Wells Fargo’s history can be traced back to the California Gold Rush. The company was founded in 1852 to provide banking services, transport gold, and deliver “express” mail. As a business venture, it was a success from the start. However, at that time, nobody anticipated that Wells Fargo would become the fourth largest bank in the US, with an A+ Fitch rating. The market capitalization of Wells Fargo, considering the latest stock price and the number of outstanding shares, is $146.69 billion US dollars as of July 2022.
Being a traditional bank, Wells Fargo still operates over 5,200 branches and over 13,000 ATMs across the US. However, it also offers digital banking to its customers. The Wells Fargo app was launched in 2010. Since then, the company has continuously improved the app to serve its 70+ million customers better. Wells Fargo’s mobile app generally boasts positive ratings. Yet, it’s not flawless. Our Wells Fargo review will examine the app from top to bottom to see all its pros and cons.
Wells Fargo App Review
In 2021, the bank announced it would rebuild its mobile banking experience until the end of 2022. Per a CNBC analysis, Wells Fargo’s year-over-year growth of active mobile users in Q3 2021 lagged behind JPMorgan Chase and Bank of America (BofA) at just 4.2% compared to 10.2% and 6.2%, respectively. According to the analysis, the bank also lagged behind JPMorgan and BofA in total active mobile users: Respective figures were 27 million (Wells Fargo), 44.3 million (JP Morgan), and 32.5 million (BofA). Not long ago, many users complained about unintuitive navigation that led to dead ends and got them stuck. Additionally, not all bank services were digitally accessible. However, the app is currently being improved monthly. If Wells Fargo continues to grow at this rate within a year, it might become the leading US banking app.
Wells Fargo mobile app (Google Play)
Category: Finance, Banking
Released: May 26, 2010
Current version: 23.4.0.92
Latest update: May 5, 2023
Downloads: Over 10 million
Rating: 4.8
The latest app update adds new investment options for Wells Fargo’s customers.
Onboarding
It’s possible to open a Wells Fargo bank account at a local bank branch, over the phone, and online. Online enrollment is available through the website. App users are also redirected to the website to register. Everything else follows a standard procedure. A user must complete an application form, provide personal information, verify their identity, and then select a service package. An exciting feature of the Wells Fargo app is that it allows customers to explore banking products and get some other crucial information directly from the signing-on page.
Services
Five current account types are available for individuals: Student/teen Banking, Clear Access, Everyday Checking, Prime Checking, and Premier Checking. Student/teen Banking is fee-free. Clear Access is a debit account with no overdraft fees for US$5 a month. Everyday Checking costs US$10 per month. Prime Checking has a US$25 monthly fee but access to lots of discounts and benefits. A US$35 monthly service fee applies to Premier Checking but may be waived if the customer has US$250,000 or more in statement-ending qualifying balances. Premier Checking offers the most advantages, including interest rate discounts, priority 24/7 phone support, and much more. The app is equally useful for everyone and has many valuable features. For instance:
- Access to savings, overdrafts, and loans for current accounts
- Free cash withdrawal at Wells Fargo cash machines
- Contactless withdrawals
- Apple Pay and Google Pay
- Real-time payments
- Zelle payment system integration
- Automatic payments
- Account statistics
- Money management tools
- Instant check deposit with an in-app barcode reader
- Cards control (freeze/unfreeze, specific payment blocks, etc.)
- Discounts and reward programs
Furthermore, Wells Fargo is planning to launch Fargo, an in-app assistant, by 2022. According to Michelle Moore, the bank’s digital head for consumers, the Fargo assistant will provide budgeting assistance, bill payment, money transfers, and transaction details.
Design & Usability
A user-friendly navigation system, clean backgrounds, laconic icons, and comprehensive statistics graphs make the Wells Fargo app attractive. Additionally, the app includes an appointment form and a way to locate ATMs and bank branches. It’s a decent piece of software. However, many users have complained about glitches due to the ongoing revamping of the app. Most problems are with frozen screens, sudden log-outs, constant error messages, confusing navigation, and biometric login issues.
Reliability & Security
Wells Fargo uses multiple ways to ensure app security, including 128-bit encryption, biometric authentication, multi-factor authentication, unique access codes, and others. AI algorithms monitor the transactions to detect and prevent fraud. Plus, users have control over their account security via the app. It is possible to freeze cards or report a stolen card within seconds. The Wells Fargo app is as reliable and secure as any banking software should be. However, an early-2022 data breach should be mentioned. After the company reinforced its security systems, an investigation was launched to determine the nature and scope of the incident. However, Wells Fargo has still not explained what information was compromised or how the breach occurred.
Support
Wells Fargo offers an online help center where users can find answers to their account- and app-related questions. Customers can contact a support representative by phone for more serious issues. The call center is open 24 hours a day, 7 days a week. One can also contact the company via the Wells Fargo Facebook and Instagram pages. The support team typically responds quickly to questions and issues. However, there are plenty of complaints about their service. Many customers are frustrated by how long it takes to resolve issues.
Our Verdict
Wells Fargo earns 4.4 stars out of 5, an A+ rating from Fitch. As a full-fledged bank, it offers loans, mortgages, deposits, and a wide range of other financial services. However, its app needs improvements. The Wells Fargo team is enhancing the app, so we hope things will improve soon.
What We Like about Wells Fargo:
- Current accounts with access to savings, overdrafts, and loans
- Free cash withdrawal at Wells Fargo cash machines
- Apple Pay and Google Pay
- Real-time transactions through the Zelle payment system
- Automatic payments
- Account statistics
- Instant check deposit
- Card control (freeze/unfreeze, specific payment blocks, etc.)
- Discounts and reward programs
What We Dislike about Wells Fargo:
- Costly cash withdrawals at non-Wells Fargo ATMs
- Monthly fees
- Required minimum opening deposit
- Separate Wells Fargo app required to use money management tools (Budget Watch)
Why Wells Fargo?
Wells Fargo offers local branch access and digital banking services. It’s a licensed bank where customers’ money is safe and secure. Its app and interest rates aren’t stellar compared to most digital banks, but they’re comparable with other national banks. Since the app is currently being updated, it has the potential to compete with leading neobanks by the end of 2022.
Value for Customers:
This bank provides secure offline, online, and mobile banking. Wells Fargo offers every financial service under one roof: checking accounts, savings accounts, auto loans, mortgages, investment accounts, and various reward and discount programs. It has an extensive ATM network for easy and free cash withdrawals.
Value for Partnering Businesses:
Wells Fargo has an open-door policy regarding partnerships and various initiatives; almost any company can become a partner or a supplier and benefit from collaboration. The Wells Fargo Partnership page offers more details and can be used to submit a partnership request.
