Pros and Cons of Banking at Wells Fargo

When it comes to a person’s money, many considerations must be made as to properly manage that money. In considering Wells Fargo as your primary financial institution several things need to be considered:

First:                    Strength of the financial institute

Second:                Locations

Third:                   Personal comfort level /satisfaction with the employees of local branches

Finally:                 Security

Wells Fargo has a long history and is known for everything from stage coach business to solar and wind  power production, but today stands among the biggest in banking.

The positives of dealing with Wells Fargo are many including:

*Over 6500 locations nationwide

*The second largest bank when considering amount of capital

*The fourth largest in insurance and financial services

*ATM locations at every branch and an additional 12,000 teller machines as well as cooperation with ATM’s from additional banks.

*They offer over 80 business services (As many as any of the big three banks i.e. Bank of America, Citi Group and J.P Morgan    Chase)

*With over 2000 stand-alone mortgage sites, they offer a wider range of services than many traditional bank mortgage offices.

*The online banking boasts of enhanced security with 128 bit encryption, which is industry standard.

With so many locations, services and security measures one might determine to use Wells Fargo on those elements alone, but this is not the whole picture of this immense empire.

The negatives in dealing with Wells Fargo may include the following:

*A large footprint leads to impersonal banking procedures. Local credit unions may not boast such large deposits or locations, but will know you by name and work closer with the community many times to insure a more community centered service.

*Being involved in the Federal bailout, Wells Fargo received over $25 Billion in revenue from the federal government and taxpayers, but have only paid back just around $2 Billion thus far.

*Wells Fargo was downgraded from AAA to AA- by the S&P due to the financial crisis of 2008-2010.

While all financial institutes offer various services, the most important factor, after weighing all the raw data, is “Can I lay down at night with the satisfaction of knowing I have done due diligence in choosing my financial institution?” If the answer is yes, then you can be satisfied with your bank. If however you say “No” then continue the research.

Information can be found on Wells Fargo in the following locations, and may aid you in better determining your future banking decisions:

News on Wells Fargo dropping Wachovia’s name

Business News on Wells Fargo

Company Ratings