As your small business grows, having a banking option that offers in-person services at thousands of branches nationwide can be an extreme benefit. Wells Fargo gives business owners three business checking options: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking.

In the United States and its territories, businesses of all sizes can open a Wells Fargo Business account. Since the Wells Fargo Business account is a business checking account, opening one can help you qualify for other financing products such as small business loans and business credit cards.

Learn all you need to know about their business checking services and how getting a Wells Fargo bank account can benefit your business below. 

How Does a Wells Fargo Business Checking Account Compare With Others in 2022? 

Here’s how Wells Fargo’s business checking account compares to other small business checking account offers from Nav’s business checking marketplace.

What Are the Best Features of a Wells Fargo Business Checking Account? 

Wells Fargo offers some of the best banking features, especially for small- to medium-sized businesses. If you value account access, online banking, or bill pay, Wells Fargo may be a great choice for your business.

For starters, it has more physical branches than any other bank in the United States. In addition, all of Wells Fargo’s more than 12,000 ATMs are free for business owners to use to get cash, deposit checks, move money between their Wells Fargo accounts, and deposit cash. But keep in mind that Wells Fargo and the ATM owner will both charge you a fee if you use your business debit card at a non-Wells Fargo ATM in the U.S. or abroad.

In addition, some other perks of choosing a Wells Fargo business checking account include:

• Having the option to apply online versus in-person
• A customer service line available from Monday to Sunday 7 a.m. to 11 p.m EST, Sunday’s 9 a.m. to 10 p.m. EST, and 24/7 service for online banking and bill pay concerns
• Mobile deposit through Wells Fargo mobile banking

For the Initiate Business Checking account, the monthly fee is waived if you keep a minimum daily balance of $500, or a $1,000 average ledger balance. For the Navigate Business Checking account, the monthly fee is waived if you keep a minimum daily balance of $10,000 or $15,000 average combined business deposit balances.

What is Required to Open a Wells Fargo Business Checking Account?

To open a Wells Fargo business account, a business owner must provide their social security number (SSN), tax identification number, valid government-issued ID, and any necessary state or territorial registration information. A valid Social Security Number is required for every signer you wish to add to the Wells Fargo business account as well.

You can open a business account in one of three ways: Online, by phone, or in person. As a sole proprietor, partnership, LLC, or corporation applying for tax-exempt status, the requirements should not be burdensome. Unincorporated associations, social clubs, and civic organizations can all open a Wells Fargo small business account with fewer documentation requirements.

Depending on the type of business you operate, you may be required to present legal papers for your business, such as a business license, partnership agreement, fictitious name statement, and/or articles of incorporation. Wells Fargo will give you advice on how to deliver your documents whether you apply for the job in person, over the phone, or on their website.

Does Wells Fargo Business Checking Offer Overdraft Protection for Business Checking Accounts?

Wells Fargo offers various services to help protect your business checking accounts from overdraft. An overdraft or returned item (non-sufficient funds/NSF) fee is $35 per item. However, you have the option to link up to two eligible accounts (one savings and one credit) to your checking account. If you don’t have enough money in your checking account, they’ll use money from the linked account(s) to cover your transactions.

Any day a transfer or advance is made, regardless of the number of transactions covered, an Overdraft Protection transfer or advance fee will be assessed. However, this fee will only be assessed if the transfer or advance covered at least one pending item, or helped you avoid at least one overdraft or returned item. You can avoid paying the fee if you make a covering deposit or transfer on the same business day before the time that is specified as the cutoff. The sum of the fee is determined by the kind of account that serves as the origin of the money being transferred or advanced.

When a business checking account is opened, the customer is immediately and automatically registered in the Debit Card Overdraft Service. The only exceptions to this rule are accounts held for IOLTA/RETA and accounts held for government agencies. At any point in time, you are free to withdraw this service from an eligible account or to re-add it to that account. However, if you’re not enrolled in the Card Overdraft Service, ATM and everyday (one-time) debit card transactions will be declined if there isn’t enough money in your checking account (or accounts linked for Overdraft Protection). There is no account fee for transactions that are turned down.

Is There a Minimum Amount Needed to Open a Wells Fargo Business Checking Account? 

The minimum opening deposit needed to open a Wells Fargo business checking account is just $25. This is great for entrepreneurs who are getting an account for a new business, changing financial institutions, or expanding their small business and need a bank that has in-person services nationwide. 

Can I Open a Wells Fargo Business Checking Account Online?

Businesses have the option of opening a business checking account with Wells Fargo either online, in person, or over the phone. However, publicly listed enterprises, trusts,  government organizations, and the governments of Indian tribal communities are required to submit their applications in person at a local branch. 

Final Thoughts

As a small business owner, you want business banking that works for you. Wells Fargo Business Checking’s benefits include access to more branches than any other bank, as well as mobile and online banking for your small business checking account. 

They’re also an FDIC-insured financial institution, so you can be confident in your account activity for any business deposit account you choose. Nevertheless, opting to have a business checking account at a bank like Wells Fargo may give you a leg up when it comes to applying for a line of credit or other sourcing of funding like small business loans.  

If you decide Wells Fargo isn’t the best fit at the moment, you can always use Nav to compare your best business banking options. Our platform makes it easy to find your top options for small business loans, business credit cards, and more business services. We also walk you through how to establish business credit.