Wells Fargo Business Checking Review

Wells Fargo provides several business checking account products. It also offers a full range of other financial services for businesses. The bank has thousands of physical branches nationwide, which may be an advantage for businesses that need to conduct banking in-person, although you can open a business account online.

Considering using Wells Fargo for your business banking? This Wells Fargo business checking account review will explore the key features, fees, pros and cons to help you decide whether it's the right choice.

If you’re looking for a business account that allows you to send and receive international payments with ease, then you can also discover Wise Business.

🔍 Our Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, benefits and drawbacks to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider.

Wells Fargo Business Checking Review: Quick Overview

Key features	Three different account options for businesses of different sizes Account notifications Mobile check deposits using the Wells Fargo mobile app Direct Pay Branding customized cards and checks
Main fees¹	Account maintenance: $10-75 Additional transactions: $0.50 Additional check deposits: $0.3% Direct Pay: $10 Non-Wells Fargo ATM withdrawals: $2.50-5.00 Outgoing wire transfers: $0-35 Incoming wire transfers: $0-16
Great for	Businesses that require in-person banking. Businesses that benefit from Wells Fargo's other banking services.
Trustpilot rating of Wells Fargo as a whole²	1.8 out of 5

Wells Fargo Business Checking: Key Features

Wells Fargo provides three business checking account options, aimed at businesses of different sizes: the Wells Fargo Initiate Business Checking Account, Wells Fargo Navigate Business Checking Account and Wells Fargo Optimize Business Checking Account.³

Each has a slightly different set of features such as transaction and deposit limits, and you can upgrade as your business grows. You can also use other Wells Fargo services, such as business loans and merchant services, making it a convenient one-stop option for companies that want to keep all their banking services with a single provider.

Here’s a brief breakdown of the three checking account options.

Initiate

Initiate is a basic account for new businesses. Wells Fargo requires a $25 minimum deposit to open the account and charges a $10 monthly service fee. Initiate has a limit of 100 free transactions per month, with each additional transaction incurring a $0.50 fee.

The account has a monthly cash deposit limit of $5,000 and there is an additional 0.3% charge on deposits above the limit. Businesses can avoid the monthly service fee by holding a minimum daily balance or a $1,000 average ledger balance in the account.

Navigate

Navigate is a premium, interest-bearing checking account aimed at businesses that regularly handle a larger transaction volume. Navigate requires a $25 minimum deposit and has a $25 monthly service fee, which is waived for accounts that hold a $10,000 minimum daily balance or a $15,000 average balance across business deposits.

Navigate has a limit of 250 free transactions per month before the $0.50 additional charge comes in. Businesses can make free cash deposits up to $20,000 per month, with additional deposits charged the 0.3% fee.

Navigate’s premium benefits include no fees for stop payment orders, money orders or cashier’s checks, and no service fees for additional Navigate accounts or Business Platinum Savings accounts that are linked to the checking account. Account holders can also receive monthly rebates for up to two domestic out-of-network ATM fees.

The account does not have a fee for incoming domestic and international wire transfers in US dollars and foreign currency, and the first two outgoing domestic wire transfers per fee period are free.

Optimize

Optimize is a premium account designed for larger businesses, providing treasury management services for advanced cash management. The minimum deposit is $25 and the monthly service fee is $75, although this covers five accounts and the bank offers an earning allowance that can be used to offset the monthly fee.

Optimize has a monthly limit of 250 transactions within a billing relationship and charges $0.50 for each additional transaction. Businesses pay $2.50 per in-person or mailed deposit and the 0.3% processing fee on cash deposits. There are no fees for two domestic cash withdrawals from non-Wells Fargo ATMs per statement period.

There’s no fee for incoming domestic and international wire transfers and businesses can send up to five outgoing wires initiated on the Wells Fargo Vantage platform per statement period at no charge. Each additional outgoing wire costs $15.

🔍 Read on to learn more:
Ease of Use Customer Service Wells Fargo Business Checking Fees Wells Fargo Business Checking Pros and Cons Conclusion: Is Wells Fargo Business Checking the best choice for your business? Discover Wise Business

Additional features

All three account options include:⁴

• 24/7 fraud monitoring.
• Contactless debit card or add it to a digital wallet for tap payments and Wells Fargo ATM access.
• Alerts set up through online banking to manage account access, monitor account. balances and track transactions.
• Mobile check deposits using the Wells Fargo mobile app.
• Branding customized cards and checks.
• Zero Liability protection for reported unauthorized transactions.
• Convenient options to pay vendors, employees, and bills.

Ease of Use

Wells Fargo offers several features and services designed to simplify financial management for business owners. Account holders can deposit checks directly using the Wells Fargo mobile app. They can also set up alerts to receive notifications about account activities, such as low balances, incoming deposits, or large transactions, helping them stay on top of their account status and identify any issues quickly.

Businesses can sign up for Direct Pay for $10 per month to deposit payments directly into the accounts of employees and vendors, simplifying payment processing.⁵

Customer Service

Business checking account holders can contact Wells Fargo’s customer service for general account issues Monday through Saturday from 7am to 11pm ET and Sunday from 9am to 10pm ET. Customer support for online banking or bill pay is available 24/7.

Positive reviews on Trustpilot (an independent review site) tend to praise specific Wells Fargo employees who provided good customer service.⁶

However, some negative reviews on Trustpilot mention that the bank may hold some deposits for long periods, which can result in extra service fees being charged. However, it should be noted that this can be due to required security measures. Some customers also complain of instances of unhelpful or unresponsive customer service.⁷

Wells Fargo Business Checking Fees

• Monthly service fee: Initiate account $10, Navigate account $25, Optimize account $75
• Additional transactions above account allowance: $0.50
• Cash deposit processing above account limit: 0.3%
• In-person or mailed deposit: $2.50
• Direct pay: $10 monthly
• Additional Optimize Business Checking accounts: $30 each
• Non-Wells Fargo ATM fees: $2.50 per withdrawal, balance inquiry or funds transfer; $5.00 per international withdrawal
• International purchase transaction fee: 3%
• Outgoing domestic wire transfer: $30
• Incoming domestic wire transfer: $15
• Incoming international wire transfer: $16
• Outgoing international wire transfer: $35 in foreign currency, $45 in US currency

If you need to make frequent international transactions, then you may also consider using Wise Business. Wise provides transfers at the mid-market rate without hidden fees.

Wells Fargo Business Checking Pros and Cons

Benefits	Possible drawbacks
Broad national coverage with 4,900 branches and 12,000 ATMs Different account options to suit businesses of various sizes User-friendly mobile app Range of business services and online tools Customized debit/credit cards and checks	Monthly service fees and minimum balance requirements Transaction/deposit limits Fees for exceeding monthly account limits

What are the Benefits of Wells Fargo’s Business Checking Service?

As a traditional bank, Wells Fargo offers a full range of business banking services beyond checking accounts – such as loans and merchant services – that may appeal to business owners who want to manage all of their financial accounts in one place.

Businesses that need in-person banking can choose from a vast network of branches and ATMs, but customers can still open and manage accounts online without having to visit a physical location.

Wells Fargo’s tiered account structure allows growing businesses to upgrade to one that allows more transactions and deposits as needed.

What are the Drawbacks of Wells Fargo’s Business Checking Service?

Wells Fargo may not be the suitable option for businesses looking for a free checking account. All three of its business checking options charge a service fee ranging from $10 to $75 per month. However, these can be waived if you meet minimum account balance requirements. The accounts also come with monthly transaction and deposit limits and additional fees that could mount up for businesses that exceed them regularly.

Wells Fargo also charges a variety of ATM and incidental fees. And for businesses that send and receive international payments, there are fees on incoming and outgoing wires in US dollars and foreign currency. While there’s no charge for international wires in the Navigate and Optimize accounts, Wells Fargo may charge a markup on the exchange rate.

Conclusion: Is Wells Fargo Business Checking the Best Choice for Your Business?

As this Wells Fargo business checking review shows, the bank provides a range of features for businesses. However, its monthly service fees and additional fees for wire transfers and exceeding the monthly transaction and cash deposit limits may be points to consider for some businesses.

Ultimately, whether a Wells Fargo business checking account is suitable for your business depends on your specific needs and financial circumstances. We recommend carefully weighing the pros and cons, and considering alternative options, to make an informed decision that aligns with your business's unique requirements.

Discover Wise Business: Send and Receive International Payments at the Mid-Market Rate

As an international business-friendly account, you may want consider Wise Business. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

The Wise Business account offers features like no monthly fees, international payments at the mid-market rate, easy batch payments, integration with QuickBooks for efficient bill tracking, and the ability to manage multiple currencies.

You can hold over 40 currencies in one account and receive payments like a local with account details for major currencies.

Learn more about Wise Business

✔️ Make international payments at the mid-market rate
✔️ Manage multiple currencies all in one place
✔️ Make easy batch payments

With a Wise account, you can make international payments at the mid-market exchange rate. You can also set up local account details in nine currencies, so that overseas customers can pay you from wherever they are at the same speed as a domestic transaction.

A Wise Business account has no hidden fees or monthly subscription charges. You can open an account online and get set up with ease.

Read the guide to see if you can use Wise as a business account

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Sources:

1. Wells Fargo Reviews | Read Customer Service Reviews of wellsfargobank.com
2. Business Account Fees and Information
3. Compare Business Checking Accounts | Wells Fargo
4. Business Checking Accounts Overview | Wells Fargo Small Business
5. Wells Fargo Business Online Direct Pay
6. Trustpilot
7. Trustpilot
8. Small Business Customer Service – Wells Fargo
9. Business Account Fees and Information

Sources checked November 13, 2023.

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

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