![]() With the Bank of America Advantage Savings Account, you won't have to worry about monthly service fees during the first six months of opening an account. If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. Wells Fargo also offers a substantial savings bonus if you can deposit at least $25,000, while Bank of America doesn't have a savings bonus at all. This is lower than Wells Fargo's checking bonus. If you're looking for a sign-up bonus, Wells Fargo is likely the better choice.įor checking accounts, Bank of America offers a $200 bonus for eligible new customers who open a Bank of America Advantage SafeBalance Banking® account with qualifying activities (offer expires May 31, 2024). Your decision may ultimately come down to which institution has the most nearby branch locations. We've compared Wells Fargo to two other big, national banks: Bank of America and Chase. ![]() Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty. In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency.The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts. In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes.In the past few years, Wells Fargo has been involved in the following controversies: The Better Business Bureau currently gives Wells Fargo an F rating because it has received customer complaints on the BBB website and there has been government action taken against the bank. This means your money is safe even if Wells Fargo were to shut down. Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. The bank's mobile app has received 4.8 out of 5 stars in both the Apple store and the Google Play store. Wells Fargo has approximately 4,900 branches and 12,000 ATMs in 36 states and Washington, DC. The Wells Fargo Special Fixed Rate CD pays an even higher rate of 4.75% to 5.01% (varies by location), but it only has a 7-month term, and you'll need $5,000 to open an account. It pays decent rates for a brick-and-mortar bank. Wells Fargo requires $2,500 to open a CD, and it only offers terms up to one year - many banks have terms up to five or even 10 years. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |