full review
Wells Fargo is a well-known name, but it's not just because it's one of the largest banks in the United States. A scandal over fake accounts, fee disclosures and other suspicious activity dating back to 2016 led to billions of dollars in fines and continues to cast a shadow over the megabank.
Although this review includes information about all three accounts, the star rating above is specific to Wells Fargo's Initiate Business Checking account.
Wells Fargo Business Check is ideal for small business owners who:
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Prioritize face-to-face banking in physical stores.
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You are eligible to have your monthly service fee waived.
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Take advantage of other Wells Fargo business banking services.
800
Welcome bonus (conditions apply).
Wells Fargo Business Check Overview
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Starting a business check |
Navigating business checks |
Business check optimization |
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Monthly fee: |
$10 will be waived if your minimum daily balance is $500 or your average ledger balance is $1,000. |
$25. He is exempt if his minimum daily balance is $10,000 or his total business deposit balances average $15,000. |
$75. Earnings allowances included in your account can be used to offset your monthly charges. |
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Minimum deposit requirement: |
$25. |
$25. |
$25. |
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AP: |
none. |
Prices vary depending on location. |
none. |
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transaction: |
No fees for up to 100 transactions per month, then 50 cents per transaction after that. |
There are no fees for up to 250 transactions per month, and 50 cents per transaction thereafter. |
There are no fees for up to 250 transactions per month, and 50 cents per transaction thereafter. |
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Cash deposit: |
No fees for up to $5,000 per month, then 30 cents for every $100 deposited. |
No fees up to $20,000 per month, then 30 cents for every $100 deposited. |
30 cents for every $1 deposited. |
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Bonus: |
none. |
none. |
none. |
How to apply for a Wells Fargo business checking account
Most businesses can open a Wells Fargo business checking account online, in person, or over the phone. However, trusts, government agencies, publicly traded companies, and Indian tribal governments must apply in person at their local branch. Wells Fargo operates approximately 4,900 retail stores and more than 12,000 ATMs in 36 states and Washington, DC.
What you need to open a Wells Fargo business account
Business owners must provide the following documents and information, as well as an initiation deposit of at least $25.
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Personal information such as name, social security number, and date of birth.
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Business name, legal structure, date of incorporation, and state of registration.
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Business tax ID (EIN or SSN).
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Annual revenue and brief description of the business.
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Depending on the type of business entity, legal business documents such as business licenses, DBA certificates, partnership agreements, and articles of organization.
If you apply online or by phone, Wells Fargo will provide instructions on how to submit your documents. If you apply in-person at a branch, all owners, partners, and key executives must be present to complete the application.
What makes Wells Fargo's Business Check stand out
Expanded branch access: With more physical branches than any other bank in the United States, your Wells Fargo banker will be right near you. This is a huge benefit for business owners who travel frequently throughout the United States.
Business owners can also withdraw cash, deposit checks, transfer funds between Wells Fargo accounts, and deposit cash at Wells Fargo's more than 12,000 ATMs at no additional charge. However, be aware that using your debit card at non-Wells Fargo ATMs in the U.S. and abroad will incur fees (from Wells Fargo and the ATM owner).
This is a novel feature for brick-and-mortar banks, but while most banks require you to open an account in person, there are plenty of online business accounts with more perks and much lower fees.
customer service: Your business isn't limited to your banker's business hours, and neither is Wells Fargo's customer service. Business owners may contact Customer Service for general account issues from 7:00 AM to 11:00 PM (ET) Monday through Saturday and from 9:00 AM to 10:00 PM (EST) on Sundays. can do. Need help with online banking or paying your bills? Customer support is available 24/7.
Wells Fargo's business checks are inadequate
No free check option: All three Wells Fargo business checking accounts have monthly maintenance fees ranging from $10 to $75, depending on the account. Business owners can avoid fees by maintaining a certain balance, but that bar may be too high for some businesses.
Stingy transaction limits: It's not unusual for banks to impose limits on transactions in corporate accounts, but Wells Fargo's limits are much lower than those of its competitors. The bank's entry-level account, Initiate Business Checking, includes 100 fee-free transactions per month, with each additional transaction costing 50 cents. Bank of America's Business Advantage Fundamentals Checking offers 2x free trades (up to 200) and lower overage fees.
High ATM fees and incidental fees: Using your Wells Fargo Business Debit Card at a non-Wells Fargo ATM will cost you $2.50 ($5 outside the U.S.) for each withdrawal, transfer, or balance inquiry. This is on top of any fees charged by the ATM owner. Wells Fargo's network of more than 12,000 ATMs is large, but Capital One, Citibank, and US Bank have partnered with ATM networks like AllPoint and MoneyPass to give customers free access to tens of thousands of ATMs. It is not as scalable as competitors such as.
Wells Fargo also charges various incidental fees that can quickly add up, including $35 overdraft and return fees, $31 stop payment fees, and $15 to $30 wire fees. Wells Fargo will waive some of these fees for Navigate and Optimize Business Checking customers.
