Pros: 1st Rate Online Tools, High Interest Rates, Excellent Rewards Program, Good Customer Service
Cons: Expensive bank if you are in one of the basic accounts.
I have been a Wells Fargo customer for 15 years. During much of that time, I kept a basic checking and savings account. My experience with them was not so dissimilar with many other reviewers on this site. Though I had no complaints about their customer service, I did incur overdraft charges more often than I'd have liked, and I found them quite expensive.
In the past two years, my financial situation changed considerably (for the better) and I shopped around for the best bank to park my funds. After much research, Wells Fargo emerged the clear winner, and my personal experience with them has borne this out.
To be a PMA customer, you need to have either $25,000 in combined balances between your accounts or a mortgage with them (in which 10% of your mortgage applies). If you achieve this status the red carpet rolls out for you:
All account fees are waived on all accounts.
You get free checks
You get free bill pay
You can do trades in their online brokerage for $9.99
You will earn interest in your checking account. If you keep a $5000 balance in your checking, this rate is actually pretty good.
You will get a bonus interest rate in any savings accounts or CDs you have with them.
All phone calls are free
There's more, but you get the idea. The rewards program racks up points on both my credit card and my debit card to the same account and they add up quickly. Add to that interest rates that are higher than any brick and mortar bank in my city, all the discounts I listed above, plus the truly excellent online account features and the combination is unbeatable.
Having been on both sides of the looking glass, Wells Fargo is simply average as a bank (with good online tools) for average customers, but is an excellent choice for those with high balances or a mortgage with them.