Wells Fargo is one of the largest banks in the U.S. (and in the world, actually). It has 13,000 ATMs throughout the U.S. and 6000 branches. For a small business that values being able to bank online and in a branch, Wells Fargo has a long history of serving small businesses.
The Basic Choice Checking account is a solid choice of checking account because it includes an ample number of free transactions, good ATM availability, and has a tiny opening deposit requirement. It’s also relatively easy to avoid a $10 monthly fee
Wells Fargo’s 3 types of business checking accounts
Wells Fargo offers three different checking accounts for businesses:
- Simple Business Checking: This is Wells’ introductory business checking account. It’s really designed for small businesses that require few banking transactions per month (the account provides 50 free monthly transactions, including deposits of up to $3000 cash). It has a $25 minimum opening deposit and requires $500 in balance to avoid the $10 monthly fee.
- Business Choice Checking: Business Choice Checking is a better small business checking account if your business does up to 200 transactions per month. A $25 initial deposit is enough to open an account and there are a few options to avoid this account’s $14 monthly fee (like keeping a $7500 balance, using Wells Fargo’s Direct Pay service, posting 10 transactions using a Wells debit card, etc.)
- Platinum Business Checking: This flavor of account was designed for businesses with greater checking account activity, so you’ll get up to 500 transactions free every month and $20,000 worth of cash freely deposited monthly. It’s a more expensive account ($40 per month) than the other two options, but by keeping a balance of $25,000 (or $40,000 across multiple Wells Fargo accounts), you can avoid that charge. You’ll also earn interest with this type of account (you won’t with the other 2).
Wells Fargo has a long history of serving small businesses. In fact, the bank is the most active SBA lender, lending over $1 billion via its 7(a) program in 2016 alone. Its 3 business checking account options should provide a good vehicle for a small business of any size that values having a national and local bank branch network. Wells Fargo’s Basic Business Checking is a smart choice for a small business.
Benefits of the Wells Fargo Basic Business Checking account
The Wells Fargo business checking accounts aren’t the most flashy or the cheapest around. But they do provide an affordable and convenient way to bank with one of the largest business banks in the U.S.
200 free monthly transactions
The Basic Business Checking account comes with 200 free monthly transactions out of the box. For the sake of definition of what a transaction is, they are “deposits, paid items and deposited items, including paper and electronic”. 200 monthly transactions should be ample for a small and growing business. You’ll have to pay $0.50 for every transaction over 200.
One of the benefits of working with a business bank that has physical locations is the ability to deposit cash. So, if you get paid in cash, you’ll be able to freely deposit up to $7500 per month in your Basic Business Checking account. After that, it can get kind of expensive to deposit cash — you’ll pay $0.30 per $100 deposited.
You won’t pay anything to withdraw cash from a Wells Fargo ATM machines. That’s the good news. There are 13,000 Wells Fargo ATMs and more than 6,000 banking locations. If you don’t use a Wells Fargo ATM, you’ll pay $2.50 per withdrawal in the U.S. and $5 per withdrawal outside the U.S.
$25 minimum opening deposit
It only takes $25 to open up a Wells Fargo Basic Business Checking account. That’s very little compared to how much it takes to open up other checking accounts.
Text, mobile, and telephone banking
A Basic Business Checking account comes with text, mobile, and telephone banking. For example, if you log on to wellsfargo.com, you can pay bills, find an ATM, check balances, and transfer money. In addition to stand alone banking apps, you can also check your balances by texting BAL ALL or ACT to 93557 to check your available account balances or to see account activity for example, if a check has cleared.
All the Wells Fargo checking accounts, including Basic Business Checking, come with bill pay functionality via Wells Fargo Business Online, the online functionality to manage a Wells checking account.
Summary: The Wells Fargo Basic Business Checking account
Wells Fargo has a suite of different types of checking accounts to serve small business. The middle of the road option — the Basic Business Checking account — provides a good balance of value and cost for a business checking account. Combined with a physical branch network of 6000, small businesses can find a home banking at Wells Fargo.