Wells Fargo Business Checking Review – Forbes Advisor

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A business current account worth considering for any business, regardless of size. Wells Fargo is a national bank that offers a variety of business checking account options and a full line of other financial products to meet your business needs.

This review focuses on Wells Fargo business checking accounts and discusses the other business banking products it offers.

Account details correct as of November 8, 2022. Product features and fees may vary depending on your location.

Account Basics

Wells Fargo offers three business checking accounts for small businesses: Wells Fargo Initiate Business Checking℠, Wells Fargo Navigate Business Checking℠ Account and Wells Fargo Optimize Business Checking® Account. Here are the benefits and fee structures for each Wells Fargo business checking account.

Start company verification

Start company verification is a basic business checking account for new business owners. The account is limited to 100 free transactions per month and charges a fee of $0.50 per transaction thereafter. Initiate Business Checking also has a cash deposit limit of $5,000 per month and charges an additional $0.30 for every $100 deposited over the limit.

You can avoid the $10 monthly account service fee by maintaining a minimum daily balance or an average balance of $1,000. A minimum deposit of $25 is required to open an Initiate checking account.

Navigate Business Verification

Navigate Business Checking is a premium, remunerated current account geared towards businesses that process a higher volume of transactions. The account allows up to 250 free transactions per month and charges $0.50 for each additional transaction. Free cash deposits are limited to $20,000 per month, and a fee of $0.30 per $100 deposited is assessed thereafter.

Opening a Navigate Chequing Account unlocks premium benefits, including no service fees on additional Navigate Accounts or Business Platinum Savings Accounts when you link them to your Chequing Account. The account also has no fees for stop payment orders, money orders or cashier’s checks, and you can get discounts of up to two domestic out-of-network ATM fees per month.

Maintaining a minimum daily balance of $10,000 or an average combined balance of $15,000 for all business deposits will help you avoid the $25 monthly account service fee.

Optimize Business Verification

Optimize Business Checking is for larger businesses with larger banking needs. The account provides access to cash management services designed to help businesses with advanced cash management needs.

The account is limited to 250 transactions within a billing relationship per month and charges $0.50 per transaction over the limit. Wells Fargo also charges a $2.50 fee per deposit in person or by mail and a 0.3% processing fee on cash deposits.

Optimize Business Checking has the highest monthly service fee of any Wells Fargo business checking account. It charges a monthly fee of $75, which covers up to five Optimize accounts. The account provides an income allowance that you can use to offset monthly fees.

Other Wells Fargo Business Banking Products and Services

In addition to its checking accounts, Wells Fargo offers several other products and services to meet your business needs. These include:

Distinctive features

All Wells Fargo Business Chequing Accounts come with additional account protection and management benefits. These include:

  • Personalized debit cards and checks
  • 24/7 fraud monitoring
  • Zero Liability Protection
  • Convenient payment options
  • Account alerts
  • Mobile Check Deposit

Access on the go

Wells Fargo business accounts can be accessed online or through Wells Fargo Mobile, the bank’s popular mobile app. The bank’s online tools allow you to manage employee accounts and access levels, transfer funds, deposit checks remotely, send payments, pay employees and more. Account holders can also integrate accounts with third party financial and accounting software.

Business customers can also access Wells Fargo account services at any of the bank’s 4,900 branches and more than 12,000 ATMs across the network. Phone support is available by calling 800-225-5935.


  • Three current account options for different business needs
  • Monthly fees are waived
  • Large national footprint with 4,900 bank branches and 12,000 ATMs
  • Highly rated mobile app
  • Various online business tools and services
  • Personalized cards and checks

The inconvenients

  • No free business current account
  • Confusing transaction limits and fee structure
  • Fees for exceeding monthly transaction and cash deposit limits

How Wells Fargo Compares

Wells Fargo offers full-service business banking that should appeal to many business owners. With an extensive network of branches and ATMs, it’s a solid choice for businesses looking for in-person banking. The bank’s website also provides corporate clients with various tools to help with cash flow management.

Wells Fargo is not a good option if you want a free current account. His three business checking accounts have significant monthly fees. Although fees on each account are waived, you must meet minimum account balance requirements. The accounts also have monthly transaction and deposit limits which could be a problem for companies that regularly exceed these limits.

Find the best business checking accounts of 2022

Frequently Asked Questions (FAQ)

Is Wells Fargo FDIC insured?

Yes, Wells Fargo is FDIC insured. When you deposit money into an FDIC-insured account at Wells Fargo, your money is protected against bank failure for up to $250,000 per depositor, for each category of account ownership.

What do I need to open a business checking account with Wells Fargo?

Wells Fargo requires businesses to provide appropriate business verification documentation. Specific requirements may depend on the type of business, but generally include your:

  • Social Security number
  • Company tax identification number
  • Driver’s license or valid identity card
  • Company registration information
  • Opening deposit

You can apply for Wells Fargo business checking accounts online, although some businesses may be required to make an appointment at one of the bank’s branches to open an account.

Does Wells Fargo charge fees on their checking accounts?

Wells Fargo’s three business checking accounts have monthly service fees ranging from $10 to $75, but fees can be waived by meeting minimum balance requirements. Wells Fargo charges additional fees for exceeding monthly account transaction and cash deposit limits.

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