What type of bank is Wells Fargo?
Wells Fargo is among the top five banks in the United States. The bank makes money by lending out at a higher rate than it borrows. Wells Fargo operates four segments including Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.
In 1968, Wells Fargo was converted to a federal banking charter and became Wells Fargo Bank, N.A. In that same year, Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him.
The Private Bank offers products and services through Wells Fargo Bank, N.A., Member FDIC, and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company. Wells Fargo and Company and its Affiliates do not provide tax or legal advice.
About Wells Fargo
Today, Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets. In the U.S., it serves one in three households and more than 10% of small businesses, and is a leading middle-market banking provider.
Wells Fargo is a national brick-and-mortar bank with more than 4,000 branches and 12,000 ATMs. Branches are available in about 36 states and Washington, DC. You can apply for bank accounts, credit cards, personal loans, home loans, and auto loans. The bank also has a robo-advisor platform called Intuitive Investor.
Wells Fargo & Co (WFC) is a diversified financial service holding company that offers retail and wholesale banking, and wealth management services to individuals, businesses, high-net-worth individuals, and institutions, through its subsidiaries.
Wells Fargo offers three kinds of account types, each with decent rates at each tier. Wells Fargo also allows customers to earn bonus rates by creating and tending to a Wells Fargo Prime Checking account. U.S. Bank offers a slightly better deal, particularly in terms of its CD rates and money market accounts.
First Union merges
As of December 31, 2001, it held assets totaling $330 billion and stockholders' equity totaling $28 billion. In 2008, Wells Fargo & Company acquired Wachovia Corporation, including First Union.
Chip Lupo, Credit Card Writer. Wells Fargo Bank is a subsidiary of Wells Fargo & Company, a U.S.-based multinational financial services company headquartered in San Francisco, California and founded in 1852.
What did Wells Fargo used to be called?
Wells Fargo was originally called Northwestern National Bank. Around 1980, they changed their name to Norwest. They eventually merged with Wells Fargo, which had been around since the 19th century. It was officially called a Merger, but in actuality, Norwest bought Wells Fargo and took their name.
The top five banks in America are JPMorgan Chase, Bank of America, Citibank, Wells Fargo and U.S. Bank. These are the largest U.S. banks by assets and among the largest in the world.
Wells Fargo has the Financial Strength Rank of 3. It displays poor financial strength and is likely in financial distress. Usually this is caused by too much debt for the company.
Chase is the largest bank in the country, holding over $3.38 trillion in assets. Bank of America is the second-largest bank with over $2.45 trillion in assets. Wells Fargo is the third-largest bank, holding over $1.7 trillion in assets.
Wells Fargo, along with thousands of other financial institutions, is FDIC-insured. FDIC insurance limits cap at $250,000. The FDIC insures certificates of deposit and money market accounts, along with traditional checking and savings accounts.
The Wells Fargo Everyday Checking slightly beats out the Bank of America Advantage Plus Banking® because it requires a lower minimum opening deposit and monthly service fee. It also boasts a higher bank bonus for new customers. However, Bank of America has slightly easier requirements to waive monthly fees.
| Bank | Forbes Advisor Rating | Learn More |
|---|---|---|
| Chase Bank | 5.0 | Learn More Read Our Full Review |
| Bank of America | 4.2 | |
| Wells Fargo Bank | 4.0 | Learn More Read Our Full Review |
| Citi® | 4.0 |
| Rank | Bank | Assets (domestic) |
|---|---|---|
| 1 | JPMorgan Chase Bank | $2.61 trillion. |
| 2 | Bank of America | $2.34 trillion. |
| 3 | Wells Fargo Bank | $1.68 trillion. |
| 4 | Citibank | $1.01 trillion. |
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Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.
What does Wells Fargo do better than other banks?
Wells Fargo has more branches than Bank of America—4,800 versus 4,000—plus lower monthly fees and minimum balance requirements to avoid the fees. Bank of America has a bigger network of ATMs—16,000 versus Wells Fargo's 12,000—and it waives monthly fees for some accounts if you direct-deposit at least $250 a month.
If you're looking for better rates and lower fees, Wells Fargo will likely be your best bet. Wells Fargo also has a wider variety of bank accounts to choose from. However, whether you choose Chase or Wells Fargo, you can rest easy knowing you'll always have quick and easy access to your accounts.
Institutional investors own over 50% of the company, so together than can probably strongly influence board decisions. Hedge funds don't have many shares in Wells Fargo. Our data shows that The Vanguard Group, Inc. is the largest shareholder with 9.1% of shares outstanding.
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon.
No bank currently operates a branch location in all 50 states, though several of the nation's largest institutions come close. Chase Bank, for one, has over 4,700 branch locations in 49 states and Washington D.C. Wells Fargo also offers around 4,600 branches in 36 states.
