Wells Fargo Vs. Bank of America

Are you asking yourself if you should leave Wells Fargo and go to Bank of America instead? To determine which bank best suits your banking preferences and financial objectives, compare Wells Fargo vs Bank of America.

Understanding the Differences Between Bank of America and Wells Fargo

Both Wells Fargo and Bank of America offer convenience. These banks are the largest in the U.S. They also have many branches around the country. You can get many financial products from these bank accounts. You can get auto loans, home mortgages, credit cards, and savings and checking accounts.

An Overview of Wells Fargo

Wells Fargo provides a variety of banking and investment services. It has more than 7,000 branches in the U.S. The bank ranks as the fourth-largest bank in the United States. This ranking position is because of the number of assets the bank has.

When you open a Wells Fargo bank account, you will get access to credit cards and personal loans. The bank also provides other services, such as mortgages and investment products. You can also open checking and savings accounts with the bank.

An Overview of Bank of America

Bank of America is another important player in the financial services business. The bank has 5,000 branches and even more. It also has about 16,000 ATMs around the country.

This bank is the second-largest bank in the United States when you look at its assets. It provides products and services such as credit cards, personal loans, and mortgages. The bank also has investment products, and checking and savings accounts.

A Comparison of Wells Fargo Vs. Bank of America Service Charges

When selecting a bank, take the fees it charges into account. The following are some differences between banks in service charges:

Monthly maintenance fees

You can get a waiver of the monthly maintenance fees. This is possible if you meet certain Wells Fargo checking account requirements. Bank of America also waives its monthly fees for you as a customer. There is a greater selection of fee-free checking accounts offered by Bank of America.

Overdraft fees

Wells Fargo charges a bit more for overdrafts than Bank of America. You can link your Wells Fargo online checking account to your savings account. This will avoid overdraft fees. The bank has a monthly fee of $10 on its everyday checking account.

ATM costs

These banks charge customers who use ATMs from other banks out-of-network fees. Wells Fargo charges a higher out-of-network ATM fee when compared to Bank of America.

Overseas transaction costs

Both banks have various fees when using a credit card to make an overseas transaction. But, neither charges fees for debit card purchases.

Learn more about the best credit card for international use

A Comparison of Wells Fargo vs Bank of America Products and Services

Both Wells Fargo and Bank of America provide different products and services. There are a few significant variations, though:

Interest rates

A Wells Fargo account offers better interest rates on savings accounts. The Wells Fargo savings account has an APY of 0.15%.

Interest rates can change based on the account type and balance.

Wells Fargo Vs Bank of America credit card rewards program

Bank of America has a wider selection of credit card rewards programs than the other banks. They provide credit cards with alternatives for establishing credit and travel rewards. They also provide cash back.

ATM Network

Bank of America has more ATMs than Wells Fargo. It facilitates cash access without requiring payment for out-of-network ATMs.

Who Is Better, Wells Fargo or Bank of America?

Both banks offer good financial services, but there are a few differences. Take a look at the table below

Wells Fargo	Bank of America
Lower monthly fees	High monthly fees
Small networks of ATMs	Big networks of ATMs
Offers line of credit and personal loans	Offers a savings account and a wide range of CDs.
Better for checking account	Better for savings account

Is Wells Fargo a US bank?

A Wells Fargo Bank account is a brick-and-mortar U.S. bank account. It is not an online bank, as it has many physical branches. The bank has insurance with the Federal Deposit Insurance Corp. (FDIC).

You can open a Wells Fargo Bank account at any physical branch. There are various requirements to open a Wells Fargo account. You will need a small deposit of $25 to open this account.

Can You Transfer Money from Wells Fargo to Bank of America?

It is possible to transfer money from Wells Fargo to the Bank of America. Routing and account numbers enable easy transfers of money. You can deposit at Wells Fargo using a mobile app. Bank of America has an app that can do this. Another platform that you can use is Zelle. It enables the transfer of money at a free cost.

Wells Fargo Checking Account Types

Wells Fargo offers a variety of options for checking accounts. There are four types of Wells Fargo checking accounts. They include

Everyday Checking

This Wells Fargo everyday checking needs a small deposit. It is easy to waive the monthly fees with this account. All you have to do is maintain a small daily balance of $500.

Student banking

A Wells Fargo student banking account offers private student loans.

Other Wells Fargo checking account types include:

Clear Access Banking
Wells Fargo premier checking

You can get discounts for these Wells Fargo checking account fees.

Is Wells Fargo good to bank with?

Wells Fargo Banking serves governments, large corporations, not-for-profit organizations, and mid-sized businesses. Wells Fargo offers various certificates of deposit. One of Wells Fargo Bank’s account requirements is a small opening deposit of $25.

Wells Fargo Banking is everywhere and has 12,000 ATMs and more. You can open a bank account online at Wells Fargo, as mobile banking is available. Remember, a Wells Fargo Bank checking account has monthly maintenance fees.

Why do people choose Wells Fargo?

Wells Fargo’s open checking account comes with a platinum debit card. You can earn up to 60,000 bonus points with the Wells Fargo credit card. You can also earn a $200 cash reward bonus. Most of the cards have a 0% intro APR.

You will retire well with a Wells Fargo bank account.

Conclusion: Wells Fargo Vs. Bank of America

Both Bank of America and Wells Fargo provide a variety of goods and services. These are the best banks to bank with. Both banks will meet your needs. You will enjoy easy access to ATMs at both banks.

Bank of America has more checking account alternatives without monthly fees. It also has a wider ATM network than Wells Fargo. However, Wells Fargo usually has better interest rates on savings accounts. The Bank of America is good if you need loans. It offers loan amounts starting at $10,000.

There are also some variations to consider for fees. When choosing a bank, compare the products, costs, and features.

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