Wells Fargo Simple Business Checking Review 2019

The Wells Fargo Simple Business Checking account is best for very small businesses that have little cash revenue and need to make 50 or fewer monthly transactions. Owners can deposit up to $3,000 in cash each month for free. Plus, you can avoid the $10 monthly service fee by maintaining a $500 average balance.

The best small business checking accounts charge no monthly fee or make it easy to avoid a charge by keeping a reasonable minimum balance. They also require a low minimum deposit and offer free services like mobile banking and remote deposit capture. Wells Fargo offers a cheap, no-frills account that’s ideal for very small businesses. It earns 4 out of 5 possible stars.

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How We Evaluated Wells Fargo Simple Business Checking

The Wells Fargo Simple Business Checking account keeps fees to a minimum, especially if you don’t need to conduct many transactions or deposit much cash each month. New or smaller businesses can benefit from this account, which is available in 36 states, although you can apply online from anywhere. Wells Fargo has a larger network than Chase Bank, which offers its Chase Total Business Checking in 29 states.

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

• 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 $10 monthly fee, which the bank waives if you keep a $500 average daily balance.
• Special features: Whether the account includes additional benefits that make banking easier, like mobile banking. Wells Fargo offers both mobile banking and remote check deposits.
• Additional services: What kind of business services the bank offers in addition to a checking account. Wells Fargo also offers payroll, merchant, and treasury management services.
• Network: Where the bank offers its accounts and where its 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 open an account online or visit a branch.
• Rewards: Whether the account offers introductory or ongoing rewards for checking account users. Wells Fargo occasionally offers in-branch bonuses, but doesn’t currently offer rewards when you apply for an account online.

The Wells Fargo Simple Business Checking account is a good choice for new or small businesses because it’s inexpensive to own. The account is ideal if you have future growth plans, as Wells Fargo offers other business checking accounts that better suit larger firms. Its large network means you may not have to switch banks if your business relocates.

How We Evaluate Small Business Checking Accounts

When grading entry-level small business checking accounts like the Wells Fargo Simple Business Checking account, we weight fees the heaviest. Your goal should be to find the cheapest possible account that also gives you the services you need, which we also evaluate. This Wells Fargo account charges a very low monthly fee and makes it relatively easy to avoid that fee by maintaining a $500 average balance.

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

Based on our 5-star rating system, where 20 points equals 1 star, the Wells Fargo Simple Business Checking falls just short of earning another half star. The account could be improved by allowing more free transactions or deposits. In cases where accounts receive perfect scores in most categories, we may award bonus points to boost the account’s rating.

This account isn’t quite as good as the Bank of America Business Fundamentals Checking account. That account offers thousands of dollars more in free cash deposits each month and a large introductory offer for first-time business checking account users.

Who Wells Fargo Simple Business Checking Is Right For

The Wells Fargo Simple Business Checking account is best for new or growing businesses that don’t need to make many monthly transactions. The account can be very inexpensive to own for businesses that don’t have many cash deposits. Wells Fargo also offers numerous other financing and investment services, making this a solid bank to work with as your firm expands.

Alternatives to Wells Fargo Simple Business Checking

If you need to make more than 50 transactions in a month or more than $3,000 in cash deposits, consider something other than the Wells Fargo Simple Business Checking account. Large competitors offer accounts nearly as inexpensive that are built for businesses with higher transaction volume.

Chase Total Business Checking

Chase Total Business Checking is best for businesses that have a higher transaction volume. You can make up to 100 transactions for free each month. Plus, the bank charges reasonable fees and makes it relatively easy to avoid a monthly maintenance fee.

Bank of America Business Fundamentals

Bank of America Business Fundamentals is best for firms that need to make more cash deposits. You can make up to $7,500 in deposits for free each month. Bank of America also has a large branch network, which may make this bank more convenient than other choices.

Azlo

Azlo is best is best for small businesses that don’t need to visit a branch. The bank offers a free online business checking account with no monthly fee and requires no minimum account balance. You can visit 55,000 ATMs nationwide for free.

Wells Fargo Simple Business Checking Costs

Wells Fargo charges a $12 monthly fee on its Simple Business Checking account, but makes it easy to avoid that charge by maintaining a $500 average daily balance. Wells Fargo charges the same monthly fee as you’ll pay on Chase Total Business Checking, but requires a lower balance to earn free checking. Chase requires a $1,500 minimum balance.

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

• Monthly fee: $10, waived if you maintain a $500 average daily balance
• Transaction fee: First 50 transactions per month are free; 50 cents per transaction thereafter
• Cash deposit fee: First $3,000 in deposits per month are free; 30 cents per $100 deposited thereafter
• ATM fees: Free withdrawals at the 13,000 ATMs in the Wells Fargo network; $2.50 per withdrawal at out-of-network ATMs, plus ATM operator fees
• Overdraft fee: $35 per item
• Overdraft protection: $12.50 per month
• Domestic incoming wire transfers: $15
• Domestic outgoing wire transfers: $30
• International incoming wire transfers: $16
• International outgoing wire transfers: $45
• Minimum opening deposit: $25

This Wells Fargo checking account is one of the best small business checking accounts because it requires a low average daily balance in order to earn free checking. Even so, there are accounts that are even cheaper. Azlo offers an online small business checking account that charges no monthly fees and no incoming wire fees, but you won’t have access to physical branches.

How to Avoid Paying a Monthly Fee on Wells Fargo Simple Business Checking

The Wells Fargo Simple Business Checking account charges a $12 monthly fee. You can avoid that fee by maintaining a $500 average balance. That’s cheaper than what Bank of America charges for its Business Fundamentals account. You’ll pay $14 to $18 per month for that account, depending on the state in which your business is based. There are several ways to get your monthly fee waived, including maintaining an average monthly balance of at least $5,000.

Wells Fargo Simple Business Checking Features

The Wells Fargo Simple Business Checking account comes with a number of standard features, including mobile banking, remote deposit capture, and accounting software integration. These features are common among banks that offer small business checking accounts.

This Wells Fargo small business checking account comes with the following features:

Wells Fargo Simple Business Checking Mobile Banking

Wells Fargo offers a mobile banking app for both Apple and Android phones and tablets. You can do things like transfer money or pay bills with your app. Your account is password protected, but you can sign on with your fingerprint. IPhone users also can sign on with Face ID.

The Wells Fargo mobile banking app allows you to:

• Pay bills
• Transfer funds
• Deposit checks
• Send and receive money with Zelle, a money transferring service owned by a number of banks, including Wells Fargo
• View account balances and details
• Search transactions
• Activate or replace credit and debit cards
• Find ATMs using GPS
• Enable push notifications
• Use a mobile wallet
• View online statements and documents

Large banks that offer mobile apps all tend to offer similar features on their apps, although user feedback varies. Users give the Wells Fargo app 4.8 out of 5 stars on the Apple Store. The Chase Mobile app also earns 4.8 stars.

Wells Fargo Simple Business Checking Mobile Deposit

Use your Wells Fargo app to deposit a check into your Wells Fargo Simple Business Checking account. To make a deposit, sign the back of your check, enter a deposit amount, take a picture of the front and back of the endorsed check, and submit your deposit.

Funds will be available the next business day after the day of your deposit, unless Wells Fargo places a hold on the check. The bank may hold the funds for longer for large deposit amounts, if you’ve frequently overdrafted your account, if a deposited check was returned unpaid, or if there are indications a deposited check may not be paid. There are no fees to use mobile deposit. Amounts vary, but there are limits to how much money you can deposit at one time.

Many banks offer businesses mobile deposit services similar to Wells Fargo, while some offer additional features. Chase Bank, for example, offers both single-feed and multiple-feed check scanners to businesses that deposit multiple checks per deposit. You’ll pay a monthly charge and have to sign a contract to be able to use the scanner.

Wells Fargo Simple Business Checking Card Design Studio®

You can personalize your Wells Fargo Simple Business Checking debit card using the bank’s Card Design Studio®. You’ll be able to add your logo and business tagline to your card. We haven’t found any other banks that offer this service on their basic business checking account.

What Wells Fargo Simple Business Checking Is Missing

The Wells Fargo Simple Business Checking account could become costly for businesses that make more than $3,000 in cash deposits each month. The bank also offers a Business Choice Checking account, which allows $7,500 in free deposits with a $14 monthly fee, and Platinum Business Checking, which allows $20,000 in deposits and charges a monthly fee of $40.

Wells Fargo Simple Business Checking Reviews

Wells Fargo Simple Business Checking customers offer mixed reviews about the bank and this account. Users with positive experiences say the in-branch customer service is excellent. Those with negative reviews complain about long waits while attempting to connect with customer service via phone.

How to Open Wells Fargo Simple Business Checking

You can apply for Wells Fargo Simple Business Checking online directly with the bank. You’ll need to provide the bank with a business license or other business documents at the time of application, along with your Social Security number. You’ll also need to fill out a form authorizing the bank to conduct a credit check.

The application process takes only minutes, but you’ll need to submit business documents before getting approval. You may make your minimum deposit via merchant card deposits, ACH credits, incoming wires, and mail. You can also make a deposit at a branch.

How to Log In to Your Wells Fargo Simple Business Checking

Log in to your Wells Fargo Simple Business Checking account by entering your ID and password on the Well’s Fargo website. You may also reach the bank via its customer support phone number, (800) 416-8658.

Other Wells Fargo Small Business Checking Accounts

Wells Fargo offers three other business checking accounts designed for businesses of varying sizes and monthly transaction volume. The bank offers ways to avoid monthly fees on two of the three other accounts, which also come with increasingly sophisticated services, like treasury management services.

The three other business checking accounts Wells Fargo offers are:

• 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. You can avoid the $14 service fee in multiple ways, including making at least 10 business debit card purchases during a month.
• Platinum Business Checking: This account is best for larger businesses seeking to earn interest and rewards. You can make up to 500 free transactions and deposit $20,000 in cash per month. You can avoid the $40 monthly service fee by keeping a $25,000 average daily balance in your checking account or $40,000 in combined Wells Fargo balances.
• Analyzed Business Checking: This account is best for businesses with high transaction volume and more complicated banking needs. The account comes with advanced treasury management services like lockbox and cash vault services. Maintenance and transaction fees vary.

Services Available in Addition to a Wells Fargo Business Checking Account

Though not tied directly to the account, the bank offers additional services for a fee to business owners with a small business checking account. These in include payroll services, merchant services, and treasury management services.

Wells Fargo offers additional services to checking account customers, such as:

Wells Fargo Merchant Services

A Wells Fargo merchant account allows you to process credit cards, debit cards, gift cards, and electronic check transactions. You can receive your funds in your Wells Fargo business checking account as soon as the next day. Once your application for merchant services is approved, Wells Fargo will ship new payment terminals for overnight delivery.

You’ll have to pay a variety of fees on your account, including:

• Interchange charges: These are paid directly to card-issuing banks by Wells Fargo every time a customer swipes his or her credit card.
• Service charges: This is the discount rate, which is the amount charged to you to authorize, process, and settle card transactions.

Wells Fargo collects its fees on a monthly basis through an automatic deduction from your business checking or savings account. Most big banks offer merchant accounts and charge similar fees.

Wells Fargo Payroll Management

Wells Fargo offers customers payroll management services through ADP. You can set up direct deposit and mobile solutions, receive tax compliance help, and set up time and attendance tracking. ADP also offers background checks, hiring and staffing toolkits, and HR business advisers. Both Chase and Bank of America also offer payroll management services through ADP.

Wells Fargo Treasury Management Services

Wells Fargo offers a number of treasury management services, including lockbox, cash vault, and invoice management services. Its payables products can help you better manage expenses and automate your accounts payable process. Its receivables products can help you more efficiently and safely process payments.

These treasury management services are similar to what other big banks offer their business checking account customers, but may be more robust than what smaller banks offer.

Wells Fargo treasury management services include:

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 Commercial Cards

The Wells Fargo WellsOne Commercial Card is a single card you can distribute to employees for purchasing, travel, 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.

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 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 in order 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: More than 13,000

Wells Fargo operates one of the largest branch networks in the country. Compare it with Chase Bank, which operates nearly 4,900 branches and 16,000 ATMs in 29 states. Chase also offers banking services to businesses located in states in which there is no Chase branch.

Other Wells Fargo Banking Products for Small Businesses

In addition to small business checking accounts, Wells Fargo offers a host of other banking products that may be valuable to small businesses, including SBA loans and small business credit cards.

Other Wells Fargo banking products for small businesses are:

• SBA loans: Wells Fargo is the top SBA lender in the country, and is among our picks for the best SBA lenders. Wells Fargo SBA loans are offered nationwide. To apply for a loan, you’ll need to visit a branch and talk with a business banker.
• Small business credit cards: Wells Fargo also offers several small business credit cards that offer rewards or a chance to build business and personal credit.

Bottom Line

The Wells Fargo Simple Business Checking Account is ideal for small businesses with very little revenue. We gave it 4 out of 5 possible stars because it’s an account that keeps fees to a minimum. We also like the huge branch network Wells Fargo provides, which could make this bank more convenient than other choices.