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A business checking account is worth considering for any business, no matter the size. Wells Fargo is a national bank that offers a variety of business checking account options and a full suite of other financial products to suit your business needs.
This review focuses on Wells Fargo’s business checking account and touches on other business banking products it offers.
Account details are accurate as of November. August 8, 2022. Product features and fees may vary based on your location.
Account Basics
Wells Fargo offers three business checking accounts for small businesses: Wells Fargo Initiate Business Checking℠, Wells Fargo Navigate Business Checking℠ Account and Wells Fargo Optimize Business Checking® Account. Below is the benefit and fee structure for each Wells Fargo business checking account.
Initiate business check
Startup Business Check is the basic business check account for new business owners. The account is limited to 100 free transactions per month, after which there is a $0.50 fee per transaction. Initiate Business Checking also has a monthly cash deposit limit of $5,000, plus an additional $0.30 for every $100 deposited beyond the limit.
You can avoid the $10 monthly service fee on your account by maintaining a minimum daily balance or an average ledger balance of $1,000. A minimum deposit of $25 is required to open an Initiate checking account.
Navigation business inspection
Navigate Business Checking is a premium interest-bearing checking account for businesses that process high volume transactions. The account allows up to 250 free trades per month and charges $0.50 for each additional trade. Monthly free cash deposits are limited to $20,000, after which there will be a $0.30 fee for every $100 deposited.
Opening a Navigate checking account unlocks premium benefits, including no service fees when you link additional Navigate or Business Platinum Savings accounts to your checking account. The account also has no fees for stop payment orders, money orders or promissory notes, and you can receive up to two monthly rebates on out-of-network ATM fees within the country.
Maintaining a minimum daily balance of $10,000 or an average combined balance of business deposits of $15,000 will help you avoid the $25 monthly service fee on your account.
Optimize business checks
Optimized business checks are available for larger businesses with stronger banking needs. The account provides access to money management services designed to assist businesses with advanced cash management needs.
The account is limited to 250 transactions per month in one billing relationship, and is charged $0.50 per transaction over the limit. Wells Fargo also charges a $2.50 fee for each personal or mail deposit and a 0.3% fee for cash deposits.
Optimize Business Checking has the highest monthly service fee of any Wells Fargo business checking account. It costs $75 per month to cover up to five Optimize accounts. The account provides an income allowance that can be used to offset monthly fees.
Other Wells Fargo Commercial Banking Products and Services
In addition to checking accounts, Wells Fargo offers a variety of other products and services to meet your business needs. These include:
salient features
All Wells Fargo business checking accounts come with additional protection and account management benefits. These include:
- Customized debit cards and checks
- 24/7 Fraud Monitoring
- Zero Liability Protection
- Convenient payment method
- Account Alert
- Mobile Check Deposit
Access anytime, anywhere
Wells Fargo business accounts can be accessed online or through the bank’s highly rated mobile app, Wells Fargo Mobile. The bank’s online tools allow you to manage account and employee access levels, transfer funds, deposit checks remotely, send payments, pay employees, and more. Account holders can also integrate accounts with third-party financial and accounting software.
Business customers can also use Wells Fargo account services at any of the bank’s 4,900 branches and more than 12,000 ATMs in the network. Telephone support is available by calling 800-225-5935.
advantage
- Three checking account options to meet different business needs
- Monthly fee waived
- Large national footprint with 4,900 bank branches and 12,000 ATMs
- Highly rated mobile app
- Various online business tools and services
- Custom Cards and Checks
shortcoming
- No free business checking account
- Confusing transaction limits and fee structure
- Fees for exceeding monthly transaction and cash deposit limits
How Wells Fargo Accumulated
Wells Fargo offers full-service commercial banking that should appeal to many business owners. With a fast branch and ATM network, it’s a solid choice for businesses looking for face-to-face banking. The bank’s website also provides corporate customers with various tools to help manage cash flow.
If you want a free checking account, Wells Fargo is not a good choice. All three of its business checking accounts have substantial monthly fees. While fees are waived for each account, you must meet a minimum account balance requirement. Accounts also have monthly transaction and deposit limits, which can be a problem for businesses that regularly exceed these limits.
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Frequently Asked Questions (FAQ)
Is Wells Fargo FDIC Insured?
Yes, Wells Fargo is FDIC insured. When you deposit funds into an FDIC-insured account with Wells Fargo, your funds are protected against bank failure for up to $250,000 per depositor per account ownership class.
What does it take to open a business checking account with Wells Fargo?
Wells Fargo requires businesses to provide appropriate business verification documents. Specific requirements may depend on the type of business, but typically include your:
- social Security number
- Sales tax identification number
- A valid driver’s license or state ID
- Business Registration Information
- Account opening deposit
You can apply for a Wells Fargo business checking account online, but some businesses may require an appointment to open an account at one of the bank’s branches.
Does Wells Fargo charge fees for its checking accounts?
Monthly service fees for Wells Fargo’s three business checking accounts range from $10 to $75, but these fees can be waived by meeting a minimum balance requirement. Wells Fargo charges additional fees for exceeding the account’s monthly transaction and cash deposit limits.