Many of the Fortune companies do at least some wholesale banking with Wells Fargo. When a multinational with tens of millions of dollars in cash on its balance sheet needs somewhere to store that cash, Wells Fargo's wholesale division is where they do business. The bank has wholesale offices in 42 states that are manned by more than 30, employees. Now let's look at the community banking section. According to the company, the community banking segment includes "checking and savings accounts, credit and debit cards, and automobile, student, mortgage, home equity and small business lending," in addition to "the results of our Corporate Treasury activities net of allocations including funds transfer pricing, capital, liquidity , and certain corporate expenses in support of other segments and results of investments in our affiliated venture capital and private equity partnerships.
Wonder why? Here's a long, but not exhaustive, list of the company's scandals. In December , the L. Times reported that desperate branch employees opened fake accounts and credit cards in order to meet their sales quotas.
At the time of the story, the bank denied all the claims. It was only three years later in that the company admitted that over 3. Here's why. In order to get bonuses , Wells Fargo employees needed to hit huge sales goals that many felt were unrealistic.
Instead of finding real customers, employees just created accounts for existing Wells Fargo customers unbeknownst to them. The employees even used fake email accounts and personal identification numbers PINs to sign them up, seemingly hoping no one would notice. Small amounts of money were even transferred to these accounts to make them look real. Wells Fargo promised to refund customers who had improper fees as a result of this business practice and fired 5, employees. Even the bank's chief executive officer CEO stepped down.
In June , the Securities and Exchange Commission SEC revealed an investigation found Wells Fargo supported active trading by brokerage clients on high-fee debt products that were supposed to be held to maturity. Wells Fargo CEO Tim Sloan, who spent 31 years at the company and was trying to restore trust in the brand, stepped down unexpectedly in March Sloan faced pressure to resign from regulators and critics who saw him as too much of an insider to reform the bank's culture.
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We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. The actions required to earn this bonus are separate and distinct from the options available to you to avoid any applicable monthly service fee for the checking account you opened. Wells Fargo Bank, N. The bank makes it easier to waive this fee than some other national banks, but there are many online banks that don't charge a fee at all.
The 0. There are also no term lengths above one-year available online. If you want to open a CD with a longer term, you have to call the bank or go to a branch. In general, you can find better rates elsewhere online. Here's our list of the highest CD rates and the banks that offer them. Wells Fargo offers extensive branch coverage. Its mobile banking apps offer check deposit, person-to-person payments and bill payments, and they're well-rated by app store users.
It can also be reached through Facebook and Twitter. Note that in the past few years Wells Fargo has been penalized by government regulators multiple times, including for the creation of unauthorized accounts for customers to meet sales targets, and then for charging unnecessary fees on mortgages and auto loans. The bank paid millions of dollars to affected consumers and made leadership changes in the wake of the scandals. As of the time of publication, the bank is under investigation by the Consumer Financial Protection Bureau for previous debit card usage requirements for customers to waive monthly fees.
The bank also does not charge an extended overdraft fee for accounts that are in the red for several days in a row. Some large banks tack on these charges, also called continuous overdraft fees, to negative-balance accounts.
Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor one star to excellent five stars. Ratings are rounded to the nearest half-star. Wells Fargo is comparable to other national banks in that it has similar features: large ATM and branch networks, low savings rates and high overdraft fees.
It can be convenient to bank at Wells Fargo, especially if you have a mortgage or other account there. Unfortunately, it also has a history of multiple settlements with regulators over opening 1. Both national banks have similar offerings. Chase has more ATMs and a free overdraft program for linked savings transfers; Wells Fargo has more branches.
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