Which Bank is better Boa or Wells Fargo?
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.
Generally speaking, Wells Fargo edges out Bank of America on checking accounts, while Bank of America is somewhat better for savings accounts.
Bank of America had 535 more reviews than Wells Fargo that mentioned "Great benefits" as a Pro. "Long hours" was the most mentioned Con at Bank of America. "Work life balance" was the most mentioned Con at Wells Fargo. This job has great benefits including time off.
| 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 |
Key Takeaways: We rate Bank of America 4 out of 5 stars, giving it high marks for branch and ATM access but lower scores for its rates on deposit accounts. The bank has checking accounts with low or no monthly fees, a rewards debit program and relatively low overdraft fees.
JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs. With generous bonuses and promotions and a variety of products, Chase is a popular choice for consumers across the country.
Bank of America could be a good fit for consumers who want access to a local branch, plenty of ATMs and a highly rated app. But, like many big banks, it generally offers low rates of return compared with what other financial institutions are paying out.
Overview of Wells Fargo Bank: Pros and Cons
You'll often find higher fees with Wells Fargo than with some competing banks, although in some instances, the bank will waive those fees. Also, the interest rates on its deposit accounts generally aren't as competitive as you'll find with online banks and credit unions.
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.
Key Takeaways: 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.
What bank has the most issues?
Which Bank Has the Most Complaints? In terms of sheer numbers, Bank of America tops the list with 128,404, which is the most complaints issued overall. However, when it comes to the most complaints per $1 billion deposited, Discover has the highest rate at 247.37 complaints.
- First Republic Bank (FRC) . Above average liquidity risk and high capital risk.
- Huntington Bancshares (HBAN) . Above average capital risk.
- KeyCorp (KEY) . Above average capital risk.
- Comerica (CMA) . ...
- Truist Financial (TFC) . ...
- Cullen/Frost Bankers (CFR) . ...
- Zions Bancorporation (ZION) .
Wells Fargo, along with thousands of other financial institutions, is FDIC-insured. FDIC insurance limits cap at $250,000.
- Bank of America's rates on savings aren't very competitive.
- It's not easy to avoid the monthly maintenance fee on the checkless Advantage SafeBalance checking account.
| Pros | Cons |
|---|---|
| Large bank with 3,900 branches around the US Possible to waive monthly fees Free overdraft protection | Low interest rates on savings and CDs Monthly fees on accounts |
Bank of America is best for customers who want a reliable digital banking experience, the option to visit a branch location and a full array of savings products and other financial services. Especially if having all your accounts under one institutional umbrella is a priority, Bank of America could be a good fit.
| Revenue | Consolidated Assets | |
|---|---|---|
| Chase | $158.1 billion | $3.4 trillion |
| Bank of America | $94.2 billion | $2.5 trillion |
| Wells Fargo | $82.5 billion | $1.7 trillion |
Money coach and certified financial planner Ohan Kayikchyan says it can make sense for a household to maintain four accounts: one checking account for monthly recurring bills and another for variable expenses, plus one savings account for emergency funds and a second for other savings goals.
Key Points. Wells Fargo is a public company, collectively owned by its shareholders. Wells Fargo has traded on the New York Stock Exchange since 1962. The largest institutional shareholders of Wells Fargo are Vanguard, BlackRock, and Fidelity.
Based on the analysis of Bank of America's financial health, risk profile, and regulatory compliance, we can conclude that the bank is relatively safe from any trouble or collapse.
Is Bank of America still a safe bank?
Is Bank of America FDIC insured? 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 pays slightly higher interest on your account balance. It also has a lower monthly fee and more options to have it waived. While the comparison between the two banks' checking accounts stacks up as a draw, the clear winner among savings accounts is Bank of America Advantage Savings.
Wells Fargo stands out from other banks if you prioritize an extensive branch and ATM network. Wells Fargo also has a variety of bank accounts, credit cards, mortgages, and loan types, so it may be worthwhile if you want to do all your banking with one financial institution.
Banks such as Wells Fargo's The Private Bank require a $1 million account balance to open with them, but they offer a team-based approach for wealthy clients, meaning a whole team will be dedicated to their account.
Wells Fargo's stock (WFC) is up 12% this year, outperforming all big bank rivals and within sight of an all-time high. One big reason: Investors believe the San Francisco lending giant is slowly starting to shed some of the problems of its past.
