Wells Fargo Analyzed Business Checking Review 2019

The Wells Fargo Analyzed Business Checking account is designed for businesses with large transaction volume, significant deposits, and complex money management needs. It’s ideal for firms that make more than 500 transactions per month. Negotiable account fees may be offset by an earnings credit based on the size of your daily account balance.

The best small business checking accounts for large companies offer discounts on services based on the amount of money you have on deposit or other relationships you have with the bank. These accounts cater to businesses that need access to cash management, credit, foreign exchange, and investment services. We give Wells Fargo’s top-tier business checking account 4 out of 5 possible stars.

How Analyzed Business Checking Works

Analyzed business checking is typically the most complex checking account a bank offers. It offers unlimited services on a pay-as-you-go plan. But businesses may minimize fees based on the size of their deposits, whether they have loans with the bank, and how many other bank services — like payroll management — they use. The Wells Fargo Analyzed Business Checking account includes an earnings allowance used to offset fees.

Wells Fargo calculates your earnings allowance by multiplying an earnings credit rate by your balance. The earnings credit rate is a variable rate that can change at any time. You pay a monthly service charge — which includes a monthly maintenance fee and account transactions fees for things like deposits and automated clearing house (ACH) transactions — when your fees exceed your earnings allowance.

How We Evaluated Wells Fargo Analyzed Business Checking

The Wells Fargo Analyzed Business Checking account is potentially more costly than the bank’s other business checking accounts, but it offers access to significantly more services. We like that account holders can still earn free or reduced checking fees by keeping more money with the bank. This Wells Fargo business checking account includes similar costs and benefits to the Chase Analysis Business Checking account.

We don’t place much importance on basic fees because this isn’t a big factor for most large companies, but young firms with fewer translations might want free checking.

We considered the following criteria when grading this business checking account:

• Special features: Whether the account includes additional benefits that make banking easier. Wells Fargo offers access to treasury management services like ACH payments and online wires.
• Additional services: What kind of business services the bank offers in addition to a checking account. Wells Fargo also offers payroll and merchant services.
• Fees: How much you’ll be charged for monthly fees, transactions, and cash deposits and how those fees can be reduced or eliminated. Wells Fargo charges a $22 monthly fee, $1 per deposit, and 20 cents per debit posted, which can be offset by your earnings allowance.
• Network: Where the bank offers its accounts and where it’s branches and ATM networks are located. Wells Fargo has more than 5,600 branches and 13,000 ATMs in 36 states, although businesses in branchless states may apply. You can apply for this account by phone or visit a branch.
• Rewards or interest: Whether the account offers rewards for checking account users or pays interest on its account. Wells Fargo offers neither on this account.

The Wells Fargo Analyzed Business Checking account is best for large businesses that make more than 500 transactions per month and have tens of thousands of dollars or more on deposit. This top-tier account is designed for businesses that need complex account reporting and access to treasury management services.

How We Evaluate Small Business Checking Accounts

When grading top-level business checking accounts like the Wells Fargo Analyzed Business Checking account, we weight features, services, and fees equally. If you’re responsible for securing a business checking account for a large business, look for one that offers a broad range of services that your balances can help pay for.

We graded Wells Fargo Analyzed Business Checking using the following methodology:

Based on our 5-star rating system, where 20 points equal 1 star, the Wells Fargo Analyzed Business Checking falls just short of earning 4.5 stars. The account is a solid choice for large businesses that have significant transaction and cash deposit needs. Many banks that offer analyzed business checking accounts will negotiate fees, so look first to the features when deciding which account is best for your business.

Who Wells Fargo Analyzed Business Checking Is Right For

The Wells Fargo Analyzed Business Checking account is best for large businesses with more than 500 monthly transactions, large account balances, and the need for advanced banking services, including ACH transactions and online wires. Depending on your account balances, this account may be a cheaper option for you than one of the other Wells Fargo business checking accounts, which levies charges on each transaction after you reach the free transaction limit.

Alternatives to Wells Fargo Analyzed Business Checking

Large banks that offer analyzed business checking accounts tend to offer comparable services and prices to Wells Fargo Analyzed Business Checking. Of course, you’ll be able to negotiate pricing with these banks as well. Find an account offered by a bank with which you already have a relationship.

Chase Analysis Business Checking

Chase Analysis Business Checking is best for businesses that have a previous business or personal banking relationship with Chase. Chase operates about 5,000 branches in 26 states.

Bank of America Full Analysis Business Checking

Bank of America Full Analysis Business Checking is best for businesses that have a previous business or personal banking relationship with Bank of America. Bank of America operates about 4,400 branches in 37 states.

SunTrust Analyzed Business Checking

SunTrust Analyzed Business Checking is best for businesses that have a previous business or personal banking relationship with SunTrust. SunTrust operates about 1,200 branches in 10 southern states.

Wells Fargo Analyzed Business Checking Costs

In addition to a monthly maintenance fee, Wells Fargo Analyzed Business Checking charges fees for every transaction you make, including ATM deposits and ACH transactions. These fees may not be uniform for all customers. Wells Fargo says you should speak with your banker to learn more about maintenance and transaction fees, as your fees may be negotiable.

Wells Fargo Analyzed Business Checking requirements, costs, and fees include:

• Monthly fee: $22
• Checks presented for payment on your account: 20 cents each
• Posted debits: 20 cents each; includes wire transfer withdrawals and bill pay
• Deposits: $1 each
• Cash deposits: 0.0025 of a cent per $1 deposited
• ATM deposit: 20 cents each
• Posted electronic credits: 20 cents each; includes electronic lockbox deposit, direct deposit, and wire transfer deposits
• ACH transactions: 20 cents each
• Minimum opening deposit: $25

Wells Fargo pays an earnings allowance on your daily balance, which can be used to offset the fees associated with writing checks and making deposits. The earnings allowance is not a fixed percentage, but rather can change over time. You’ll receive an analysis statement each month that details what fees Wells Fargo charged, how much earnings allowance you built up, and whether fees were deducted from your account.

Banks we reviewed that offer analyzed business checking accounts all seem to have similar fee structures. SunTrust Bank, for example, charges a $25 monthly maintenance fee, a $1 deposit fee, and a 20 cent fee for items paid.

How to Avoid Paying A Monthly Fee on Wells Fargo Analyzed Business Checking

The Wells Fargo Analyzed Business Checking account charges a $22 monthly fee. You’ll also be charged a fee for most transactions. Those fees can be offset by an earnings allowance that Wells Fargo pays based on your daily balance. You can avoid a monthly fee if you receive a large enough earnings allowance to offset both monthly and transaction fees. Plus, you can carry forward your earnings allowance to future months if you don’t have enough fees to use it all up. This is a good option for cyclical or seasonal businesses.

Banks that offer analyzed business checking accounts also offer ways to reduce or offset fees. Bank of America offers a Full Analysis Business Checking account that allows account holders to offset their fees by maintaining certain account balances or by grouping multiple accounts together. Bank of America also offers tiered earnings credit rates that increase when you maintain higher balances.

Wells Fargo Analyzed Business Checking Features

The Wells Fargo Analyzed Business Checking account offers advanced treasury management services for businesses with major cash management needs. Those services include access to remote check deposit, ACH payments, and online wires. Other banks that offer analyzed checking accounts offer similar services, so your best bet is to consult with your existing bank before comparing other accounts.

Wells Fargo Analyzed Business Checking CEO Portal

The Wells Fargo Commercial Electronic Office portal, or CEO portal, is a single point of access to a variety of Wells Fargo financial services, including information reporting and trusts and investments. The bank says its advance security helps protect the confidentiality of your account information.

The CEO portal offers more than 60 online services, that will allow you to:

• View commercial loan balances
• Initiate loan payments
• View interactive account analysis statements
• Search transactions for up to seven years
• Send domestic and global wires using different currencies
• Manage your commercial card and single-use card programs
• Initiate domestic and global ACH payments
• Scan and deposit checks from your desktop or mobile device
• Accept credit card payments

This mobile platform is similar to the CashPro Online program that Bank of America offers on its analyzed checking account.

Wells Fargo Analyzed Business Checking CEO Mobile Service

Wells Fargo offers an advanced mobile banking app for both Apple and Android phones and tablets called CEO Mobile. The app is similar to the bank’s regular banking app in that it allows you to pay bills, transfer funds, and deposit checks, among other features. However, you’ll also be able to upload business expense receipts and manage your commercial cards.

The Wells Fargo CEO Mobile app allows you to:

• Make and approve payments
• Make deposits
• Manage commercial cards
• Monitor your bank accounts and loans
• View your reports and balances

We could not find another example of a bank offering a different banking app for higher-level users. Users give the Wells Fargo app 4.3 out of 5 stars on the App Store and 3.4 out of 5 stars on Google Play.

Wells Fargo Analyzed Business Checking Remote Deposit

You can deposit checks on the go or from your desktop into your Wells Fargo Analyzed Business Checking account. Use a certified scanner to deposit multiple checks at one time or deposit checks through your mobile device.

You can make deposits in one of two ways:

• Desktop Deposit® service: Deposit checks using a certified scanner through the CEO portal or CEO Mobile Deposit service.
• Wells Fargo Electronic Deposit^SM service: If you already have a process in place to capture check images and data, you can create and transmit a file directly to Wells Fargo.

Using this service will allow you access to deposit images for up to seven years and the potential to lower your bank fees. Many other banks offer batch capture services similar to what Wells Fargo offers, which can allow you to deposit many checks simultaneously. This is a service that is best for businesses with significant deposit needs.

Wells Fargo Lockbox Services

Wells Fargo operates a large network of lockbox sites for its business checking account customers. If you subscribe to this service, you can direct payments to a bank-operated mailing address, where the bank opens the mail and deposits funds into your account. This service can help you speed up your collections process by automating the posting of your receivables.

Wells Fargo Cash Vault Services

If your business relies heavily on cash transactions, this is a good service to investigate. Wells Fargo offers armored car service to carry cash to and from the bank’s cash vault network. You’ll receive same-day credit for deposits received by the cash vault site deadline. Wells Fargo has 102 vaults located in 43 states.

Wells Fargo Analyzed Business Checking ACH Payments

The bank’s ACH system allows you to quickly accept electronic payments from your customers by directly debiting their checking or savings accounts. You can also use the services to make outgoing ACH payments to simplify your payroll, tax, and vendor payments. Use the CEO portal to initiate and verify transactions or to search for up to 13 months of originated activity.

Wells Fargo Analyzed Business Checking Wire Transfers

Process same-day and future domestic and international wire payments in either United States or foreign currencies. The bank offers real-time exchange rates. You can also approve outgoing wires and monitor wire activity through the CEO portal or CEO Mobile service.

Wells Fargo Small Business Checking Account Network

Wells Fargo operates in most U.S. states and has more branches than either Chase or Bank of America. You do not need to live in a state where Wells Fargo operates to qualify for a Wells Fargo Analyzed Business Checking account. In addition to branches, the bank operates more than 13,000 ATMs nationwide.

Wells Fargo’s branch network includes:

• States with branches: 36
• Number of branches: 5,635
• Number of ATMs: 13,000+

Wells Fargo operates one of the largest branch networks in the country. Compare it with Chase Bank, which operates nearly 5,000 branches and 16,000 ATMs in 26 states. Chase also offers banking services to businesses located in states in which there is no Chase branch.

What Wells Fargo Analyzed Business Checking Is Missing

The Wells Fargo Analyzed Business Checking account charges a fee for every transaction. This is how analyzed business checking accounts work. Still, the fees are often offset with the earnings credit. Your Wells Fargo banker will analyze if your average balances are sufficient to cover your fees and will provide you with an estimate of how much it will cost you each month, if not.

If you’re looking for an account that offers free deposits or transactions up to a capped limit, you’ll need to look at one of Wells Fargo’s other business checking accounts.

Wells Fargo Analyzed Business Checking Reviews

We could find no online user reviews regarding the Wells Fargo Analyzed Business Checking account. This bank, in general, earns mixed reviews by its small business banking customers. Users offer high marks for the customer service they receive when they travel to a branch. Customer service over the phone tends to get more negative reviews, as users complain about wait times.

How to Open Wells Fargo Analyzed Business Checking

You can apply for a Wells Fargo Analyzed Business Checking account by calling 844-807-5060 or by completing this online form. The form asks business owners to supply information like annual revenue, whether you’re an existing Wells Fargo customer, and your title before opening a checking account. The title field includes CEO, general manager, chief financial officer, corporate treasurer, and comptroller. This should give you an idea of the level of employee needed to apply.

How to Log Into Your Wells Fargo Analyzed Business Checking

Log into your Wells Fargo Analyzed Business Checking account through the CEO portal by entering your company ID, user ID, and password. You may also reach the bank via its customer support phone number at 800-416-8658.

Other Wells Fargo Small Business Checking Accounts

Wells Fargo offers three other business checking accounts designed for businesses that don’t need as many services as come with the Wells Fargo Analyzed Business Checking account. The bank offers ways to avoid monthly fees on each of the three accounts, which also come with increasingly more free transactions and deposit limits.

The three other business checking accounts Wells Fargo offers are:

• Simple Business Checking: This account is best for home-based or smaller businesses, including freelancers, that need to make 50 or fewer transactions each month.
• Business Choice Checking: This account is best for new and growing businesses that make up to 200 transactions per month and $7,500 in cash deposits.
• Platinum Business Checking: This account is best for larger businesses that need to make up to 500 free transactions and deposit $20,000 in cash per month.

The best Wells Fargo business checking account for you is the one that allows you to maximize free transactions and cash deposits based on your banking needs. Big banks like Chase and Bank of America offer similar account choices, although you’ll need to compare each account’s monthly fees and free transactions.

Services Available in Addition to a Wells Fargo Business Checking Accounts

The Wells Fargo Analyzed Business Checking account offers many services for a fee. However, some, such as ACH debits, are more directly tied to the account. Consider additional features like card processing and payroll management that Wells Fargo also offers. You can find these services elsewhere, but if you’re looking for a one-stop-shop for all your cash management services, this is a good option.

Wells Fargo Payment Services

You can process credit cards, debit cards, gift cards, and electronic check transactions with a Wells Fargo merchant account. Users will see their funds appear in their Wells Fargo Analyzed Business checking account as soon as the next day.

Fees charged by this account include:

• Interchange fees: Wells Fargo pays these directly to your customers’ credit card company every time they swipe their credit card at your business.
• Service fees: You’ll pay this fee to Wells Fargo for the bank authorizing, processing, and settling credit card transactions.

You’ll pay these fees monthly via an automatic deduction from your business checking or savings account. Fees are negotiable with an analyzed account. Most big banks offer merchant accounts and charge similar fees.

Wells Fargo Payroll Management

Wells Fargo offers payroll management services through ADP. You can also access payroll management services through Chase and Bank of America. Authorize direct deposit and mobile payments to your employees, get tax compliance assistance and set up time and attendance tracking. ADP also offers background checks, hiring and staffing aid, and human resources business advisors.

You don’t have to accept these services through your bank if you can find an option that better suits your business. Before you commit, consider the best payroll services.

Wells Fargo Commercial Cards

The Wells Fargo WellsOne® Commercial Card is a single card you can distribute to employees for purchasing, travel and entertainment, account payable invoices, and fleet expenditures. This card can help you improve working capital and streamline reimbursements. You can authorize ACH direct deposits to your employees’ bank accounts through the CEO portal.

Bottom Line

The Wells Fargo Analyzed Business Checking Account is best for larger businesses with high transaction volume that need more business banking services. We gave it 4 out of 5 possible stars. We like the huge branch network Wells Fargo provides, which could make this bank more convenient than other choices.