The Wells Fargo Business Choice Checking account is designed for new and growing businesses wanting to make up to 200 monthly transactions. Owners can deposit up to $7,500 in cash each month for free. You’ll avoid the $14 monthly fee by maintaining a $7,500 average account balance or $10,000 in combined balances.
The best small business checking accounts for growing businesses offer features and services a step above more basic checking accounts, but still make it possible to earn free checking. These mid-level accounts are best for businesses that handle some cash but don’t need unlimited cash deposits. This Wells Fargo business checking account is ideal for businesses that typically hold between $7,500 and $25,000 on deposit. It earns 4 out of 5 possible stars. Compare this with other checking account reviews.
How We Evaluated Wells Fargo Business Choice Checking
The Wells Fargo Business Choice Checking account charges a slightly higher monthly fee ($14 vs $10) than the bank’s basic business checking account, Simple Business Checking. But Business Choice offers more benefits for the price. This Wells Fargo business checking account offers 50 fewer transactions per month than the Chase Performance Business Checking account, although that account charges more than double the monthly fee at $30.
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 $14 monthly fee, which the bank waives if you keep a $7,500 average daily balance or $10,000 in combined balances.
- 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 it’s branches and ATM networks are located. Wells Fargo has more than 5,600 branches and 13,000 ATMs in 36 states. You can open a business bank account online or at a branch. Wells Fargo has a larger network than Chase Bank, which offers its Chase Performance Business Checking in 29 states.
- Rewards/Interest: 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 Business Choice Checking account is a good choice for new or growing businesses that need to make more than 50 monthly transactions. That’s the free limit on the Wells Fargo Simple Business Checking Account. This account, like other midlevel Wells Fargo business checking accounts, is ideal if you believe your company is poised to grow. Wells Fargo offers a number of accounts that will scale with your business.
How We Evaluate Small Business Checking Accounts
When grading midlevel small business checking accounts like the Wells Fargo Business Choice Checking account, we weight fees the heaviest. Your goal should be to find a checking account that offers the proper mix of services at the right price for your business. This Wells Fargo account charges a reasonable monthly fee and includes more free features than most basic accounts offer, like 200 monthly transactions.
We graded Wells Fargo Business Choice Checking using the following methodology:
Based on our 5-star rating system where 20 points equals one star, the Wells Fargo Business Choice Checking falls just short of earning 4.5 stars. The account is an excellent choice for growing businesses that have more than basic deposit and transaction needs. Although its $14 monthly fee is lower than Chase, Wells Fargo offers fewer free transactions (200 vs 250) and a lower free monthly deposit threshold ($7,500 vs $20,000).
This account is nearly identical to the Bank of America Business Fundamentals Checking account, which allows 200 free transactions and up to $7,500 in cash deposits for free each month. That account charges a potentially higher monthly fee―$16 in some states―and includes several ways to avoid the fee.
Who Wells Fargo Business Choice Checking Is Right For
The Wells Fargo Business Choice Checking account is best for new and growing businesses with moderate monthly transaction and cash deposit needs. The account can prove a better value than the basic Wells Fargo Simple Business Checking account if you have to make more than 50 deposits per month. Wells Fargo also offers other accounts you can transition into as your firm grows.
Alternatives to Wells Fargo Business Choice Checking
Wells Fargo offers more business checking accounts than most big institutions. But that doesn’t mean it offers the right account for you. You can find small business checking accounts that are cheaper or offer more modest features than Wells Fargo Business Choice Checking. Find an account that offers the best value for the number of transactions and cash deposits you need to make each month.
Chase Performance Business Checking
Chase Performance Business Checking is best for businesses that have slightly more transaction and deposit needs than this Wells Fargo account. You can make up to 250 transactions for free each month and up to $20,000 in cash deposits. Plus, the bank charges reasonable fees and makes it relatively easy to avoid a monthly maintenance fee.
Bank of America Business Fundamentals Checking
Bank of America Business Advantage Checking is best for businesses that can avoid the slightly higher monthly fee this account charges over the Wells Fargo account. It charges a $16 monthly fee in some states. You can avoid the fee by maintaining a minimum daily balance of $3,000 or an average monthly balance of $5,000, for example.
Wells Fargo Business Choice Checking Costs
Wells Fargo Business Choice Checking charges a $14 monthly fee, but you can avoid that fee by meeting account and combined balance minimums. U.S. Bank offers a Business Gold Checking account that charges a slightly higher $20 monthly fee, but also offers 300 free transactions, 100 more than this Wells Fargo business checking account.
Wells Fargo Business Choice Checking requirements, costs, and fees include:
- Monthly fee: $14, waived if you maintain a $7,500 average account balance or $10,000 in combined business account balances
- Transaction fee: First 200 transactions per month are free; 50 cents per transaction thereafter
- Cash deposit fee: First $7,500 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; first two cash withdrawals from an out-of-network ATM are free; $2.50 per withdrawal thereafter, plus ATM operator fees
- Overdraft fee: $35 per item
- Overdraft protection: $12.50 per month
- Domestic incoming wire transfers: $15 per transfer
- Domestic outgoing wire transfers: $30
- International incoming wire transfers: $16
- International outgoing wire transfers: $45
- Minimum opening deposit: $25
This Wells Fargo business checking accounts is one of the best small business checking accounts for growing businesses because it offers access to more free services. You’ll get up to 200 free transactions per month. Plus, you can still earn free checking.
How to Avoid Paying a Monthly Fee on Wells Fargo Business Choice Checking
The Wells Fargo Business Choice Checking account charges a $14 monthly fee. You can avoid that fee in multiple ways by, among other things, maintaining a required account balance, posting debit card transactions, or making a qualified transaction from a linked Wells Fargo merchant services account.
You can earn a free checking account from Wells Fargo by:
- Maintaining a $7,500 average balance
- Maintaining $10,000 in combined business balances, including checking, savings, time accounts, and credit
- Making at least 10 debit card transactions
- Linking to a direct pay service through Wells Fargo
- Making a qualifying transaction from a linked Wells Fargo merchant services account
- Making a qualifying transaction from a linked Wells Fargo business payroll services account
Wells Fargo charges a lower monthly fee than the $20 PNC charges on its PNC Business Checking Plus account. But that account also allows up to 500 free transactions per month and $10,000 in cash deposits.
Wells Fargo Business Choice Checking Features
The Wells Fargo Business Choice Checking account offers some standard features found on most other small business checking accounts. For example, you’ll get free access to mobile banking and have the ability to deposit checks remotely.
Wells Fargo Business Choice Checking Mobile Banking
Wells Fargo offers a mobile banking app for Android and Apple phones and tablets. The app allows you to deposit checks, transfer funds, and pay bills. Wells Fargo offers one feature many other banks don’t offer: iPhone users also can sign on with Face ID.
You can do the following using the Wells Fargo mobile banking app:
- Pay bills
- Transfer funds
- Deposit checks
- Send and receive money with Zelle, a money transferring service owned by the biggest banks in the United States, including Wells Fargo
- View account balances
- Search transactions
- Activate or replace credit and debit cards
- Find ATMs near you
- Enable push notifications
- Use a mobile wallet
- View online statements and documents
Wells Fargo Business Choice Checking Mobile Deposit
You can deposit your checks into your Wells Fargo Business Choice Checking account using your banking app. You’ll need to sign the back of your check, enter the deposit amount in the app, take a picture of the front and back of the endorsed check, and submit your deposit. You’ll have access to your funds the next business day after the day of your deposit unless Wells Fargo places a hold on the check.
Wells Fargo may hold the funds longer if:
- Your deposit is large
- You’ve overdrafted your account frequently
- A deposited check was returned unpaid
- There are indications a deposited check may not be paid
There are no fees to use mobile deposit. Wells Fargo sets mobile deposit limits, but they vary by account. The limit should appear in the app above the “enter amount” field on the mobile deposit landing page. For an additional fee, Wells Fargo allows you to use a certified desktop scanner to deposit multiple checks rapidly.
Many banks offer mobile deposit services similar to Wells Fargo, although the features may vary. For example, Bank of America offers later deposit cutoff times than customers with personal accounts enjoy.
Wells Fargo Business Choice Checking Card Design Studio
You can personalize your Wells Fargo Business Choice Checking debit card using the bank’s Card Design Studio. You’ll be able to add your logo and business slogan to your card. We haven’t found any other banks that offer this service on small business checking accounts. This service is available on all Wells Fargo small business checking accounts.
What Wells Fargo Business Choice Checking Is Missing
The Wells Fargo Business Choice Checking account offers fewer free monthly transactions and lower cash deposit limits than other banks with similar accounts. The PNC Business Checking Plus account, for example, allows 500 free transactions per month and $10,000 in cash deposits. That’s 300 more deposits per month and $2,500 in extra deposits.
Wells Fargo Business Choice Checking Reviews
We were unable to find online user reviews specific to the Wells Fargo Business Choice Checking account. However, business banking customers, in general, give Wells Fargo average marks. Customers applaud the bank’s in-branch customer service. Some users say customer service over the phone can be frustrating because of long wait times.
How to Open a Wells Fargo Business Choice Checking Account
Most businesses can apply for a Wells Fargo Business Choice Checking account online at Wells Fargo’s website. 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. There are different rules for partnerships and limited liability companies you can find on the required documents page. You’ll also need to fill out a form naming all beneficial owners.
Branch sign-up is required if your business is a trust, a publicly traded company, or is involved in the gambling industry.
How to Log Into Your Wells Fargo Business Choice Checking Account
You can log into your Wells Fargo Business Choice Checking account by entering your user name and password on the Wells Fargo website. You may contact customer support at 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 payroll management.
The three other business checking accounts Wells Fargo offers are:
- Simple Business Checking: This account is best for home-based or smaller businesses that need to make 50 or fewer transactions each month. You can avoid the $10 monthly service fee by keeping a $500 average daily balance in your account.
- Platinum Business Checking: This his 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. Maintenance and transaction fees vary.
Wells Fargo offers business checking accounts for firms of various sizes. Its range of accounts is somewhat broader than other big banks offer like Chase and Bank of America.
Services Available in Addition to a Wells Fargo Business Checking Account
Outside of the Wells Fargo Business Choice Checking account, the bank offers additional services for a fee to business owners with one of the bank’s small business checking accounts. These include payroll services, treasury management services, and merchant services. These services are available elsewhere, but they may be best suited to you if you want to keep your cash management under a single roof.
Wells Fargo Merchant Services
A Wells Fargo merchant account allows you to process credit cards, debit cards, gift cards, and electronic check transactions. Funds will appear in your Wells Fargo business checking account as soon as the next day. Once Wells Fargo approves your application for merchant services, the bank will ship payment terminals to you overnight.
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.
Wells Fargo assesses these fees monthly through an automatic deduction from your business checking or savings account. Most big banks offer merchant accounts and charge similar fees. You also can shop for merchant services elsewhere. Consider the bank-provided service if the fees are competitive.
Wells Fargo Treasury Management Services
Wells Fargo offers treasury management services like commercial cards, cash vault, and invoice management services. Through these services, Wells Fargo can help you manage expenses and automate your accounts payable process. Its receivables products can help you more efficiently and safely process payments.
Wells Fargo Cash Vault Services
Cash vault services are best for businesses that have frequent cash transactions. 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 Lockbox Services
Wells Fargo operates a large network of lockbox sites that allow you to direct payments to a bank-operated mailing address. The bank will open 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 card you can give to employees for purchasing, travel and entertainment, account payable invoices, and fleet expenditures. This card is best for large businesses with several million dollars of annual revenue. Smaller businesses may instead consider a Wells Fargo business credit card.
Wells Fargo Payroll Management
Wells Fargo offers payroll management services through ADP. You can make direct deposit and mobile payments to your employees, set up time and attendance tracking, and get tax compliance assistance. ADP also offers human resources aid, performs background checks, and hiring and staffing help. Chase and Bank of America also offer payroll management services through ADP.
You can consider the Wells Fargo’s payroll management service if it offers competitive pricing, and you want to keep all of your cash-management business in one place. You can also shop for payroll management services outside of Wells Fargo.
These treasury management services are similar to what other big banks offer their business checking account customers but may be more comprehensive than what smaller banks offer. You may want these services if you make regular cash deposits or operate a large enough business that corporate credit cards make more sense than small business cards.
Wells Fargo Small Business Checking Account Network
Wells Fargo has branches in most U.S. states and has a larger network than either Bank of America or Chase. You do not need to live in a state where Wells Fargo has branches to qualify for a Wells Fargo Business Choice Checking account. Wells Fargo also 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. It’s has a larger network than Chase Bank, which has nearly 5,000 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. If branch banking isn’t something you need, consider one of the best online business checking accounts.
Other Wells Fargo Banking Products for Small Businesses
Wells Fargo also offers a number 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 offers SBA loans nationwide and is the top SBA lender in the country. This bank also is among our picks for the best SBA lenders. To apply for a loan, you’ll need to visit a branch and talk with a business banker.
- Small business credit cards: Wells Fargo offers several small business credit cards that offer rewards or a chance to build business and personal credit, including the Wells Fargo Business Elite Card®.
The Wells Fargo Business Choice Checking account is best for growing businesses that make up to 200 bank transactions per month. We give it 4 out of 5 possible stars because this account offers plenty of features and exceptional value with a low monthly fee. We also like the huge branch network Wells Fargo provides, which could make this bank more convenient than other choices.