Wells Fargo Business Checking Review

It’s no secret that every startup needs a business bank account. With so many banking options — from neobanks to traditional banks — it can be difficult to determine the right financial institution for your business. 

Wells Fargo is a lon-standing financial institution and a popular choice for small businesses looking for banking services. But, is it right for your startup? We’re here to help you decide with this Wells Fargo business checking review that outlines the eligibility criteria, pros and cons, pricing, and key features of its business checking accounts. 

Recommended: Read our full list of the best banks for startups. 

Wells Fargo Business Checking Eligibility Requirements

The eligibility criteria for Wells Fargo business checking accounts are fairly standard, including information about the business owner(s) and the business’s registration. While Wells Fargo does require a minimum deposit to open a checking account, it is small compared to other institutions. The eligibility requirements businesses must meet to qualify for a Wells Fargo business checking account include: 

• A $25 minimum account opening deposit 
• The applicant must provide a Social Security number (SSN) and valid ID
• Verification of your business’s government registration 
• The business tax identification number 

Overall, eligibility requirements for Wells Fargo business checking accounts are minimal. However, Wells Fargo does not accept applications for certain business types like private equity firms, lending businesses, or cannabis businesses.

Pros and Cons of Wells Fargo Business Checking

Pros of Wells Fargo Business Checking

• Low minimum balance required to open a checking account 
• Ability to avoid monthly fees with account-specific requirements 
• Convenient banking features, such as card-free ATM access and mobile banking

Cons of Wells Fargo Business Checking

• Low transaction amounts (additional transactions incur fees) 
• Fewer features included than many competitors

Wells Fargo Business Checking Pricing & Features

Wells Fargo offers three business checking accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Each account type includes its own set of features with Initiate Business Checking having the most basic features. 

The most notable aspect of  Wells Fargo business checking accounts is this provider’s dedication to convenient banking features, such as card-free ATM access, mobile banking, and on-the-go payments capabilities. While each account does require a monthly service or maintenance fee, users can avoid monthly service fees on Initiate Business Checking and Navigate Business Checking accounts by meeting account-specific requirements. We’ve outlined the details of each of these accounts below, including rewards and benefits as well as fees.

Rewards and Benefits

• Card-free ATM access 
• Interest-bearing checking account for some plans 
• Zero liability debit card and fraud protection 
• No fees on stop payments, incoming wire transfers, and more on some plans

Fees

• Initiate Business Checking: 
  • $10 monthly service fee
  • $0.50 per transaction after 100 transactions per fee period
  • $0.30 processing fee per $100 after $5,000 in cash deposits per fee period 

• Navigate Business Checking: 
  • $25 monthly service fee
  • $0.50 per transaction after 250 transactions per fee period
  • $0.30 processing fee per $100 after $20,000 in cash deposits per fee period 

• Optimize Business Checking: 
  • $75 monthly maintenance fee
  • $0.50 per transaction after 250 transactions per fee period

Businesses can avoid the monthly fees by completing requirements based on their checking account of choice. For an Initiate Business Checking account, customers must maintain a minimum $500 daily balance or a $1,000 average ledger balance to avoid the monthly fee. For Navigate Business Checking accounts, customers must maintain a $10,000 minimum daily balance or an average of $15,000 in combined business deposit balances.

Customer Reviews

Here are some verified customer reviews from Trustpilot by people who use a Wells Fargo business checking account: 

“As a client of Wells Fargo, I’ve had a highly satisfying banking experience. The communication with the staff stands out, as they are consistently friendly, professional, and knowledgeable. They are quick to address any queries or concerns, making every interaction pleasant and efficient.”

“It used to be better, but now it feels like they are more about money instead of the customer’s needs and wants. They charge so many fees now for every little thing and [the] fraud protection changed making things harder to get and keep your money. The reason why I bank with multiple banks instead of just them: They don’t offer everything I need and want.”

“Wells Fargo does a decent job as a bank. My only complaints are that they send me too many letters and their credit card rewards aren’t generous enough.”

How Does Wells Fargo Business Checking Compare?

Wells Fargo offers a variety of business checking options for small businesses. However, with many strong banking options available to entrepreneurs, it is important to compare its banking services with alternatives. 

Mercury is a popular banking choice for startups with its zero monthly fees, advanced features, and access to venture debt. This is how Wells Fargo stacks up against fintech company Mercury.

Final Thoughts on Wells Fargo Business Checking

Wells Fargo is a decent banking option for small businesses looking for a trusted name in banking. Its business checking accounts include basic banking features as well as convenient mobile banking, payment, and ATM capabilities. However, its business accounts require fees for many basic actions as well as monthly fees for businesses that don’t meet the minimum criteria. 

Overall, Wells Fargo may not be the best choice for startups seeking a more robust feature set with fewer fees. But, Wells Fargo is a strong choice for small businesses looking for a bank that offers mobile functionality and physical branches.

Frequently Asked Questions