How safe is Wells Fargo bank?
Is Wells Fargo a trustworthy bank? Wells Fargo is insured by the FDIC, so deposits up to $250,000 are safe.
Cons Explained
Low interest rates: Account APYs tend to skew lower at traditional brick-and-mortar banks than at their online counterparts. Still, Wells Fargo offers very lackluster rates (currently 0.01%-0.02%) on all of its savings options.
Wells Fargo, along with thousands of other financial institutions, is FDIC-insured. FDIC insurance limits cap at $250,000.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
Wells Fargo has the Financial Strength Rank of 4.
GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
If you're looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you'll always have quick and easy access to your accounts.
- Capital One Bank: Best online checking account.
- Chase: Best for a large branch network.
- Axos Bank: Best for online account options.
- Discover® Bank: Best for doing all of your banking at one place.
- Synchrony Bank: Best high-yield savings account.
- TD Bank: Best for customer service.
What is the No. 1 bank in America? J.P. Morgan Chase is the number one bank in America in terms of total assets held, according to the Federal Reserve.
If your bank closes, the FDIC will either try to move your money to another bank in good standing or mail you a check for up to the insured amount. If your money isn't moved, the bank should mail you a check within two business days of the bank closing.
Your money is safe in a bank with FDIC insurance. A bank account is typically the safest place for your cash, since banks can be insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor, per insured institution, per ownership category.
Which banks are riskiest?
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
- JPMorgan Chase.
- U.S. Bank.
- PNC Bank.
- Citibank.
- Wells Fargo.
- Capital One.
- M&T Bank Corporation.
- AgriBank.
1: Wells Fargo
Of concern to consumers are the high percentage of unresolved complaints, several recent high-profile scandals and settlements with the Consumer Financial Protection Bureau, and the loss of its Better Business Bureau accreditation in 2016.
The Probability of Bankruptcy of Wells Fargo & Co (WFC) is 5.2% . This number represents the probability that WFC will face financial distress in the next 24 months given its current fundamentals and market conditions.
Yields on certificates of deposit and savings accounts are generally low, like many big banks. The money market account has a steeper monthly fee if a specified balance isn't maintained. Wells Fargo still charges a $35 fee for overdrafting your account on most of its checking accounts.
Headquartered in San Francisco, Wells Fargo is the fourth largest bank in the U.S. with over $1.7 trillion in assets. It's a full-service institution offering consumer and commercial banking, mortgage and home equity lending, credit cards, investment banking and wealth management.
Key Takeaways: 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 offers options that may help you reach your financial goals. With more than 150 years of experience, we're focused on helping you figure out the financial solutions for every stage of your life. We offer convenient ways to help you manage your money, protect your finances, and reach your financial goals.
Generally speaking, credit unions are safer than banks in a collapse. This is because credit unions use fewer risks, serving individuals and small businesses rather than large investors, like a bank.
What is number 1 bank?
| RANK | BANK NAME | TOTAL ASSETS |
|---|---|---|
| 1 | JPMorgan Chase | $3.39 trillion |
| 2 | Bank of America | $2.47 trillion |
| 3 | Wells Fargo | $1.70 trillion |
| 4 | Citigroup | $1.66 trillion |
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
JP Morgan Private Bank
“J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. “With J.P. Morgan, each client is given access to a panel of experts, including experienced strategists, economists and advisors.”
Chase, part of JPMorgan Chase & Co., is the largest bank by asset size in the U.S., including deposits from checking and savings and other accounts, plus loans, mortgages and more.
Best in Customer Satisfaction: JP Morgan Chase
Our pick for best in customer satisfaction is Chase because it's the top-rated bank in several regions as ranked by the J.D. Power 2023 U.S. Retail Banking Satisfaction Study and the third- highest-rated mobile app in customer satisfaction.
