Wells Fargo Business Checking Review – Forbes Advisor – Forbes

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A business checking account is worth considering for any business, regardless of size. Wells Fargo is a national bank that offers a variety of business checking account options and a full suite of other financial products to meet your business needs.

This review focuses on Wells Fargo’s business checking accounts and touches on the other business banking products it offers.

Account details are accurate as of Nov. 8, 2022. Product features and fees may vary depending on your location.

Account Basics

Wells Fargo offers three business checking accounts for small businesses: Wells Fargo Initiate Business Checking℠, Wells Fargo Navigate Business Checking℠ Account and Wells Fargo Optimize Business Checking® Account. Here are the benefits and fee structures for each Wells Fargo business checking account.

Initiate Business Checking

Initiate Business Checking is a basic business checking account for new business owners. The account is limited to 100 free transactions per month and charges a $0.50 fee per transaction thereafter. Initiate Business Checking also carries a cash deposit limit of $5,000 per month and charges an additional $0.30 per $100 deposited above the limit.

You can avoid the account’s $10 monthly service fee monthly service fee by keeping a minimum daily balance or a $1,000 average ledger balance. A $25 minimum deposit is required to open an Initiate checking account.

Navigate Business Checking

Navigate Business Checking is a premium, interest-bearing checking account geared toward businesses that deal with a higher volume of transactions. The account allows up to 250 free transactions per month and charges $0.50 for each additional transaction. Free cash deposits are limited to $20,000 per month, and a fee of $0.30 per $100 deposited is assessed after that.

Opening a Navigate checking account unlocks premium benefits, including no service fees on additional Navigate accounts or Business Platinum Savings accounts when you link them to your checking account. The account also features no fees for stop payment orders, money orders or cashier’s checks, and you can get rebates for up to two domestic out-of-network ATM fees per month.

Keeping a $10,000 minimum daily balance or a $15,000 average combined balance across business deposits will help you avoid the account’s $25 monthly service fee.

Optimize Business Checking

Optimize Business Checking is for larger businesses with more robust banking needs. The account comes with access to treasury management services designed to help businesses with advanced cash management needs.

The account is limited to 250 transactions within a billing relationship per month and charges $0.50 per transaction over the limit. Wells Fargo also charges a $2.50 fee per in-person or mailed deposit and a 0.3% processing fee on cash deposits.

Optimize Business Checking has the highest monthly service fee of all Wells Fargo business checking accounts. It charges a $75 monthly fee, which covers up to five Optimize accounts. The account provides an earning allowance that you can use to offset the monthly fee.

Other Wells Fargo Business Banking Products and Services

In addition to its checking accounts, Wells Fargo offers several other products and services to meet your business needs. These include:

Distinguishing Features

All Wells Fargo business checking accounts come with additional protection and account management benefits. These include:

  • Customized debit cards and checks
  • 24/7 fraud monitoring
  • Zero-liability protection
  • Convenient payment options
  • Account alerts
  • Mobile check deposit

Access on the Go

Wells Fargo business accounts are accessible online or through Wells Fargo Mobile, the bank’s highly rated mobile app. The bank’s online tools allow you to manage accounts and employee access levels, transfer funds, deposit checks remotely, send payments, pay employees and more. Account holders can also integrate accounts with third-party financial and accounting software.

Business customers can also access Wells Fargo account services at any of the bank’s 4,900 branch locations and more than 12,000 in-network ATMs. Phone support is available by calling 800-225-5935.


  • Three checking account options for different business needs
  • Monthly fees are waivable
  • Large national footprint with 4,900 bank branches and 12,000 ATMs
  • Highly rated mobile app
  • Various online business tools and services
  • Customized cards and checks


  • No free business checking account
  • Confusing transaction limits and fee structure
  • Fees for exceeding monthly transaction and cash deposit limits

How Wells Fargo Stacks Up

Wells Fargo offers full-service business banking that should appeal to many business owners. With a vast network of branch locations and ATMs, it’s a solid choice for businesses looking for in-person banking. The bank’s website also provides business customers with various tools to help manage cash flow.

Wells Fargo is not a good option if you want a free checking account. All three of its business checking accounts carry significant monthly fees. While the fees on each account are waivable, you must meet minimum account balance requirements. Accounts also have monthly transaction and deposit limits that could be an issue for businesses that routinely exceed these limits.

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Frequently Asked Questions (FAQs)

Is Wells Fargo FDIC insured?

Yes, Wells Fargo is FDIC-insured. When you deposit money into an FDIC-insured account at Wells Fargo, your money is protected against bank failure for up to $250,000 per depositor, for each account ownership category.

What do I need to open a business checking account at Wells Fargo?

Wells Fargo requires businesses to supply proper business verification documentation. Specific requirements may depend on the type of business, but usually include your:

  • Social Security number
  • Business tax identification number
  • Valid driver’s license or state ID
  • Business registration information
  • Opening deposit

You can apply for Wells Fargo business checking accounts online, although some businesses may be required to schedule an appointment at one of the bank’s branches to open an account.

Does Wells Fargo charge fees on its checking accounts?

Wells Fargo’s three business checking accounts have monthly service fees ranging from $10 to $75, but the fees can be waived by meeting minimum balance requirements. Wells Fargo charges additional fees for surpassing the accounts’ monthly transaction and cash deposit limits.