Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count. Both have multiple ways to contact customer service. Unless you need 24/7 access to customer service like Wells Fargo offers, the two banks are roughly on par with each other.
Wells Fargo is an excellent bank for those looking for both local branch access and digital banking services. The bank's interest rates on most of its accounts leave a lot to be desired compared to the best online banks, but they are comparable to other national banks.
Is Bank of America larger than Wells Fargo? Bank of America has around 4,200 branches and 16,000 ATMs. Meanwhile, Wells Fargo has 7,200 locations and 13,000 ATMs.
Bank of America has received several J.D. Power awards over the years. The bank received the top ranking for Retail Banking Advice in 2021. In 2020, the Bank of America Corporate, Commercial, and Business Banking Contact Centers earned J.D. Power Certification for the 11th consecutive year.
Bank of America: Best for online banking, brick-and-mortar bank with many customer service options. Chase: Best for bonuses, brick-and-mortar bank with great checking sign-up bonuses and a large branch network. Discover: Best for cash back, online bank with a competitive savings rate and cash-back checking.
What are the Disadvantages of Wells Fargo? The main drawback we see with Wells Fargo are the low APYs—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. The standard overdraft fee is $35 at a max of three a day.
1. Wells Fargo. Wells Fargo is often considered the most secure of the national banks in the U.S. Wells Fargo can count on 12,000 free ATMs in its network and 6,200 brick and mortar branches all over the United States.
Yes, all Bank of America bank accounts are FDIC insured (FDIC #3510) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Bank of America was named one of the "100 Best Companies to Work For" in 2021 by Fortune magazine, and global research and consulting firm, Great Place to Work® for the third consecutive year. The company was ranked no. 22, up from no. 77 in 2020.
The number of different accounts you need depends on your financial situation and goals. At the very least, it's good to work toward having a checking account, savings account, and retirement account. Once you have those three, you can consider other options for accounts that may yield short- or long-term growth.
Key Takeaways. Wells Fargo is among the top five banks in the United States. In simple terms, the bank makes money by lending out at a higher rate than it borrows. Wells Fargo operates three divisions including Wealth and Investment Management, Wholesale Banking, and Community Banking.
Thanks to the financial crisis-era acquisition of Merrill Lynch, Bank of America is the world's largest wealth-management corporation. It has the top U.S. wealth-management market share and the top share of personal trust assets and high-net-worth client assets.
Bank of America Checking Account Fees
There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.
An expert recommends having four bank accounts for budgeting and building wealth. Open two checking accounts, one for bills and one for spending money. Have a savings account for your emergency fund, then a second account for other savings goals.