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Home » Business Bank Account » Wells Fargo Business Account Reviews

Wells Fargo Business Checking Review 2024

Author: Chandra Dhopatkar
Published: 06/07/2024 4:15 a.m. EST
Last Update: 06/07/2024 4:17 a.m. EST
Edited by: Jennifer Bonilla

Our Wells Fargo Business Account Reviews are aimed at providing a thorough understanding of their offerings to help business owners make informed banking decisions.

Wells Fargo Business Account Review Depicting a Wells Fargo Bank Branch.
Wells Fargo Business Account Review Image Depicting a Wells Fargo Bank Branch in Minneapolis, Minnesota, artist’s rendition.

Through a detailed examination of all Wells Fargo Business Checking Accounts (account options, fees, and features, along with customer service quality) we offer insights into how Wells Fargo can meet various business banking needs.

Wells Fargo Business Checking Review: How Wells Fargo Stacks

Wells Fargo is one of the largest banks in the U.S., offering a wide range of financial products and services including multiple Wells Fargo Business Checking Account options. Established in 1852, it has built a reputation for trust and reliability.

Wells Fargo provides business owners with a variety of business checking accounts, savings accounts, and other essential banking services designed to support businesses at every stage of growth. 

Wells Fargo Business Bank Pros and Cons 2024


  • Diverse business checking account options to meet specific needs.
  • Potential to waive monthly fees with balance maintenance.
  • Extensive ATM network and robust online banking tools.


  • High monthly service fees if waiver conditions are not met.
  • Transaction limits may be restrictive for high-transaction businesses.
  • ATM fees at non-Wells Fargo ATMs can add up.

Learn more about opening a business bank account and its benefits and make sure to check-out our round-up reviews for a big-picture-perspective of all the top business bank accounts:

Wells Fargo Business Checking Account Options

Wells Fargo offers a variety of business checking accounts to meet different needs. You can open a business account online and access Wells Fargo’s business checking accounts, which carry various features depending on your business entity type.

With Wells Fargo, you can initiate business checking and navigate business banking with ease. Each account provides a business debit card and tools to help optimize business finances.

Wells Fargo may require certain documents based on the business entity type. For businesses looking for flexibility, Wells Fargo offers a free checking account option. With this free option Wells Fargo requires business checking accounts carry a minimum daily balance.

Wells Fargo offers three main business checking accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Each account is designed to cater to different business needs.

Wells Fargo initiate business checking℠

  • Best for small businesses or startups.
  • $25 minimum opening deposit.
  • $10 monthly service fee, waived with a $500 minimum daily balance.
  • Up to 100 fee-free transactions per month.

Navigate Business Checking

  • Ideal for growing businesses.
  • $25 minimum opening deposit.
  • $25 monthly service fee, waived with a $10,000 minimum daily balance.
  • Up to 250 fee-free transactions per month.

Optimize Business Checking

  • Designed for established businesses.
  • $25 minimum opening deposit.
  • $75 monthly service fee, can be offset with an earnings allowance.
  • Up to 250 fee-free transactions per month.

Additional Business Services

Wells Fargo offers a range of services beyond traditional business checking accounts:

Merchant Services

  • Accept card payments in-person and online.
  • Seamless integration with existing systems.

Small Business Loans

  • Financing options including lines of credit and SBA loans.
  • Competitive rates and terms.

Treasury Management Services

  • Optimize cash flow and manage payments.
  • Tools to prevent fraud and streamline operations.

Payroll Services

  • Partnerships with leading payroll providers.
  • Simplify employee payments and tax withholdings.

Business Credit and Debit Cards

  • Variety of cards with different rewards and benefits.
  • Features include cash back and travel rewards.

Fees and Rates

  • Monthly service fees range from $10 to $75.
  • Fees can be waived by maintaining specific balance requirements.
  • Additional incidental fees include overdrafts, stop payments, and wire transfers.
  • ATM fees apply at non-Wells Fargo ATMs.

Customer Service and Support

Wells Fargo provides comprehensive customer service:

  • Phone support available Monday through Saturday from 7 a.m. to 11 p.m. ET, and Sunday from 9 a.m. to 10 p.m. ET.
  • Online chat and branch services ensure businesses get help when needed.
  • 24/7 support for online banking and bill pay issues.

Digital Banking Solutions

Wells Fargo emphasizes digital innovation:

  • Advanced online banking tools.
  • Robust mobile app for account management, bill pay, and mobile deposits.
  • Account alerts and the ability to manage account access.

How to Open a Wells Fargo Business Account

Most businesses can open a Wells Fargo business checking account online, in person, or over the phone. Required documents include:

  • Personal information (name, SSN, date of birth).
  • Business information (name, legal structure, formation date, state).
  • Business tax ID (EIN or SSN).
  • Annual revenue and business description.
  • Legal business documentation (license, DBA certificate, partnership agreement, or articles of organization).

Best Business Checking? More to Think About:

While reviewing each checking account within the Wells Fargo business account portfolio we noted a few things that went a little beyond its business services. We also noted some additional business account information we felt you’d want to know about. Here’s a run down of those items.

Wells Fargo Business Checking Options

Wells Fargo offers three business checking accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking. Each account caters to different business needs, providing flexibility and support for businesses of all sizes. Wells Fargo also charges various fees, so it’s important to review the fee schedule before choosing an account.

Business Savings and Interest-Bearing Accounts

Wells Fargo’s Business Platinum Savings accounts provide higher interest rates for businesses looking to grow their savings. Additionally, they offer an interest-bearing checking account option for businesses that want to earn interest on their checking balances.

Opening a Business Bank Account

To open a business bank account with Wells Fargo, you need to provide your business license, EIN, and other legal documentation. You can open an account online or visit a branch for in-person banking. The Wells Fargo mobile app also allows you to manage your account on the go.

Wells Fargo’s Full Range of Business Services

Wells Fargo offers several other services beyond checking and savings accounts, including merchant services, payroll solutions, and small business loans. These services are designed to help businesses manage their finances more efficiently and support their growth.

Fees and Charges

Wells Fargo also charges a variety of fees, including fees for stop payment orders, two domestic out-of-network ATM fees, and other incidental fees. It’s essential to review the fee schedule to understand potential costs and how to avoid them.

Customer Service and Accessibility

Wells Fargo’s customer service is available to assist account holders with their banking needs. Account holders can also access Wells Fargo’s extensive network of ATMs and branches for convenient banking. The Wells Fargo mobile app and online banking platform provide additional accessibility.

Non-Wells Fargo ATM Fees

Using non-Wells Fargo ATMs incurs fees, which can add up if frequently used. It’s beneficial to plan ATM usage to avoid unnecessary costs. Wells Fargo also offers reimbursement options for certain account types.

Managing Multiple Accounts

For businesses with multiple accounts, Wells Fargo’s Navigate and Optimize Business Checking accounts can be linked to additional navigate accounts or business platinum savings for easier management. This setup helps maintain the required balance across business deposits to avoid fees.


In this bank business checking review, it’s clear that Wells Fargo is a decent option for businesses seeking comprehensive banking solutions. Whether you’re looking to open a business checking account or explore business savings options, Wells Fargo offers several products to meet your needs. With Wells Fargo’s business checking and savings accounts, businesses can effectively manage their finances and plan for growth.

Our Wells Fargo Review Approach

Our business checking reviews consider factors such as monthly fees, APY, ATM access, transaction limits, cash deposit allowances, customer service, additional features, and incidental fees like overdrafts and stop payments. This approach ensures a thorough and balanced review to help business owners make well-informed banking decisions.

Wells Fargo Checking Account FAQ

How can I find the best Wells Fargo savings account for my business?

To find the best Wells Fargo savings account, review the options available such as Wells Fargo Way2Save® Savings and Business Market Rate Savings. Compare interest rates, minimum balance requirements, and any associated fees.

What is included in the Wells Fargo Initiate Business Checking account?

The Wells Fargo Initiate Business Checking account includes a low monthly maintenance fee that can be waived by maintaining a minimum daily balance. It also provides 100 fee-free card transactions and access to Wells Fargo ATMs.

What features come with the Navigate Business Checking account?

Navigate Business Checking offers higher transaction limits and the potential to waive the monthly maintenance fee by maintaining a specified combined business deposit balance. It is ideal for growing businesses needing more flexibility.

How does the Optimize Business Checking account benefit established businesses?

The Optimize Business Checking account provides advanced features, including treasury management services and the ability to offset service fees with an earnings allowance. It supports more complex banking needs for established businesses.

What is the Wells Fargo Way2Save® Savings account?

The Wells Fargo Way2Save® Savings account helps you save automatically by transferring funds from your Wells Fargo checking account. It has a low minimum deposit requirement and offers competitive interest rates.

How do I avoid the monthly maintenance fee on a Wells Fargo business checking account?

You can avoid the monthly maintenance fee by maintaining the required minimum daily balance or combined business deposit balances specified for your account type. Check the account fee and information schedule for details.

What documents are needed for opening a new Wells Fargo business account?

For account opening, you need to provide personal information, business details, and legal business documentation. This includes your zip code, tax ID, and articles of organization. Message and data rates may apply during the process.

Chandra Dhopatakar
Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.