Is Wells Fargo still a good bank?
We rate Wells Fargo 3.8 out of 5 stars, awarding points for its wide availability and large number of products. We deduct points for the bank's low annual percentage yields (APYs) and its limited certificate of deposit (CD) offerings online.
Wells Fargo, along with thousands of other financial institutions, is FDIC-insured.
Is Wells Fargo a good bank? 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.
What are the Disadvantages of Wells Fargo? The main drawback we see with Wells Fargo are the low APYs on most accounts — if you're looking to earn money through interest, this is not the bank for you. Wells Fargo should also be avoided by people who struggle with overdraft fees.
Fitch Ratings - New York - 01 Jun 2023: Fitch Ratings has affirmed Wells Fargo & Co.'s (WFC) Long- and Short-Term Issuer Default Ratings (IDRs) at 'A+'/'F1', and has affirmed the bank's Viability Rating (VR) at 'a+'. The Rating Outlook remains Stable.
US Eases Restrictions on Wells Fargo After Years of Strict Oversight Following Scandal. Feb. 15, 2024, at 1:21 p.m. NEW YORK (AP) — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
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Wells Fargo stands out from other banks if you prioritize an extensive branch and ATM network. Wells Fargo also has a variety of bank accounts, credit cards, mortgages, and loan types, so it may be worthwhile if you want to do all your banking with one financial institution.
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Chase Total Checking comes with a $12 monthly maintenance fee, while Wells Fargo Everyday Checking customers are charged $10 a month. Both banks waive the fees when the accounts take in direct deposits totaling $500 or more each month. You also can avoid the monthly charges by maintaining a daily balance.
Is Wells Fargo in trouble?
US eases restrictions on Wells Fargo after years of strict oversight following scandal. NEW YORK (AP) — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals.
Wells Fargo's fake accounts scandal surfaced in September 2016, revealing that employees at the San Francisco-based bank had opened millions of fraudulent accounts, often to meet sales goals.
Those looking to build credit or earn rewards may appreciate Bank of America credit cards. Bank of America also has slightly more branch locations than Wells Fargo (15,000 versus 11,000), so it may be more convenient for those wanting easy in-person access.
For the most part, if you keep your money at an institution that's FDIC-insured, your money is safe — at least up to $250,000 in accounts at the failing institution. You're guaranteed that $250,000, and if the bank is acquired, even amounts over the limit may be smoothly transferred to the new bank.
Citi downgraded Wells Fargo (WFC) to Neutral from Buy with a price target of $63, up from $57. The stock has been one of the firm's top picks among the Global Systemically Important Banks given its potential for EPS revisions, but this is now likely priced into the stock, the firm says.
| DBRS Morningstar | S&P Global | |
|---|---|---|
| Long-term Issuer Rating | AA | A+ |
| Short-term Issuer Rating | R-1 (high) | A-1 |
| Bank Deposits | AA | A+ |
| Senior Unsecured | AA | A+ |
We'll alert you when your card is declined for reasons such as: Reported or suspected fraud. Payments that are past due. An overlimit, suspended, or closed account.
Wells Fargo has announced that around fifty-five branches could be subject to closure. The bank does have the chance to withdraw the closure if they so choose. Eleven locations in California have been slated for closure: 26611 CARMEL CENTER PLACE, CARMEL.
Wells Fargo is transforming to become more focused on customers than ever before — with strengthened risk management and controls, streamlined processes, an enhanced team member experience, and a simplified organization. We will continue to look for ways to get better; that's what great companies do.
| Bank NameBank | CityCity | Closing DateClosing |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| First Republic Bank | San Francisco | May 1, 2023 |
| Signature Bank | New York | March 12, 2023 |
| Silicon Valley Bank | Santa Clara | March 10, 2023 |
What banks are collapsing in 2024?
2024 in Brief
There are no bank failures in 2024. See detailed descriptions below.
| SHFS | SHF Holdings | $0.50 |
|---|---|---|
| WAL | Western Alliance | $27.32 |
| ECBK | ECB Bancorp | $11.24 |
| PACW | PacWest Bancorp | $5.97 |
| FFWM | First Foundation | $4.35 |
Banks such as Wells Fargo's The Private Bank require a $1 million account balance to open with them, but they offer a team-based approach for wealthy clients, meaning a whole team will be dedicated to their account.
Key Points. Wells Fargo is a public company, collectively owned by its shareholders. Wells Fargo has traded on the New York Stock Exchange since 1962. The largest institutional shareholders of Wells Fargo are Vanguard, BlackRock, and Fidelity.
JPMorgan Chase & Co currently has a 2.5% dividend yield. Currently, Wells Fargo & Co's price-earnings ratio is 12.6. Wells Fargo & Co's trailing 12-month revenue is $88.6 billion with a 20.3% net profit margin. Year-over-year quarterly sales growth most recently was 28.4%.
