Whether you have a checking account or are looking to open one, Wells Fargo has a lot of options. These range from checking account services, to security services, to history.
History
Despite the multiple financial crises that have hit the nation, Wells Fargo has managed to survive and thrive. Founded in 1852 during the Gold Rush Era, it became one of the largest banks in the United States and the third largest by market capitalization.
The company began with an express delivery service for the California gold rush. It was created by William G. Fargo and Henry Wells, who both served as officers of the American Express. They had an office in New York City and branches in Salt Lake City, Utah, and Carson City, Nevada.
In 1855, the company faced its first banking crisis. Overspeculation caused the collapse of the California banking system. As a result, people emptied their bank accounts. This led to a run on major financial institutions, such as Page, Bacon & Company.
Checking account
Whether you’re a business owner or an individual, a Wells Fargo checking account is a convenient option for your money. It offers free online bill pay and a mobile banking app. The bank has more than 13,000 ATMs across 36 states, so you’ll never run out of places to withdraw cash. It’s also easy to avoid overdraft fees with a Wells Fargo checking account.
The Wells Fargo Everyday Checking Account is one of the most popular checking accounts around. It has no minimum balance, no interest on your balance, and you can write checks. But it doesn’t offer a lot of extra features.
For a $25 monthly maintenance fee, you can get a Wells Fargo Premier Checking account. The Premier account is ideal for individuals who want a higher level of service. Among other features, this account allows you to take advantage of discounts on auto loans and other services.
CDs
Whether you’re an existing Wells Fargo customer or simply looking to park some cash, you may be wondering which type of CD is best for you. There are three main types of CDs offered by Wells Fargo. These include Special Rate CDs, Step Rate CDs, and Standard CDs.
The standard CD is a good choice if you have a relatively small deposit. It offers a term of up to six months. It also offers a bonus interest rate, which is slightly more than the regular rate. You can also link your account to a checking account to receive a higher bonus rate.
A Step Rate CD is another good option for those who expect to see rates rise. It offers lower rates, but the interest increases automatically every six months.
Security services
Using Wells Fargo Security Services is a good idea if you are planning on signing up for online banking. Not only do you get to keep your information safe from hackers, but you also get access to state of the art technology that helps to protect your account from fraud.
Wells Fargo offers a lot of different kinds of services to its customers. These include security tools, security alerts, and other related features. In fact, a lot of these services are free for Wells Fargo customers. However, there are fees associated with these services. If you’re considering using these services, consult your own financial advisers before signing up.
Wells Fargo also offers other security-related products and services, such as the Wells Fargo Advisors system, which encrypts your account information when it enters the system. The system uses the strongest encryption commercially available.
Overdraft penalties
Using a bookkeeping device to generate more income, Wells Fargo has changed the way debit card transactions are posted, thereby generating millions of dollars in overdraft fees. The change was designed to increase overdraft revenue, according to Wells Fargo Executive Vice-President Ken Zimmerman.
Aside from the increased overdraft fees, another impact of the commingling was that customers were not alerted to the change. A secret “shadow line” was created by Wells Fargo in May 2002, allowing debit-card purchases to be authorized into overdrafts. When this occurred, Wells Fargo did not warn its customers of the overdraft until the items were presented for settlement. This meant that purchases as small as $3.23 would have been assessed a $22 or $33 overdraft fee.
During the trial, Wells Fargo Executive Vice-President Zimmerman testified that he believed the increase in overdraft revenue was one of the key factors in the decision-making process. However, his testimony conflicted with the bank’s internal documents, which indicate that the change was designed to increase overdraft fees, not overdraft income.
