Wells Fargo, a pretty good bank
Written: Sep 24 '02 (Updated Aug 21 '05)
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Product Rating:
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Pros: Branches/ATMs everywhere, Free Checking, good customer service
Cons: Overdraft protection options, interest rates
The Bottom Line: Wells Fargo is a good bank, but some improvements are needed.
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| gocowboys's Full Review: Wells Fargo |
** UPDATE 08/21/2005 **
(All changes are in italics.)
Before I start, I must mention that I can only speak for Wells Fargo here in Texas.
I know that Wells Fargo leaves a bad taste in the mouths of some people, but I honestly think it has improved since their hostile, nasty takeover of First Interstate back in 1996. Norwest bought out Wells Fargo, and the new Wells Fargo is being run by old Norwest executives, and I think things have changed for the better.
Pros:
1. Free Checking. Wells Fargo Free Checking is available in most states. There is no minimum balance requirement, no monthly service fee, unlimited checkwriting, and the use of the ATM & Check Card and Online Banking. You have to pay $5.00 per month to get your checks back in your statement, but this is not a big issue with me. I believe you get 2 or 3 free copies of checks if you should need them.
2. ATMs and Branches. Wells Fargo currently has over 3,000 banking centers and 6,000 ATMs across 23 states. They cover every western state, and quite a few states in the midwest. Chances are you will find a branch and/or ATM near you.
3. Online Banking. Wells Fargo's Online Banking system is a good system. You can view account transactions, ledger and available balances, and transfer funds between accounts. You can also utilize several self-service options, such as ordering cas2hiers checks and money orders, request overdraft protection, request a stop payment, and more. They provide online statements, although you can't have a paper statement and an online statement - it's one or the other. They also have an online secured message center; if you log into your account and send them a question, they will send the reply to the secure message center. This is a big improvement, because the response used to go to a regular email address.
You can now view check images online. This is a huge improvement to an otherwise nice online offering.
4. Cash deposits made with a live teller are immediately available. The deposit may or may not be posted that same day, depending on the time the deposit was made, but they are always immediately available.
5. Customer Service. I have always had good luck with the customer service (Phone Bank) at Wells Fargo. The associates in my local branches are even more helpful than the Phone Bank reps. There have been a few problems, sure, but then again you will find that at any bank.
Cons:
1. Overdraft Protection Options. If you have Wells Fargo Free Checking, the only option for overdraft protection is from a Wells Fargo credit card; you can't use a savings account. You can now use almost any savings account for overdraft protection, but not with Free Checking or College Checking. This needs to be changed.
2. Interest Rates. The interest rates at Wells Fargo are abysmal at best. If you interested in earning any kind of interest, you should probably look elsewhere. You would do better to keep the biggest bulk of your savings in a higher interest earning account elsewhere. You should probably concentrate more on avoiding fees than earning interest, unless you have a significant amount of money in the bank.
Please remember that I can only speak for Wells Fargo here in Texas. Wells Fargo is really sort-of "decentralized," meaning that most decisions are made at the local level, making Wells Fargo like a "super-regional local bank." This means that what may be true here in Texas, may not necessarily be true in your state.
Recommended:
Yes
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Epinions.com ID:
gocowboys
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Location: Waco, TX
Reviews written: 6
Trusted by: 3 members
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