The Wells Fargo Small Business account is a unique banking solution integrated into the Wells Fargo ecosystem. You can open a small business checking or savings account with a local bank, but not both at the same institution. This article will explain why you can’t have both a small business checking and savings account with Wells Fargo, and what your options are if you want to keep that checking account.
What is a small business account?
There are many different types of business checking accounts on the market today. Each type of business account is designed to meet specific financial needs of different types of businesses. Wells Fargo has created a unique kind of business account that is designed for entrepreneurs and small business owners. This type of account is called a Wells Fargo small business account. The small business account is a standalone banking solution that is designed primarily for middle-market businesses. If you own a sole proprietorship, a small LLC, or a small S-Corporation, this article will explain why you can’t have both a small business checking and savings account with Wells Fargo, and what your options are if you want to keep that checking account.
How to open a small business account
There are two ways to open a Wells Fargo small business account. You can open a new account and have it be done through our branch network or you can open an existing account and have that be done through our online banking or mobile application.
- Branch-opening: Branch-opening is the best option for businesses who want to open an account in-person. This method requires a visit to a branch location and is generally more expensive than the online method. The branch-opening option works best for companies that have a large number of employees or that have operations in multiple states. If you’re the only owner of your business, the branch-opening option may be the best option for you.
- Online-banking: Online-banking is the best option for businesses that have a single owner or who have operations in only one state. In addition to being able to open an account online, online-banking is also a highly cost-effective way to set up a new account. Online-banking is the only method that can be completed entirely from home.
- Mobile app: Because the Wells Fargo mobile app is the main way that customers interact with and access their accounts, it is important that it works well and is easy to use. The Wells Fargo app is a great option for businesses that have a modest amount of funding or that only want to set up a single account. The mobile app is also a great option for customers who want to access their accounts anytime, anywhere.
Costs of a checking or savings account
There are no fees to open a small business account. However, there may be fees associated with maintaining the account or accessing the funds from the account. The fee charged for deposits and withdrawals will depend on where you make the transaction and who you deal with. There are also no international transfer fees. There may be fees associated with making an electronic transfer between other banks.
Pros of opening a Small Business Account
- The Wells Fargo small business checking account is a low-cost account that comes with no fees.
- The online setup process for a small business account is very straightforward and easy to navigate.
- The minimum opening deposit for a small business account is $0. – No monthly maintenance fees
- There are no international transfer fees associated with a Wells Fargo small business account
Cons of opening a Small Business Account
- Customers who open a small business account are not provided free checks.
- No overdraft, Wells Fargo does not offer overdraft protection on their small business checking account.
- The Wells Fargo branch network is very limited compared to other major banks.
- Limited account types compared to personal accounts