 / 5

Certificate of Deposits (CDs) Pros: Higher featured APYs. Cons: High minimum opening deposits, few options available online 3.4 / 5

*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Wells Fargo for a comment on its savings account and CD scores but did not receive a response.

For those who prefer to keep all of their bank accounts in one place, Wells Fargo delivers. The bank’s deposit offerings include checking accounts, savings accounts and CDs, but no money market accounts. It also offers credit cards, loans and commercial, small-business, corporate and investment banking.

You’ll often find higher fees with Wells Fargo than with some competing banks, although in some instances, the bank will waive those fees. Also, the interest rates on its deposit accounts generally aren’t as competitive as you’ll find with online banks and credit unions.

Wells Fargo is best for someone who prioritizes banking in person and keeping their financial products under one roof over getting the highest rates on their deposits.

As one of the nation’s largest banks, Wells Fargo provides numerous deposit products designed to fit the needs of clients ranging from teens setting up their first checking accounts to adults planning for retirement. Its personal-banking services include four types of checking accounts, two savings accounts and CDs, including special-rate and fixed-rate options with terms ranging from three months to one year. With the bank’s Early Pay Day feature, account holders can get access to eligible direct deposits up to two days sooner.

Wells Fargo has made the news for its banking practices several times over the last decade. In a 2020 settlement with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), the bank agreed to pay a $3 billion penalty after confirming that it had created millions of accounts without customers’ consent between 2002 and 2016.

The bank launched major marketing campaigns in 2018 and 2019 aimed at rebuilding trust with its customers.

Consumer Financial Protection Bureau (CFPB) Violation

In 2022, the CFPB found that Wells Fargo had unlawfully repossessed vehicles and frozen accounts, improperly denied mortgage modifications and illegally charged surprise overdraft fees, impacting more than 16 million client accounts. The federal agency ordered Wells Fargo to pay out more than $2 billion directly to consumers and $1.7 billion to the CFPB as a civil penalty.

Wells Fargo CEO Charles Scharf stated in a press release at the time, “We have made significant progress over the last three years and are a different company today. We remain committed to doing the right thing for our customers and working closely with our regulators and others to deal appropriately with any issue that arises.”

According to the CFPB, these were not the bank’s only offenses. For instance, in 2016, Wells Fargo had been fined for creating unauthorized accounts and charging illegal fees for student loans.

Industry and Customer Reviews

The company has an average customer review score of 1.4 out of 5 stars on Trustpilot and almost 1.1 out of 5 stars on the BBB. However, these ratings are based on a small portion of Wells Fargo’s customers (over 1,100 on Trustpilot and over 900 on the BBB). Customer complaints include being dissatisfied with the resolution when fraudulent activity occurs on their accounts and having deposits and loan payments not applied to their accounts properly.

Wells Fargo’s Bauer Financial rating is 4 out of 5 stars, and its mobile app has 4.8 out of 5 stars in both Google Play and the Apple App Store. In the 2023 J.D. Power U.S. Retail Banking Satisfaction Study, Wells Fargo ranked below the regional average in 11 out of the 12 regions where it was represented.

In our December 2023 MarketWatch Guides consumer banking survey, 58% of respondents who listed Wells Fargo as their primary bank reported being “extremely satisfied” with the bank overall.

Our team reached out to Wells Fargo for comment on its banking practices and review scores. A representative directed us to the company’s statement about its December 2022 settlement with the CFPB and declined further comment.

When you compare Wells Fargo to other large banks, it trails some of our highest-rated picks. It offers many of the features you’d expect to find with a bank of its size, such as thousands of physical locations, a widespread ATM network and a variety of financial products.

The factors keeping this bank from earning higher ratings in our review include its monthly maintenance fees, lower APYs and generally poor customer service ratings. Here’s how Wells Fargo compares to three of the country’s largest banks: 

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At Least 3.5 4 4.5

Bank	Rating	Number of Branch Locations	Number of ATM Locations	See More
Wells Fargo Compare Rates	3.8	4,600	11,000	Compare Rates
Citibank Compare Rates	4.2	650	Access to over 65,000	Compare Rates
Chase Bank Compare Rates	4.0	4,700	16,000	Compare Rates
Bank of America Compare Rates	4.0	3,900	15,000	Compare Rates

Bank	Rating	Number of Branch Locations	Number of ATM Locations	See More
Wells Fargo Compare Rates	3.8	4,600	11,000	Compare Rates
Citibank Compare Rates	4.2	650	Access to over 65,000	Compare Rates
Chase Bank Compare Rates	4.0	4,700	16,000	Compare Rates
Bank of America Compare Rates	4.0	3,900	15,000	Compare Rates

No results were found.

*The bank offers a low fee that is waivable if at least one requirement is met, such as recurring direct deposits, a minimum monthly balance or a linked savings account. Requirements vary by bank.

Wells Fargo vs. Citi

Citibank only has about 650 physical branches in 13 states, so Wells Fargo wins when it comes to brick-and-mortar locations. But Citi has a much larger ATM network, with 65,000 available compared to Wells Fargo’s 11,000. Both banks have F ratings from the BBB.

Wells Fargo offers four checking account options while Citi only has two. But Citi’s checking accounts have no minimum opening deposit, no overdraft fees and low monthly fees that are easy to get waived. However, Citi doesn’t have early direct deposits like Wells Fargo.

Citi beats Wells Fargo out in savings, with lower monthly fees and a much higher APY on its Citi Accelerate Savings account, which doesn’t have a minimum opening deposit. While Wells Fargo offers CD APYs that are competitive with Citi’s, Citi has a larger selection of CD terms available online.

Wells Fargo vs. Chase

Chase has a larger physical presence than Wells Fargo, with 4,700 branches in 48 states and Washington, D.C., compared with Wells Fargo’s roughly 4,600 branches in 36 states and Washington, D.C. Chase also has a larger network of ATMs at 16,000 compared to Wells Fargo’s 11,000.

Wells Fargo’s monthly fees for checking and savings are slightly lower than Chase’s, and it has lower account balance requirements for getting the fees waived. Chase wins in the CD category — it offers many more term options online and has a lower minimum deposit ($1,000 compared to $2,500 or $5,000 with Wells Fargo). Chase doesn’t have online live chat like Wells Fargo.

Wells Fargo vs. Bank of America

As one of the largest banks in the U.S., Wells Fargo could be a strong choice for someone who doesn’t want to rate shop and have different products and loans across a variety of banks. Its interest rates on savings and checking accounts are comparable to rates from other traditional banks, but it can’t beat many of the online banks that don’t have the same overhead as brick-and-mortar institutions.

In spite of weathering several reputational and subsequent financial penalties, the bank has remained profitable and has repeatedly stated its commitment to repairing its reputation and strengthening its risk management and compliance processes to prevent further issues.

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.

**Data accurate at time of publication

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.