![]() ![]() degree in Marketing at Boston University in 2022. Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love. ![]() For example, we look at overdraft protection for checking accounts, and early withdrawal penalties for CDs.Įvelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Other factors we consider depend on which type of account we're reviewing. In general, we look at ethics, customer support, and mobile apps when rating an account. To review Wells Fargo, we rated accounts and services using Personal Finance Insider's bank account methodology. Why You Should Trust Us: How We Reviewed Wells Fargo Chase also doesn't offer a savings bonus. While this bonus is easier to earn than Wells Fargo's checking bonus, it's still not quite as high. You can earn a $300 bonus when you open an account and make direct deposits totaling $500 or more within 90 days of coupon enrollment (offer expires on ). ![]() Wells Fargo makes it easier to waive the monthly service fee than Chase. You might favor Wells Fargo over Chase if you're only looking to open a checking account. Otherwise, your decision could rely on differences between bank account features and perks. Your choice between the two might depend on where you live. If you get the Wells Fargo Way2Save® Savings Account you'll need to meet certain requirements every month to waive a $5 monthly service fee.Ĭhase and Wells Fargo are two of the largest national banks in the US. With the Bank of America Advantage Savings Account, you won't have to worry about monthly service fees during the first six months of opening an account. If you take bonuses out of the equation, Bank of America might be the better choice for a savings account. Wells Fargo also offers a substantial savings bonus if you can deposit at least $25,000, while Bank of America doesn't have a savings bonus at all. This is lower than Wells Fargo's checking bonus. If you're looking for a sign-up bonus, Wells Fargo is likely the better choice.įor checking accounts, Bank of America offers a $200 bonus for eligible new customers who open a Bank of America Advantage SafeBalance Banking® account with qualifying activities (offer expires May 31, 2024). Your decision may ultimately come down to which institution has the most nearby branch locations. We've compared Wells Fargo to two other big, national banks: Bank of America and Chase. Your bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts. The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty.
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