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Business bank account review

Wells Fargo Initiate Business Checking

Branch bank business checking with a $15 monthly fee that a $2,000 minimum daily balance or a $5,000 combined average balance avoids, 100 transactions and $5,000 of cash a cycle included, then $0.50 per transaction and $0.30 per $100 of cash.

By Wells FargoParent company: Wells Fargo Bank, N.A.

RTC SCORE

5.4

#8 of 13 with enough data

Wells Fargo also offers: Card processing

What we like

  • 100 transactions a fee period at no fee on the $15 tier, and a $5,000 combined average balance across business accounts also avoids the monthly fee.
  • Cash can be deposited at a teller, at Wells Fargo ATMs or in the night depository, with $5,000 a fee period included.
  • The required documents page accepts consular cards from Colombia, Guatemala and Mexico as a primary ID.

What to watch

  • Electronic debits and every check deposited count toward the 100 transactions; over 100 each costs $0.50.
  • Cash over $5,000 a fee period costs $0.30 per $100, and ATM cash may have limits the bank does not publish.
  • The $15 tier does not earn interest, and no business page read mentions an ITIN.

How the score breaks down

RTC Score5.4out of 10

Methodology v1.0.0

Data completeness84%

We could verify 84% of the scoring data

Strongest points
12-month cost (reference restaurant), Where you can deposit cash, Open online
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%StrongestWeakest6.4 out of 10

    $216 over 12 months

  • Where you can deposit cashWeight 10%Strongest8.0 out of 10
  • Cash deposit limitWeight 10%2.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%4.0 out of 10
  • Fee to close the accountWeight 10%No data
  • How easy the monthly fee is to avoidWeight 8%6.0 out of 10
  • Accounting software it connects toWeight 6%No data
  • Open onlineWeight 5%Strongest10.0 out of 10
  • Outgoing domestic wire feeWeight 5%1.4 out of 10
  • Mobile check depositWeight 4%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$15/moSource: Wells Fargo Bank, N.A. (opens in a new tab)Initiate is $15; Navigate and Additional Navigate are $25 (same row of the schedule).
How to avoid the monthly feeKeep a minimum or average balanceSource: Wells Fargo (opens in a new tab)Owning a Premier Checking or Private Bank personal account also avoids it. The fee is waived for each fee period ending within the first 64 days after opening.
Transactions included a month100Source: Wells Fargo Bank, N.A. (opens in a new tab)First 100 transactions a fee period at no fee. They include electronic debits and every check deposited; only debit card purchases and payments are excluded.
Each transaction over the included ones$0.50 one-timeSource: Wells Fargo Bank, N.A. (opens in a new tab)
Outgoing domestic wire$30 one-timeSource: Wells Fargo Bank, N.A. (opens in a new tab)Digital wire. At a branch it costs $40.
Minimum opening deposit$25Source: Wells Fargo Bank, N.A. (opens in a new tab)
Other feesCash over $5,000 a fee period costs $0.30 per $100. Non-Wells Fargo ATMs: $3 per cash withdrawal in the U.S. ($5 abroad). Overdraft: $35 per item, up to 4 a day, none on items of $10 or less; no returned-item (NSF) fee. Stop payment: $30. Incoming wires: no fee. Cashier's check: $10; money order: $5; counter checks: $3 per sheet. Coin orders over 15 rolls: $0.15 per roll; currency orders over $1,000: $0.13 per $100. Legal process: $125. A zero-balance account keeps paying the monthly fee until you ask to close it.Source: Wells Fargo Bank, N.A. (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: Wells Fargo Bank, N.A. (opens in a new tab)
Where you deposit cashBank branch, The bank's own ATMsSource: Wells Fargo Bank, N.A. (opens in a new tab)Teller window, Wells Fargo ATMs and the night depository (business deposits only). The schedule's $5,000 allowance does not split by channel.
Cash deposited free each month$5,000/moSource: Wells Fargo Bank, N.A. (opens in a new tab)
Cash deposit limitHas limits it doesn't publishSource: Wells Fargo Bank, N.A. (opens in a new tab)ATM cash may have limits the bank does not publish. No monthly cap is published for cash at a teller.
Most cash a monthN/ASource: Wells Fargo Bank, N.A. (opens in a new tab)
Bank and deposit insurance
Data pointValue
Who holds the moneyThe bank itself (FDIC member)Source: Wells Fargo (opens in a new tab)
Bank that holds the depositsWells Fargo Bank, N.A., Member FDICSource: Wells Fargo (opens in a new tab)
Most FDIC coverage offeredNo data
Requirements to open
Data pointValue
What the owners must giveEach owner brings one original primary ID (a state or U.S. territory driver's license or ID, passport, permanent resident card, employment authorization card, border crossing card, tribal ID, a consular card from Colombia, Guatemala or Mexico, or El Salvador's DUI, among others) plus a secondary ID (for example a signed Social Security card or a birth certificate). The page does not say which taxpayer number the owners must give.Source: Wells Fargo (opens in a new tab)Owners or key executives not present must complete notarized forms; the account can't open until all are received.
Owner with an ITIN and no SSNNot published for business checkingSource: Wells Fargo (opens in a new tab)The required documents page lists IDs, not a taxpayer number; no business page read today mentions an ITIN.
Open onlineOnlineSource: Wells Fargo (opens in a new tab)You can also make an appointment to apply in person.
Day to day
Data pointValue
Mobile check depositYesSource: Wells Fargo (opens in a new tab)Through the Wells Fargo Mobile app; deposit limits apply and some accounts are not eligible. Each check deposited counts as a transaction.
ATM withdrawalsNo fee at Wells Fargo ATMs (more than 11,000 nationwide). At other ATMs Wells Fargo charges $3 per cash withdrawal in the U.S. and $5 abroad, and the operator may add its own fee.Source: Wells Fargo Bank, N.A. (opens in a new tab)
Accounting software it connects toNo data
Interest on the checking balanceInitiate does not earn interest. Navigate earns a variable rate.Source: Wells Fargo Bank, N.A. (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the accountUnconfirmedSource: Wells Fargo Bank, N.A. (opens in a new tab)Neither the fee schedule nor the agreement lists a fee to close the account. The agreement says no fees are assessed once an account is closed, and that a zero-balance account keeps being charged until you ask to close it.
Minimum termMonth to monthSource: Wells Fargo Bank, N.A. (opens in a new tab)No minimum term; you can ask to close the account at any time.
Closing clauseYou can ask to close the account at any time. It must be in good standing (no negative balance, holds, legal orders or court blocks) and pending items must post first. A zero balance does not close the account: monthly fees keep applying until you ask to close it (Deposit Account Agreement, Closing Accounts).Source: Wells Fargo Bank, N.A. (opens in a new tab)
Right to change feesWells Fargo may change the agreement, including fees and features. It will give written advance notice of adverse changes; using the account after the notice and the effective date counts as accepting them (Deposit Account Agreement, Changes to this Agreement).Source: Wells Fargo Bank, N.A. (opens in a new tab)
Language
Data pointValue
Business pages in SpanishYesSource: Wells Fargo (opens in a new tab)Business home and help pages in Spanish. The online banking help says Wells Fargo Online and the mobile app may not be available in Spanish for all customers.
Support in SpanishSays it serves you in SpanishSource: Wells Fargo (opens in a new tab)The same FAQ covers appointments for business accounts. A Spanish-speaking banker is not guaranteed; free translation is offered instead.

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