My Wells Fargo Online Bank Account Service Review
Intro & History
Wells Fargo & Co is the second largest bank in US in term of market capitalization. With market cap of 171 billion as of January 17, 2011, Wells Fargo & Co has been able to withstand the latest financial crisis almost unscathed. I have been impressed with Wells Fargo product services. Wells Fargo provides various financial services such as saving account, checking account, personal loan, business loans, educational loans, credit card, mortgage loans, investment accounts and many more. It also offers and online banking and mobile banking option for 24 hours and 7 days a week through its website www.wellsfargo.com.
Wells Fargo was founded in 1929. The current headquarter is located in San Francisco, CA, USA. The current CEO is J.G. Stumpf. As part of US bank network, Wells Fargo banking account is insured by FDIC up to $250,000 per account.
Wells Fargo & Co. (Ticker: WFC) has 3 business segments such as: community banking, wholesale banking, and Wells Fargo Financial. The community banking provides banking and diversified financial products and services to consumers and small businesses (sales <$20 million). Community banking also offers investment management and other services to retail customers and high net worth individuals, insurance, venture capital financing, and securities brokerage through affiliates. The wholesale banking group provides service to businesses across the U.S. with annual sales generally in excess of $10 million. Wells Fargo Financial includes consumer finance and auto finance operations. Consumer finance operations make direct consumer and real estate loans to individuals and purchases sales finance contracts from retail merchants from the U.S. and in Canada, Latin America, the Caribbean, and Pacific islands offices.
The goods & bads
Pros of Wells Fargo:
- Online website is very good
- Toll free Customer service line is great
- It provides convenient local branches and lots of ATM machines
- Provide access to other banks' accounts
- Big bank with vast selection of excellent product
Cons of Wells Fargo:
- High fees on some financial services
- Very low interest on savings
- Less personable customer service due to big institution
Product & Services for Personal Account
There are 3 main products for personal account offered by Wells Fargo Bank such as:
1. Banking Account
Several services offered for banking account customer such as online access for Wells Fargo online banking, checking account, saving account, CD, check card (debit card), credit cards, military banking, student banking, foreign exchange and more
2. Loans Account
For loan services, Wells Fargo offered various loan products as well such as Home mortgage loan, Home Equity Loan (HELOC), Student Loan, Personal Loan & credit line, and Auto Loan or car finance.
3. Investing & Insurance Account
For long term investor or active trader, Wells Fargo also offered investment account & Insurance account such as retirement account, investment services (Wells Trade), Mutual funds, Auto Insurance, Motorcycle insurance, Home insurance, renter insurance, life insurance and health insurance.
Wells Fargo Internet Banking account
Sign up for Wells Fargo online account is easy and straightforward. The main requirement is you need a Wells Fargo banking account, investment account, or loan or line of credit. Then, you will need to provide some basic information about yourself such as social security number, account number or ATM card number, and email address.
Wells Fargo also provides online Security Guarantee protection for using online banking. Wells Fargo provide 100% guarantee for unauthorized fund withdrawal. As customer, you will need to protect your personal account information such as ATM pin, online username and password. If you notice any unauthorized account access or use, you can call 1-800-956-4442 for help.
Minimum requirement to access Wells Fargo Online banking account:
- Have an internet capability computer such as home desktop PC, laptop, notebook or tablet (ipad), or smart phone (iphone, blackberry, android phones).
- Have a compatible web browsers such as Microsoft Internet Explorer 6 or higher, Mozilla Firefox 3 or higher, or Apple Safari 3.2.1
- Have a browser with128-bit security encrypted capability
- To download e-statement must have PDF reader such as Adobe Reader v4.05 or later.
- For Wireless Device Requirement, the phone should havetext-enabled capability such as short message service (SMS) to receive messages via the Alerts Service.
Type of Online Banking Activity
By using Wells Fargo online bank, customers can access various financial transactions such as:
- Access and monitor your account online 24 hours and 7 days a week for free.
- Check your current account balance
- Verify withdrawals, deposits, payments, and transactions online easily
- View your loan details such as payment due date, interest rate, and escrow information.
- Obtain and access your account monthly statement
- View images of your checks that have posted to your account.
- Manage your brokerage accounts and IRA retirement account
- Transfer fund between Wells Fargo Accounts or to other Wells Fargo customer
- Sign up for Bill Pay to pay your bill online and quickly
- Track spending and savings including view automatically updated spending reports and setup the saving plan
- Updating your personal information such as address, email
- Order new checks book and request overdraft protection
- Execute balance transfer on credit card
Checking and Saving Account
Wells Fargo currently offers 5 different checking accounts such as Wells Fargo ValueChecking, College Combo Checking,Wells Fargo Custom Management package checking,Wells Fargo Complete Advantage package checking, andWells Fargo PMA Package Checking.
The most basic checking account is Wells Fargo Value Checking. To open this checking account, you will need to fund the account with $100 initial deposit. There is a $5.00 monthly service fee if the requirements are not met. To waive the service fees, customer needs to have one of the following:
- Sign up for Direct Deposit OR
- Maintain an average daily balance of $1,500
For Saving and CD Accounts, there are 4 different type of saving accounts such as Wells Fargo Goal Saving, Wells Fargo Money Market Savings, Wells Fargo High Yield Savings, and Well Fargo CDs. The monthly service fees are varied from $3-$25 per month depending upon account type. This monthly fee can be waived if you meet the account’s requirement.
For credit cards, Wells Fargo mainly offered Visa branded credit card such as Wells Fargo Rewards Card, Wells Fargo Cash Back Card, Wells Fargo Home Rebate Card, Wells Fargo Platinum Card, Wells Fargo Secured Card, and Wells Fargo College Card.
Wells Fargo Online BankingClick thumbnail to view full-size
Wells Fargo Brokerage Account or Wells Trade
With Wells Trade brokerage account, customer can place trades for stocks, bonds, ETFs (Exchange Traded Fund) and no-load mutual funds. Options and margin trading are also available. Customers can also qualify for 100 free trades when the brokerage account has a balance of $25,000 and it is linked to a Wells Fargo PMA package checking.
Other Brokerage Account Fees are:
- Online Market Order: $19.95 per trade ($0.00 for PMA account)
- Broker Assisted: $44.95 per trade
- Options: $9.95 + $1.00 per contract
- Mutual Funds: $35 per trade (No load NTF fund)
- Investment Account Service: $60 per year
- Outgoing ACAT: $95
- IRA account: $30 per year
Wells Fargo bank does offer complete banking service for its customer. Wells Fargo Bank could be your “one stop shop” bank. It offers checking account, saving account, credit card, online account and mobile access. Customer may get free checking account or saving account if he/she meets the account’s requirement such as direct deposit or minimum account balance.
One of the great things with Wells Fargo is its Wells trade brokerage account. Customer with $25,000 account balance may qualify for 100 free trades per year. The Wells Trade brokerage account needs to be linked to a Wells FargoPMA Package checking. Otherwise, the cost of trading stock or ETF is $19.95 per trade.
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