Final Verdict

From sign-up bonuses to easy cash deposits, business bank account features can vary greatly. Consider all the characteristics before choosing where to bank.

Whatever perk or feature most matters to you, having the right business bank account is crucial to your business. This account is where your deposits are made and expenses are paid.

And, as your business continues to grow, it makes sense to re-evaluate your business bank account each year. Pay attention to the transaction limits, fees, restrictions, and benefits to ensure that yesterday's account is the right one for your business today—and tomorrow, as well.

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Business Bank Accounts FAQs

What Is a Business Bank Account?

A business bank account is a checking account set up specifically for business incomes and outflows, allowing individuals to keep their professional financial affairs and transactions separate from their personal ones. Business accounts often provide features that are uncommon for individual accounts. These features include initiating wires or ACH payments, delegating account authority/privileges to other parties (like an employee or accountant), and cash management tools like positive pay.

What Is the Difference Between a Business Bank Account and a Personal Bank Account?

Although business bank accounts and personal bank accounts are similar in many ways, the do have their differences. A business bank account has more requirements to open than a personal account.

Fees and required balances also tend to be higher for business bank accounts, while interest rates are lower. Business bank accounts usually allow a limited number of transactions before the bank charges additional fees.

Since a business bank account represents the business and not a person, authorized signers can be added or removed at any time without needing to close the account.

What Do You Need to Open a Business Bank Account?

Requirements to open a business bank account vary by the financial institution. However, most banks require the following:

• Employer Identification Number (EIN) or Social Security Number for sole proprietors
• Business formation documents
• Ownership agreements
• Business license

Account signers need to bring their personal identification to open the account. Most banks require an initial deposit to fund the account when it is opened; the minimum opening deposit requirements vary by the bank—and can be a key factor, along with ongoing minimum account balances, to consider when choosing one.

Can I Open a Business Bank Account Online?

Yes, there are many banks that allow you to open an account online in just a few minutes. Several of these banks are mentioned above. To open your business bank account online, the bank will require all of the same paperwork as if you opened the account in person.

Can I Use My Personal Bank Account for My Small Business?

You can use your personal bank account for a small business, like a sole proprietorship. However, it is best not to. Having a dedicated bank account for your business allows you to keep your business deposits and expenses separate from personal transactions. This is very important when it comes to filing taxes.

Do I Need a Business Account If I'm Self-employed?

You do not need a separate business account if you are operating your business under your own name. However, it is recommended that you have a dedicated, separate bank account to make it easier to track business revenue and expenses.

If you are operating your sole proprietorship under a fictitious business name or as a separate legal entity (e.g. C-Corp, S-Corp, LLC), then you need to have a separate business bank account.

Is It Legal to Transfer Money From a Business Account to a Personal Bank Account?

Yes, it is legal to transfer money from a business account to a personal account. However, if you have partners or shareholders in your company, it is not advisable to make such a transfer without their written consent. All transactions into and out of a business account should be documented for good recordkeeping, tax purposes, and in case of an audit.

Some banks allow you (and, like Chase, even encourage you) to link your personal and business accounts. Depending upon the legal structure of your business, some banks even allow your business and personal accounts to be viewed on the same online banking screen. This makes transfers between accounts simple and quick.

Methodology

Research for this article encompassed business bank accounts from across the U.S. We evaluated the benefits offered, transaction limits, fees charged, and customer service of each business bank account reviewed to determine the "best of" designation for each category.

Wells Fargo's financial products cover every major area of consumer finance, but the recent scandals around its abuse of customer information should make most new customers think twice. Wells Fargo's interest rates, fees and bonus offers aren't much different from its largest competitors in Chase and Bank of America, but its huge network of branches and ATMs may make it a convenient choice despite its many errors.

Review: Should You Open a Wells Fargo Account?

After the revelation of a huge sales-practices scandal in September 2016, the number of new account openings at Wells Fargo fell by 40%. In response, the bank has begun offering $250 to new customers who open a Wells Fargo Everyday Checking Account and meet a simple deposit or spending requirement. This new offer is one of the highest bank sign-up bonuses currently available, but people who sign up should be diligent about checking their monthly statements, just in case an unexplained maintenance fee or transfer should appear.

If you look at other areas, Wells Fargo is a strong choice for small business owners. In addition to providing comprehensive small business bank accounts and merchant services, the bank is the most active participant in the Small Business Administration's 7(a) program for government-guaranteed loans. While it's best for business owners to look at multiple banks in their shopping, Wells Fargo should be on their list if they want to maximize their chances of getting approved for funding.

Wells Fargo also maintains a service called ExpressSend®, which lets people send money to a dozen different countries in Latin America and Asia with very low transfer fees. While most banks require their customers to pay international wire fees averaging $45 per transfer, ExpressSend® can cost as little as $5 depending on the size and destination of your transfer. For people who need to send remittances on a regular basis, Wells Fargo's service presents a substantial advantage over other options.

Our final word to those who are skeptical about Wells Fargo: so long as you're careful, it's still a reasonable banking choice if you live within its service area. Monitor your statements regularly for mysterious transactions, and seriously consider whether you need additional products before you take a banker's advice on applying for a new credit card or taking out a loan with Wells Fargo.

Wells Fargo Checking Account Features

Wells Fargo has six different checking account options, each appropriate for a different audience. These include premium checking as well as accounts for teens and people who have trouble getting approved at other banks.

If you take the time to waive the paper statement fees by switching to online statements, Wells Fargo's monthly fees are slightly better than those at other major banks. However, the real advantage at this bank comes with the large variety of options. For instance, neither Chase nor Bank of America —Wells Fargo's two closest competitors —carry any options specifically marketed to customers whose credit or banking histories prevent them from getting approved for accounts elsewhere. The Wells Fargo Opportunity Checking Account gives such "toxic" bank customers an opportunity to get back into the mainstream banking system.

Wells Fargo Teen Checking is another account with excellent features. Designed for teenagers from 13 to 17 years old, it's one of the easiest accounts to maintain for free: the $3 monthly statement fee can be waived by simply switching over to online statements. Other banks usually impose minimum balance or activity requirements, which can be somewhat difficult for teens to fulfill. Besides being essentially free, the account provides access to money management tools you won't find at banks like Chase or Bank of America.

As for Wells Fargo's standard and premium checking accounts, you won't find much to differentiate the options from similar products at most other brick-and-mortar banks. Better checking options can be found online, if you're willing to live without access to a physical bank. Perhaps the most obvious benefit of Wells Fargo checking lies in how easy it is to find a branch office or ATM almost anywhere in the country. Interestingly, Wells Fargo is the only one of the three largest banks to operate branches in Alaska.

Wells Fargo Savings Account Features

Savings accounts at traditional banks have fallen far behind the interest rates you can find with online institutions, and Wells Fargo is no exception in this area.

The interest rates at Wells Fargo aren't anything special, but if you're already taking out a loan or using a Wells Fargo checking account, it won't hurt to have a savings account there as well. With the more basic Way2Save Savings Account and Opportunity Savings, either a $300 daily balance or a $25 automatic transfer from your Wells Fargo checking account will waive the $5 maintenance fee. The real cost of keeping your savings with Wells Fargo is that you'll miss out on stronger rates elsewhere.

How Does Wells Fargo Compare to Other Banks?

Wells Fargo has branches just about everywhere, so it's likely that people within its service area have at least one other major bank to consider. We've given a brief head-to-head comparison between Wells Fargo and its largest competitors.

Wells Fargo vs. Chase

The retail banking division of JPMorgan Chase rounds out the list of top three U.S. banks, alongside Wells Fargo and Bank of America. Chase Bank branch locations tend to be concentrated in the country's most populated metropolitan areas, which means that Wells Fargo provides superior coverage in most other regions.

Location aside, Chase tends to fall behind Wells Fargo in the variety of checking and savings services it offers. It has no option for second-chance checking like Wells Fargo Opportunity Checking®, and while Chase's online banking interface is simple and intuitive, it doesn't provide any ways to assist in financial management like Wells Fargo's My Savings Plan and Budget Watch features do.

However, Chase does have a better set of credit card options, all of which earn points within the Ultimate Rewards program. This means that frequent credit card users may find better value banking with Chase, since they'll be able to link their bank balances to pay off Chase cards automatically.

Wells Fargo vs. Bank of America

Bank of America has a great deal of overlap with Wells Fargo in the states and cities they cover, but most people looking for a checking account will find a better deal at Wells Fargo. While Bank of America has higher daily debit and ATM withdrawal limits, most people shouldn't have a big problem with the limits set by Wells Fargo: you can withdraw up to $300 in cash from ATMs and spend up to $1,500 with your debit card each day.

Bank of America charges slightly more than Wells Fargo in monthly maintenance for its Core Checking Account, and it also charges a $5 paper statement fee that can only be avoided by choosing electronic statements. Wells Fargo charges $1 for the same service, and its monthly maintenance can be waived without any balance or direct deposit requirements: all you need is 10 debit card purchases each month.

Wells Fargo vs. Capital One

Capital One has a limited number of physical branch offices, but its strongest deposit account comes in the form of Capital One 360 Checking, an interest-bearing checking account serviced through the bank's online portal, earning 0.1% APY on any balance. Capital One also has a 360 Performance Savings Account that boasts a 0.4% APY. These rates are far higher than what you can earn with any Wells Fargo product, at any balance. If you're willing to give up banking in person, Capital One's bank accounts may present better value than Wells Fargo.

Like Wells Fargo, Capital One places a good deal of focus on small business accounts. The Capital One Spark Business Basic Checking and Spark Unlimited Checking Accounts come with unlimited free transactions, meaning businesses won't have to deal with a per-item fee every time their customers make a payment into the account. Most banks, including Wells Fargo, limit a business's free transactions to about 500 per month or fewer.

Bank of America vs. Citibank

Most consumers in the U.S. will want to select Wells Fargo over Citibank, simply because Wells Fargo operates far more domestic offices than Citibank. However, people who do end up spending a lot of time in other countries may find Citibank's global network of branches more useful. In terms of accounts, Citibank does provide higher daily spending and withdrawal limits than Wells Fargo, and makes it easier to waive the monthly fees.

In the end, though, a good checking account should let you access your money quickly and easily. Wells Fargo's ATMs and banks are much easier to reach than Citibank's, and the differences in fees and limits don't make up for Citibank's disadvantages in accessibility.

Wells Fargo and Company is one of the most successful American Multinational Banking and Financial holding companies. It offers several services and functions to its clients. The Wells Fargo routing number is one of the essential nine-digit codes that help expedite seamless wire transfer services of money. This page gives you the correct routing numbers of Wells Fargo and where on your paper checks you can find them.

Wells Fargo Routing number is a unique nine-digit number. The accurate routing number is usually located at the bottom of your check. It identifies the financial institution in which it is drawn or printed. The number on the check, also referred to as American Bankers Association (ABA) number, or SWIFT code can maintain an account and transfer funds from one account to another. This number is vital for transferring money to your other accounts or sending money to friends.  

Do you need guides for other banks? We have them here on Money Brighter? Read our guides for Bank of America, HSBC, and JPMC, or check out other interesting articles like routing numbers on MoneyBrighter. 

How to Find Wells Fargo Routing Number

As you earn online, you will need to connect the savings and checking accounts of your various income sources. You have to develop a full overview of how the routing numbers work and how to find the Wells Fargo number for each state. You can effectively keep track of all your accounts with Personal Capital.

Ways to Find Wells Fargo Routing Number

Should you choose to set up electronic funds transfers or direct deposits, you would need your account routing number. There are several ways to get your number by looking at your check or the bank’s website. Here are two standard methods to find those numbers:

Check from Wells Fargo Website

Since the routing numbers are not secret, the bank’s website posts those numbers online. You can find your Wells Fargo numbers on their website.

All you need to do is choose the type of account and the state where you opened the report, and your routing number will be displayed. You can also sign to Wells Fargo Online, select your account, and then select the link that shows your number.

Also, you can check the frequently asked questions section. Banks have many ABA routing numbers, and therefore it is essential to know the state where you opened your account.

Look at Your Check

Another method of finding the routing number is merely looking at the bottom of your negotiable instruments, such as the personal checks. This number of your account is the code located at the lower-left corner of the check, usually put in between the two signs that look like semicolons. At the bottom of the personal check, there are three digits usually printed with magnetic ink.

The first nine-digit code is the routing number, the next is the account number, and then the last set of the numbers typically represent the check numbers. The number can be the first or in the middle of the check.

You can easily recognize it because of the unique nine digits between symbols that look like semicolon symbols. The routing number on personal checks is for domestic wire transfers. 

Do you know the PayPal routing number for domestic ACH transfers? We also have guides for PayPal cash, verify an account, and withdraw money from PayPal. 

Wells Fargo Bank Routing Numbers per State

The summary of the Wells Fargo routing numbers according to state is made simple for ease of understanding. You can see these numbers for every state that they operate. For instance, the Wells Fargo number for Minnesota is 091000019.

How Routing Numbers Work and Their Importance

Routing numbers are essential components of the overall system of banks. To understand better how those numbers work, let’s explore how they originated, how they have derived, and how important they are.

Importance of Wells Fargo Routing Numbers

Wells Fargo Routing Number is the necessary code used when transacting balance transfers. If you need to send money, you require the branch details, usually recognizable by the routing transit numbers. Using the correct number before you start a money transfer process is vital.

You also need to verify the Wells Fargo routing numbers before you start any other transaction. You must even know the state name and the account type to get your Wells Fargo number. It is essential to have the right number for the transactions you need to do because your checks differ from the number you would use for wire transfers. 

The routing numbers are also important for the IRAs, prepaid cards, and savings accounts. You can use them to recognize the financial institutions when doing other transfers like cheque processing, paying bills, and Automated Clearing House (ACH) deposits. The American Bankers Association (ABA) usually manages the official routing number registrar. 

In case you’re interested in the general Discover Bank routing number direct deposit, wire transfers, and other types of transactions, it’s 031100649.

F.A.Qs

Conclusion 

Wells Fargo Routing number is an essential number that helps facilitate savings, receiving an incoming wire transfer, and sending an outgoing transfer. If you’re sending an international wire transfer, you’ll also need a Swift code for international transfers. 

There is no problem in writing yours down for ease of access. Kindly leave your review in the comment section down below.

Controversy generated by fraud perpetrated by Wells Fargo

The Wells Fargo account fraud scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.^[1] The creation of these fake accounts continues to have legal and financial ramifications for Wells Fargo and former bank executives as of early 2021.^[2]

Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through cross-selling.

The bank took relatively few risks in the years leading up to the financial crisis of 2007–2008, which led to an image of stability on Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO John Stumpf, an investigation into the bank led by U.S. Senator Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank.

Background[edit]

Cross-selling[edit]

Cross-selling, the practice underpinning the fraud, is the concept of attempting to sell multiple products to consumers. For instance, a customer with a checking account might be encouraged to take out a mortgage, or set up credit card or online banking account.^[3] Success by retail banks was measured in part by the average number of products held by a customer, and Wells Fargo was long considered the most successful cross-seller.^[4]Richard Kovacevich, the former CEO of Norwest Corporation and, later, Wells Fargo, allegedly invented the strategy while at Norwest.^[5][6] In a 1998 interview, Kovacevich likened mortgages, checking and savings accounts, and credit cards offered by the company to more typical consumer products, and revealed that he considered branch employees to be "salespeople", and consumers to be "customers" rather than "clients".^[6] Under Kovacevich, Norwest encouraged branch employees to sell at least eight products, in an initiative known as "Going for Gr-Eight".

Early coverage[edit]

Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011.^[4] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible^[6] quotas.^[7] In the Los Angeles Times article, CFO Timothy Sloan was quoted stating he was unaware of any "...overbearing sales culture". Sloan would later replace John Stumpf as CEO.

Under pressure from their supervisors, employees would often open accounts without customer consent. In an article from the American Bankruptcy Institute Journal, Wells Fargo employees reportedly "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."^[8] The employees received bonuses for opening new credit cards and checking accounts and enrolling customers in products such as online banking. California Treasurer John Chiang^[9] stated: "Wells Fargo's fleecing of its customers...demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed."

Verschoor explains the findings of the Wells Fargo investigation shows employees also opened online banking services and ordered debit cards without customer consent. "Blame is being placed on the bank's marketing incentive plan, which set extremely high sales goals for employees to cross-sell additional banking products to existing customers whether or not the customers needed or wanted them."^[9] Cross-selling products is not a new practice, but if employees feel pushed to sell more than is needed, and are incentivized to do so, there is no surprise that unethical practices began.

In 2010, New York Department of Financial Services (NY DFS) issued the Interagency Guidance on Sound Incentive Compensation Policies. These policies monitor incentive-based compensation structures, and requires that banks appropriately balance risk and rewards, be compatible with effective controls and risk management, and that they are supported by effective corporate governance.^[10]

Fraud[edit]

Employees were encouraged to order credit cards for pre-approved customers without their consent, and to use their own contact information when filling out requests to prevent customers from discovering the fraud. Employees also created fraudulent checking and savings accounts, a process that sometimes involved the movement of money out of legitimate accounts. The creation of these additional products was made possible in part through a process known as "pinning". By setting the client's PIN to "0000", bankers were able to control client accounts and were able to enroll them in programs such as online banking.^[11]

Measures taken by employees to satisfy quotas included the enrollment of the homeless in fee-accruing financial products.^[7] Reports of unreachable goals and inappropriate conduct by employees to supervisors did not result in changes to expectations.^[7]

After the Los Angeles Times article, the bank made nominal efforts to reform the company's sales culture.^[12] Despite alleged reforms, the bank was fined $185 million in early September 2016 due to the creation of some 1,534,280 unauthorized deposit accounts and 565,433 credit-card accounts between 2011 and 2016.^[11] Later estimates, released in May 2017, placed the number of fraudulent accounts at closer to a total of 3,500,000.^[13]

In December 2016, it was revealed that employees of the bank also issued unwanted insurance policies.^[14] These included life insurance policies by Prudential Financial and renters' insurance policies by Assurant.^[14] Three whistle-blowers, Prudential employees, brought the fraud to light. Prudential later fired these employees,^[15] and announced that it might seek damages from Wells Fargo.^[16]

Initial fines and broader coverage[edit]

John Stumpf, former CEO of Wells Fargo

Despite the earlier coverage in the Los Angeles Times, the controversy achieved national attention only in September 2016, with the announcement by the Consumer Financial Protection Bureau that the bank would be fined $185 million for the illegal activity. The Consumer Financial Protection Bureau received $100 million, the Los Angeles City Attorney received $50 million, and the Office of the Comptroller of the Currency received the last $35 million.^[11] The fines received substantial media coverage in the following days, and triggered attention from further interested parties.^[17][18]

Initial response from Wells Fargo and management[edit]

After news of the fines broke, the bank placed ads in newspapers taking responsibility for the controversy.^[19] However, the bank rejected the notion that its sales culture led to the actions of employees, stating "...[the fraud] was not part of an intentional strategy".^[19] Stumpf also expressed that he would be willing to accept some personal blame for the problems.

Company executives and spokespeople referred to the problem as an issue with sales practices, rather than the company's broader culture.^[20]

Initial impact of the fraud, legal action, and press coverage[edit]

On Wells Fargo management[edit]

The bank fired approximately 5300 employees between 2011 and 2016 as a result of fraudulent sales,^[21] and discontinued sales quotas at its individual branches after the announcement of the fine in September 2016.^[22] John Shrewsberry, the bank's CFO, said the bank had invested $50 million to improve oversight in individual branches. Stumpf accepted responsibility for the problems, but in September 2016, when the story broke, indicated he had no plans to resign.^[22]

Stumpf was subject to a hearing before the Senate Banking Committee on September 21, 2016, in an effort led by Senator Elizabeth Warren.^[23] Before the hearing, Stumpf agreed to forgo $41 million in stock options that had not yet vested after being urged to do so by the company's board.^[24] Stumpf resigned on October 12, roughly a month after the fines by the CFPB were announced, to be replaced by COO Timothy Sloan.^[25] Sloan indicated there had not been internal pressure for Stumpf's resignation, and that he had chosen to do so after "...deciding that the best thing for Wells Fargo to move forward was for him to retire...".^[24] In November 2016, the Office of the Comptroller of the Currency levied further penalties against the bank, removing provisions from the September settlement.^[26] As a result of the OCC adding new restrictions, the bank received oversight similar to that used for troubled or insolvent financial institutions.^[26]

Stumpf received criticism for praising former head of retail banking, Carrie Tolstedt, upon her retirement earlier in 2016, given that the bank had been conducting an investigation into retail banking practices for several years at the time.^[27] In April 2017, the bank utilized a clawback provision in Stumpf's contract to take back $28 million of his earnings.^[28] Tolstedt was also forced to forfeit earnings, though she denied involvement.^[28] Tolstedt was responsible for the pressure placed on middle management to dramatically increase the bank's "cross-sell ratio", a metric for how many accounts each customer had.

The bank experienced decreased profitability in the first quarter after the news of the scandal broke.^[29] Payments to law firms and other external advisers resulted in increased expenses.^[29] After earnings were reported in January 2017, the bank announced it would close over 400 of its approximately 6000 branches by the end of 2018.^[30] In May 2017, the bank announced that they would cut costs through investment in technology while decreasing reliance on its “sales organization”.^[31] The bank also revised up its 2017 efficiency-ratio goal from 60 to 61.^[31]

Wells Fargo costs[edit]

The CFPB fined Wells Fargo $100 million on September 8, 2016 for the "widespread illegal practice of secretly opening unauthorized accounts." The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures.^[32]

Wells Fargo incurred additional costs due to refunds and lawsuits:

• $6.1 million in customer refunds due to inappropriate fees and charges;^[33]
• $142 million in customer compensation due to a class-action settlement;^[33]
• $480 million settlement for a shareholder class-action lawsuit;^[34] and
• $575 million 50-state Attorneys General (AG) settlement for a combination of opening unauthorized accounts and charging for unnecessary auto insurance and mortgage fees.^[1]

The December 2018 AG settlement announcement indicated that Wells Fargo had already paid $2.3 billion in settlements and consent orders, so its $575 million settlement brought the total to nearly $3 billion.^[1]

On consumers[edit]

Approximately 85,000 of the accounts opened incurred fees, totaling $2 million.^[11] Customers' credit scores were also likely hurt by the fake accounts.^[35] The bank was able to prevent customers from pursuing legal action as the opening of an account mandated customers enter into private arbitration with the bank.^[21]

The bank agreed to settle for $142 million with consumers who had accounts opened in their names without permission in March 2017.^[36][37] The money repaid fraudulent fees and paid damages to those affected.^[37]

On non-management Wells Fargo employees[edit]

Wells Fargo employees described intense pressure, with expectations of sales as high as 20 products a day.^[38] Others described frequent crying, levels of stress that led to vomiting, and severe panic attacks.^[38][12] At least one employee consumed hand sanitizer to cope with the pressure.^[12] Some indicated that calls to the company's ethics hotline were met with either no reaction^[38] or resulted in the termination of the employee making the call.^[39]

During the period of the fraud, some Wells Fargo branch-level bankers encountered difficulty gaining employment at other banks. Banks issue U5 documents to departing employees, a record of any misbehavior or unethical conduct.^[39] Wells Fargo issued defamatory U5 documents to bankers who reported branch-level malfeasance, indicating that they had been complicit in the creation of unwanted accounts,^[39] a practice that received media attention as early as 2011.^[40] There is no regulatory process to appeal a defamatory U5, other than to file a lawsuit against the issuing corporation.

Wells Fargo created a special internal group to rehire employees who had left the bank but were not implicated in the scandal. In April 2017, Timothy Sloan stated that the bank would rehire some 1000 employees who had either been wrongfully terminated or who had quit in protest of fraud.^[41] Sloan emphasized that those being rehired would not be those who had participated in the creation of fake accounts.^[41] The announcement was made shortly after the news was released that the bank had clawed back income from both Carrie Tolstedt and John Stumpf.

Later government investigations and fines[edit]

First hearing[edit]

John Stumpf appeared before the Senate Banking Committee on September 20, 2016. Stumpf delivered prepared testimony and was then questioned. Senators, including Committee Chairman Richard Shelby, asked about whether the bank would clawback income from executives and how the bank would help consumers it harmed.^[42] Stumpf gave prepared testimony, but deferred from answering some of the questions, citing lack of expertise concerning the legal ramifications of the fraud.^[42]

Elizabeth Warren referred to Stumpf's leadership as "gutless" and told him he should resign.^[42]Patrick Toomey expressed doubt that the 5300 employees fired by Wells Fargo had acted independently and without orders from supervisors or management.^[42] Stumpf was later replaced as CEO by Tim Sloan, and Warren has expressed apprehension about leadership so closely associated with the period during which the fraud occurred. In October 2018, Warren urged the Fed Chairman to restrict any additional growth by Wells Fargo until Sloan is replaced as CEO.^[43]

Other investigations[edit]

Prosecutors including Preet Bharara in New York City, and others in San Francisco and North Carolina, opened their own investigations into the fraud.^[44] The Securities and Exchange Commission opened its own investigation into the bank in November 2016.^[45]

Maxine Waters, chair of the House Financial Services Committee, announced her intention to investigate the bank further in early 2019. She previously released a report about the bank's malpractice, and had called for the government to dismantle the bank.^[46][47] Former Wells Fargo Chairwoman Elizabeth “Betsy” Duke and James Quigley resigned on March 9, 2020 three days before House Committee on Financial Services hearings on the fraud scandal.^[48]

The Department of Justice and the Securities and Exchange Commission reached a settlement with the bank in February 2020 for a total fine of US$3 billion to address the bank's criminal and civil violations. However, this settlement does not cover any future litigation against any individual employee of the bank.^[49]

In November 2020, the SEC filed civil charges against two former senior executives, Stumpf and Tolstead, accusing them of misrepresentation to investors of key performance metrics.^[50]

External reactions[edit]

Divestitures by major clients[edit]

In September 2016, California suspended its relationship with the bank.^[51]John Chiang, the California State Treasurer, immediately removed the bank as bookrunner on two municipal bond issuings, suspended investments in Wells Fargo, and removed the bank as the state's broker dealer.^[51] Chiang cited the company's disregard for the well-being of Californians as the reason for the decision, and indicated the suspension would last for a year. Chiang later extended these sanctions against the bank to last for a second year, citing the "... opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control" as his reasons for doing so.^[52]

The city of Chicago also divested $25 million invested with Wells Fargo in the same month as the actions taken by the state of California.^[53] Additionally, Chicago alderman Edward M. Burke introduced a measure barring the city from doing business with the bank for two years.^[53]

Other cities and municipalities that have either replaced or sought to replace Wells Fargo include Philadelphia, which uses the bank to process payroll,^[54] and the state of Illinois.^[55] Seattle also ended its relationship with the bank in an effort led by Kshama Sawant. In addition to the account controversy, Seattle cited the company's support of the Dakota Access Pipeline as a reason to end its relationship.^[56]

Lawsuit by Navajo Nation[edit]

The Navajo Nation sued Wells Fargo in December 2017.^[57] The lawsuit claims Wells Fargo employees told elderly members of the Navajo nation who did not speak English that checks could only be cashed if they had Wells Fargo savings accounts. Wells Fargo was the only bank that operated on a national scale with operations with the Navajo Nation. Wells Fargo settled with the Navajo Nation for $6.5 million in August 2019.^[58]

From the media[edit]

Wells Fargo survived the Great Recession more or less unharmed, even acquiring and rescuing a failing bank, Wachovia,^[59] and the scandal tarnished the bank's reputation for relatively prudent management when compared to other large banks.^[60] Politicians on both the left and the right, including Elizabeth Warren and Jeb Hensarling have called for investigation beyond that done by the CFPB.^[59]

Many reacted with surprise both to Stumpf's initial unwillingness to resign and the bank's blaming the problem on lower-level employees.^[61][62]

In a fall 2019 article, management professor William Tayler and doctoral student Michael Harris analyzed the scandal as an example of the surrogation phenomenon.^[63]

Legacy at Wells Fargo and long-term impact[edit]

Leadership implications[edit]

Tim Sloan, who became CEO after Stumpf, later resigned in March 2019 under pressure related to the scandal.^[64] He was replaced by Charles Scharf, the former CEO of both Visa and BNY Mellon. Scharf was appointed with the expectation that he would rehabilitate the bank's reputation with regulators,^[65] having previously overseen turnaround efforts at BNY Mellon. As of October 2020, Scharf had not introduced a comprehensive plan to address the problems faced by the bank;^[66] this plan, announced in January 2021, was received skeptically by industry analysts.^[67]

John Shrewsberry, CFO of the bank since 2014, announced his retirement in mid-2020.^[68] Mike Santomassimo, a "lieutenant" of Scharf's from BNY, replaced him.^[69]

Financial and business implications[edit]

As of 2020, the ongoing regulatory scrutiny faced by Wells Fargo in response to the scandal continued to weigh on the bank's performance.^[70] A growth cap, placed on Wells Fargo by the Federal Reserve, complemented by low interest rates, has made recovery difficult.^[71] To reduce costs, executives under Scharf began reevaluating the bank's lines of business in an effort to trim or dispose of those outside its core offerings.^[72] The first major implication of this refocus was the sale of the bank's student loan business in December 2020 to private equity firms Apollo and Blackstone.^[72] As early as October 2020, Wells Fargo was reported to be pursuing a sale of its asset management business, hoping to sell the entire division in a single transaction.^[72][73] Potential bidders for the asset management business include Minneapolis-based Ameriprise and Canadian investment management firm CI Financial.^[74]

To better address its issues with compliance after news of the fraud broke, Wells Fargo's management teams relied on external consultants and law firms.^[75] Firms hired by the bank to oversee compliance initially included McKinsey and Promontory Financial Group; these were later replaced by Oliver Wyman and PricewaterhouseCoopers. In mid-2020, CEO Charlie Scharf announced commitments to reducing the amount of authority conceded to these firms, in part to trim spending on external counsel as high as $758 million a quarter. An employee, quoted in Financial Times, referred to the bank's degree of reliance on consultants as "off the charts" and even "comical".^[75]

The cuts to spending on consultants were announced at the same time as other cost-saving measures, chief among them layoffs.^[76]

Workplace culture[edit]

As of early 2019, employees at the bank indicated goals remained unrealistic.^[77][78]

Rebranding[edit]

On May 6, 2018, Wells Fargo launched an integrated marketing campaign called "Re-Established" to emphasize the company's commitment to re-establishing trust with existing and potential customers.^[79] The television commercial opens with the bank's origins in the Old West, references the scandal and fast-forwards to depict bank employees and customers.^[80]

Roughly a year later, in January 2019, the company announced another overhaul of their image, in a campaign called "This is Wells Fargo".^[81]

Contemporaneous allegations[edit]

In April 2018, new allegations against Wells Fargo were reported, including signing unwitting customers up for unnecessary auto insurance policies, with the possibility of an additional $1 billion fine.^[82] The company later paid this fine.^[47] The bank has also faced an investigation into the sales practices employed by the company's financial advisors.^[81]

References[edit]

An account number is the first number you will find on credit cards. Without this number, it is impossible to send or receive money from your bank or other banks.

Wells Fargo is a financial service company and one of the biggest banks in the United States of America. This bank has also been operating for donkey years.

How do I get my Account Number from Wells Fargo?

The account number is issued once your bank account with Wells Fargo is created. It is a unique ten-digit number that belongs to the account owner. Your account number gives you access to the numerous financial services offered by the bank. This includes funds transfer, withdrawal, making payments, and more.

What about the Wells Fargo routing number? You can find this bank’s routing number on their site. Also, know that every state has its Wells Fargo routing number. All you need to do to get yours is to select your account type and state you had the account opened. Then your routing number will pop up.

Furthermore, every financial institution has a swift code with which you can identify them globally. It is a code used for bank identification, particularly during international transactions.

About finding your Wells Fargo account number, there are different ways to go about it. Check them out below;

First Method:  

1. Open the Wells Fargo online
2. Click on the type of account you are operating
3. Click on the four last digits under the name of the bank account. You will find it at the top right-hand corner of the screen
4. Or, if you have a checkbook, you can find your account number at the bottom of a check.

Second Method:

If you have a bank statement, look at it carefully. You will find the account number at the top left or right-hand corner of the paper.

Third Method:

If you are using the mobile bank app, sign in. You will find your account number written in your account summary. Or you can use the help function to find it.

Fourth Method:

Contact your bank by dialing the number on your debit or credit card to connect to a customer service agent. A support agent will respond to your call, in no time, and request specific details to help verify your identity and respond to your inquiries.

How To Open A Wells Fargo Account

There’s no real difference between opening a bank account at Wells Fargo or any other bank. Also, after opening anaccount, you will receive your online credit card, used for international and domestic fund transfers.

Furthermore, it is best to have a savings account with Wells Fargo. This gives you access to several financial services offered by the bank. Below are the different steps you need to follow to open a Wells Fargo account.

Step 1:

Choose your preferred account type. These include the checking accounts and packages, savings account, time accounts, and Wells Fargo destination IRA from Wells Fargo Bank (FDIC insured).

Here’s what you need to know about the various account types;

Checking Account: With this account, you can withdraw and deposit money, write checks, receive interest on deposits, and also on the initial interest paid into your account.

Savings Account: A savings account allows the customer to accumulate interest on funds saved with the bank for future needs. The interest rate compounds on a daily, weekly, monthly, or annual basis. It also changes by the monthly service fees, interest rates, method used to calculate interest, and minimum opening deposits.

Wells Fargo Individual Retirement Account (IRA)

Wells Fargo IRA is a form of account provided by the financial institution to individuals who are about to retire. Wells Fargo offers one of the most attractive retirement services across the country. They designed their retirement services to help individuals save for their retirement and take full advantage of tax benefits.

Time Account

The time account serves owners of businesses that have cash reserves. It is usually for a specific time-frame and has great interest rates. It also comes with FDIC insurance. Plus, it is a fixed-term deposit, so you receive the interest in full at the end of the specified period.

Other Types of Wells Fargo Account

The other types of accounts Wells Fargo offers include, teen checking, opportunity checking, everyday checking, and portfolio by Wells Fargo.

Step 2:

Fill out the forms for the chosen account type.

Checking Account

You can open this account jointly or individually, and you would need to provide some necessary information, driver’s license, SSN (social security number), and minimum opening deposit. Having your checking account linked to a debit card is possible. Once done, it allows you to access your funds quickly, and you can manage it online.

Savings Account

The processes and information required to open a savings account are the same as a checking account. You also need to choose between an individual or joint savings account and have a reasonable account opening deposit.

Wells Fargo IRA

Select the option that fits your investment needs. Wells Fargo will grant you access to a trained and experienced financial advisor who will help you understand your needs better. Personal details for verification are required, and you can start with 1000 dollars for your IRA.

Step 3:

The bank will review and set up your account for you. So, you have to be patient, though this process doesn’t take much time.

Step 4:

At this stage, your account number should be ready and given to you. With it, you can have access to Wells Fargo’s numerous financial services.

Also, you can quickly open a Wells Fargo account online via www.wellsfargo.com or visit any of its branches nearest to you. The process is straightforward and quick.

The Pros And Cons Of Banking With Wells Fargo 

Pros:

1. Easy and accessible mobile and online banking
2. Opportunity to create a personal relationship with the bankers at Wells Fargo
3. It is one of the leading banks in the United States and the world at large
4. Offers reasonable interest rates
5. Free for college students

Cons:

1. Low APY rates compared to online banking
2. Monthly service fees on checking and savings account
3. Non- interest accounts
4. Minimum opening deposit

About Wells Fargo

Wells Fargo Company is an American financial service institute, regarded as one the best globally. The company has many customers to its name and offers several attractive financial services.

Wells Fargo operates 12 museums in America and has many branches in several parts of the United States, though its main office is in San Francisco, California.

Wells Fargo got involved in a scandal over the creation of fake bank accounts around 2016, but still, they rose back within a short space of time. The bank lost some of its assets due to the scandal.

Today, Wells Fargo is a top-ranking financial institution and has financed numerous environmentally friendly business opportunities. An example includes small scale businesses on solar photo-voltaic. They deal with community banking, wholesale banking, brokerage, retirement, and are a trusted mortgage bank.

This financial institution also offers other investment products via its subsidiaries. The bank provides top-notch private banking services. Plus, with their biggest competitor being the Bank of America, Wells Fargo is doing everything humanly possible to stay at the top.

They also provide loans to interested students who meet their criteria.

Why Wells Fargo?

Wells Fargo is a well-established financial institution with a vast customer base. It does business with over 70 million customers across the U.S. Customers have benefited immensely from their exceptional knowledge and experience in the financial sector. The bank is also a force to reckon with when it comes to private banking.

Wells Fargo is also ahead of the game, technology-wise. The bank uses advanced technology, which makes life easier for its ever-growing customers across the country. It offers exceptional Smartphone-based financial transactions using mobile wallets, which also includes Wells Fargo Android Pay, Wells Fargo Wallet, and Samsung pay.

Wells Fargo has proven to be the best when it comes to issuing loans, ease of account opening and operation. It also makes international wire transfers smooth and easy for its customers.

Employees, on the other hand, are paid 15 dollars per hour, and offered several mouthwatering benefits that most of its competitors do not offer their workers.

Conclusion

Opening an account or getting your account number from Wells Fargo is a breeze. The bank is also safe and stands as one of the leading financial institutions in the world. Wells Fargo offers numerous financial services and a competitive interest rate. The bank provides many packages that are beneficial to individuals looking to be financially well-placed after retirement too. So, if you are interested in opening an account with Wells Fargo, the information on this post should make things easier for you.

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