Wells Fargo and Wachovia merged on Dec. 31, 2008 to create one bank. Wachovia is still in the process of changing its name, which means locations with this name may still exist. In time, all Wachovia units are expected to be known as Well Fargo. As a unit, they offer more than 6,500 banking stores across the country.
Company Headquarters:
Wells Fargo
420 Montgomery Street
San Francisco, CA 94104
Website: www.wellsfargo.com
Customer service: 1-866-245-3452
Types of Accounts Available
Wells Fargo offers a number of savings, checking, money market and CD options.
Savings Accounts
The bank’s basic savings account is the Wells Fargo Way2Saving Savings Account, which comes with the following requirements and features:
- $100 to open (or just $25 to open with an automatic, recurring savings option set up)
- Free online banking
- Free mobile banking
- Optional overdraft protection
- Avoid $5 monthly service fee if you maintain a $300 minimum balance or maintain at least one $25 automatic, recurring savings option
This is Wells Fargo’s newest account. The other savings option offered by the bank is Wells Fargo High-Yield Savings Account.
Checking Accounts
Wells Fargo offers a number of checking options, the basic being Wells Fargo Value Checking, which comes with the following requirements and features:
- $100 to open
- Platinum Debit Card
- Free access to online banking
- Free mobile banking
- Free account alerts
- Optional overdraft protection
- Monthly fees are waived if certain requirements are met
Other checking accounts offered through Wells Fargo include the Wells Fargo Customer Management Package, Wells Fargo Complete Advantage Package, Wells Fargo PMA Package and College Combo.
Money Market Accounts
The Wells Fargo Money Market Savings Account comes with the following features and requirements:
- $100 to open
- Variable interest rate, tiered rate system
- 6 withdrawals/transactions per statement
- Avoid $10 monthly service fee if you maintain a $3,500 minimum balance or maintain at least one $75 automatic monthly transfer from another Wells Fargo account
- Free mobile banking
- View balances and statements online
- Make automatic transfers
- Use My Savings Plan to set and track savings goals
- Optional overdraft protection
CDs
Wells Fargo’s Standard CDs require $2,500, $10,000 or $100,000 to open depending on the APY you choose. Features include:
- Early withdrawal fee
- Automatic renewal
- Make one additional deposit
- APY increases with increased minimum deposit
- The longer the term you select, the higher the APY
- Select new term at end of current term
Standard CD terms are as follows:
- 3 month
- 6 month
- 12 month
Wells Fargo also offers Special CDs that require $5,000 to open and come the following terms:
- 11 month
- 25 month
- 33 month
- 45 month
- 58 month
The bank does not advertise jumbo CDs.
How to Open Account
The requirements differ somewhat for opening each type of deposit account with Wells Fargo. However, in general, it is likely that you will need the following to open an account:
- Valid driver’s license or state ID (number, issuing date and expiration date)
- Social Security number
- Current address
- E-mail address
- Opening deposit (routing and account if the account will be funded from another bank, debit or credit card if funding those ways).
FDIC Insurance and Coverage
Wells Fargo deposits are FDIC insured for the maximum amount, which is currently $250,000 per depositor, per insured financial institution.
Customer Service
Since Wells Fargo and Wachovia are consolidating, both companies are still offering their own customer service options, which include toll-free phone access 24/7, email assistance, branch help and mail inquiries. However, keep in mind that the companies will eventually become solely Wells Fargo.
Security
Like many banks that offer services online, Wells Fargo requires that you create your own username and password to access your accounts. After 10 minutes of inactivity, the system will automatically log you off. The bank uses a firewall to protect the system 24 hours a day. And 128-bit encryption creates a coded sequence with billions of variations that make it nearly impossible for unwanted intruders to decipher.
The bank also offers loans and credit opportunities. Insurance is also available along with options to invest.
