Wells Fargo Business Checking Review 2022

Wells Fargo offers three different kinds of business checking accounts. With thousands of branches across the United States, this bank is accessible to just about anyone, but their fees and transaction limits may deter you from opening your own account. If your company is just starting out or operating with tight profit margins, you might look elsewhere. On the other hand, if in-person banking is a priority, Wells Fargo’s business checking could be what you’re looking for.

What is Wells Fargo Business Checking?

Wells Fargo offers three different types of business checking accounts: Optimize Business Checking, Initiate Business Checking, and Navigate Business Checking. These accounts offer different features for different business types.

The opening deposit minimum is $25. You’ll need to provide the usual business checking information, including a tax ID number, business license, fictitious name statement, partnership agreement, and/or articles of incorporation. Certain entities must apply for an account in person, and all owners, key executives, and/or partners must be present.

Wells Fargo Business Checking Pros and Cons

Wells Fargo business checking accounts are best for businesses that can avoid monthly fees and want to conduct 100 to 250 transactions per month. They’re also ideal for owners who prioritize in-person banking since Wells Fargo has the most branch and ATM locations in America. Here are the biggest advantages and disadvantages.

Pros of Wells Fargo Business Checking

ACCOUNTS CAN BE OPENED ONLINE. While you can apply for an account in person, business accounts may be opened online. This is helpful for businesses whose owners, key executives, and partners live in different locations. Applying in person requires everyone to be physically present. Instead of wasting time and money traveling, you can assemble the documentation and complete your application online.

4,900 BRANCHES ACROSS AMERICA. Wells Fargo offers over 4,900 branches and 12,000 ATMs across 40 states. Their banks are quite accessible, especially if you prefer to do your banking in person. If you live and work in one of those 40 states, you’ll always be close to a physical location, so there’s no need to wait on hold with a customer service provider.

ATTENTIVE CUSTOMER SERVICE. Few business owners and executives keep 9-to-5 hours, so getting to the bank on time can be difficult. Wells Fargo’s extended customer service hours can help. General account customer service is available Monday through Saturday, 7am to 11pm EST, and on Sunday from 9am to 10pm EST. Plus, online banking and bill pay customer service is available all day, every day.

MOBILE AND ONLINE BANKING. Wells Fargo also offers mobile and online banking options. You can deposit checks, pay bills, make transfers, and more. Their easy-to-use mobile app and website are available 24/7. You’ll be able to access your information from anywhere in the world. Plus, their robust security features will keep your private information safe.

Cons of Wells Fargo Business Checking

NO FREE BUSINESS CHECKING. Unfortunately, Wells Fargo does not offer free business checking for any of their business accounts. Monthly fees range from $10 to $75. The fees can be waived by maintaining a minimum balance ranging from $1,000 to $15,000 depending on the account type. This can be prohibitive for any business that is operating on a tight profit margin or just starting out.

MONTHLY AND ADDED FEES. In addition to the monthly fees, Wells Fargo charges other fees. Each checking account has a certain number of free transactions (100 to 250) per month. Transactions beyond that number cost 50 cents each. Optimize accounts also charge $1.50 per transaction for non-electronic deposits, plus a 20 cent check fee. ATM fees at non-Wells Fargo ATMs also apply.

Who is Wells Fargo Business Checking Best For?

Wells Fargo business checking is best for companies that can maintain the minimum balance associated with the account type. Even the basic account (Initiate) requires a daily minimum balance of $500 or a $1,000 average ledger balance. This can be difficult when you’re first starting out, especially if you expect to conduct more than the free transaction limit (100 per month).

The mid-level account, Navigate, has a $25 fee that can be waived with a minimum daily balance of $10,000 or an average balance of $15,000. Navigate accounts offer up to 250 fee-free transactions before they start charging. This can be prohibitive for many new businesses. Established companies who have enough funds to waive monthly fees and conduct under 250 monthly transactions are best suited to these accounts.

Who Should Consider Using Wells Fargo Business Checking?

If you’re cash poor and/or just establishing your business, Wells Fargo may not be the right choice. Wells Fargo’s business accounts can rack up expensive fees fast, especially if you can’t meet the daily or average minimum balance.

There are plenty of online and brick-and-mortar banks that offer free business checking. Some banks also offer more generous transaction limits. The monthly fees, transaction fees, and transaction limits on Initiate accounts can make Wells Fargo accounts more expensive to maintain than other banking options. Look elsewhere if you plan to make more than 100 to 250 transactions per month.

Finally, if you don’t require in-person banking, consider another bank. Wells Fargo is helpful for people who prefer brick-and-mortar banking and easy access to ATMs, but their fees and limits make them cost-prohibitive for many small businesses.

How Wells Fargo Business Checking Works

Wells Fargo operates similarly to other major banks. You may either apply online or in person. All accounts have a $25 minimum opening deposit, but if you can deposit more, you may be able to avoid the monthly fees.

Applications require the usual personal and business documentation. All executives, partners, and owners must be present for in-person applications. After you submit your information, Wells Fargo will review your application and make a decision.

Assuming your application is accepted, you will be issued a business checking account, checks, and a debit card. From there, your main responsibility will be to keep an eye on your minimum balance and transaction amounts.

Key Wells Fargo Business Checking Features

For established businesses, Wells Fargo business checking offers plenty of important features. Not only can you access your funds online, in person, or at an ATM, you’ll also have access to merchant services, lines of credit, savings accounts, and more.

Cards, ATMs and in-person banking

Wells Fargo offers all the traditional banking features associated with brick-and-mortar banks. You’ll receive a debit card for your checking account and paper checks. Debit transactions do not count against your transaction limit. Plus, with 4,900 locations and 12,000 ATMs across 40 states, there will almost always be a Wells Fargo location nearby.

Mobile and online banking

There’s no need to go to an in-person location for your banking needs. Wells Fargo has a mobile app and offers online banking services. Plus, with 24/7 online banking customer support, you won’t have to worry about visiting or calling during regular business hours.

Free online bill payment

Paying your rent, utilities, vendors, and other bills is easy with free online bill payment. Instead of writing paper checks each month, simply use your Wells Fargo account to pay your expenses. It’s another great feature to help save time—and physical resources. You may never have to write another check again.

Access to lines of credit

As an existing Wells Fargo business customer, you can also access lines of credit from the bank. Credit cards, lines of credit, and business loans are there when you need them. Keep in mind that these services may have other restrictions, requirements, or limitations.

Merchant services

Need to accept credit card payments, track transactions, and manage your sales? All Wells Fargo checking accounts come with access to merchant savings through Clover’s point of sale (POS) system. You’ll be able to accept payments online or via chip, tap, or swipe. Plus, the great customer service features are bound to keep your customers happy.

Access to savings

Finally, your business checking account will also give you access to Wells Fargo’s business savings accounts. As your business grows, you may wish to make your money work for you. CDs, traditional savings, money market accounts, and more options are available. Their friendly customer support staff will help you find the right solutions for your needs.

Conclusion

Wells Fargo’s business checking accounts are worth your review. While they may not be appropriate for every type of business, certain companies can benefit. If you conduct a low number of monthly transactions, can keep the minimum balance in your account, and prefer in-person banking options, a Wells Fargo account might be right for you.