Wells Fargo
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About Wells Fargo
Wells Fargo & Company is the fourth-largest bank in the United States by total assets ($1.9 trillion), serving approximately 70 million customers with 4,900+ branches and 12,000 ATMs across 36 states. Founded in 1852 in San Francisco (originally as an express and banking company serving Gold Rush territory), Wells Fargo is headquartered in San Francisco with major operations in Des Moines, Charlotte, and New York. Wells Fargo offers retail checking/savings, credit cards, mortgages, auto loans, and wealth management. It is the #1 mortgage originator in the US. Key consumer products include Wells Fargo Active Cash (2% flat cash back — one of the best no-annual-fee cards), Wells Fargo Autograph (travel rewards), and Wells Fargo Reflect (0% APR balance transfer). Wells Fargo's reputation was significantly damaged by its 2016 fake accounts scandal, in which employees opened millions of unauthorized accounts. The bank operates under a Federal Reserve asset cap imposed in 2018 (limiting assets to ~$1.95 trillion) until remediation is complete.
Frequently Asked Questions
Is Wells Fargo trustworthy after the scandal?
Wells Fargo has made significant remediation efforts since the 2016 fake accounts scandal — paying $3B+ in settlements, rebuilding leadership, and overhauling sales practices. The bank remains under Federal Reserve oversight. For day-to-day banking, Wells Fargo is safe (FDIC-insured) and has improved. The scandal is a historical concern, not an ongoing operational risk for regular account holders.
Wells Fargo vs Chase: which is better?
Chase is generally the better choice — stronger credit card portfolio (Sapphire Reserve/Preferred), more branches nationwide, and no ongoing regulatory constraints. Wells Fargo competes with its mortgage products (best rates for existing customers via the Cross-Sell pricing), Active Cash 2% card, and strong Midwest/West presence. For mortgage banking specifically, Wells Fargo's rates and relationship discounts can be compelling.
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