Wells Fargo Business Account: 2023 Review

Q: What do you need to open a business bank account at Wells Fargo?

You may need to provide several business documents, photo identification, and a deposit of at least $25 to open an account. A valid driver’s license may serve as sufficient proof of identity.

Q: Is Wells Fargo good for small business?

Wells Fargo offers a variety of products and services for small businesses, including business checking accounts, savings accounts, lines of credit, and loans. Depending on your needs, Wells Fargo may be good for your business.

Q: Does Wells Fargo charge for business accounts?

Wells Fargo does charge for business accounts. Fees may range from $10 to $75 a month, but they can also be waived by meeting a minimum daily balance requirement or conducting certain transactions.

Q: What are the benefits and drawbacks to a Wells Fargo business bank account?

Wells Fargo offers flexibility with its three checking account options for businesses, each with a different threshold of monthly transactions. It also offers other products, like loans and lines of credit. Some of the fees, however, may be higher than other banks charge.

Check Your Rate

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Susan GuilloryUpdated July 7, 2023

Looking for a bank that offers a variety of business account options and services? A Wells Fargo business account may be a good place to start. With checking and savings accounts, as well as business financing and merchant services, Wells Fargo is a great all-around banking option for businesses.

Pros and Cons of Wells Fargo Business Accounts

Pros	Cons
Offers three business checking options to meet different business needs	Fees can be high if you don’t qualify to waive them
Has merchant services available to help you process credit and debit card payments	There are limits on transactions and cash deposits. If you exceed them, a fee kicks in

Wells Fargo Business Account Rates, Fees, Types, and More

Wells Fargo offers business checking and saving accounts, as well as loans and lines of credit. Read on for fees, rates, and requirements for these account types.

Wells Fargo Business Checking

Monthly fee:

Initiate Business Checking® Account: $10 monthly service fee (waivable with minimum balance)
Navigate Business Checking®: $25 monthly service fee (waivable with minimum balance)
Optimize Business Checking®: $75 monthly maintenance fee on up to five linked Optimize Business Checking accounts (may be offset by an earnings allowance)

Minimum daily balance to waive monthly fee:

Initiate Business Checking: $500
Navigate Business Checking: $10,000
Optimize Business Checking: N/A

Free monthly transactions:

Initiate Business Checking: 100
Navigate Business Checking: 250
Optimize Business Checking: 250

Wells Fargo Business Savings and CDs

Interest rates

Business savings account has variable annual percentage yield (APY), and fixed CD rates are not guaranteed until the certificate of deposit is opened

Monthly service fee

Business Market Rate Savings: $5 monthly service fee (waivable with minimum balance)
Business Platinum Savings: $15 monthly service fee (waivable with minimum balance)
Business Time Accounts (CDs): None

Minimum daily balance:

Business Market Rate Savings: $300
Business Platinum Savings: $10,000

Minimum opening deposit:

Business Market Rate Savings: $25
Business Platinum Savings: $25
Business Time Accounts: $2,500

Does Wells Fargo Offer Business Credit Cards?

Wells Fargo is not accepting new applications for business credit cards as of May 2023. The bank, however, says it plans to introduce a new business credit card in the coming months.

Wells Fargo Business Loans and Lines of Credit

Wells Fargo also offers the following business lending products:

Wells Fargo BusinessLine® unsecured business line of credit for customers in business two or more years
Wells Fargo Small Business Advantage® unsecured line of credit for customers in business less than two years
SBA 7(a) loans
SBA 504 loans
Equipment Financing
Commercial real estate financing

Alternatives to Wells Fargo Business Account

Wells Fargo small business accounts are just one option to explore for your company. Be sure to check out others, like the Chase business accounts or the Bank of America business accounts.

What Types of Business Accounts Does Wells Fargo Offer?

When it comes to Wells Fargo business bank account options, you may consider the following:

Wells Fargo Business Checking Account

There are three Wells Fargo small business checking account options to consider, each with a different limit on transactions before a fee is charged:

Initiate Business Checking. A basic business checking account with a low fee, low minimum daily balance, and fewer free transactions than the other accounts.
Navigate Business Checking. A mid-level checking account with a higher fee and minimum daily balance.
Optimize Business Checking. A premium business checking account, with the highest fees and the most perks of the three.

Wells Fargo Business Savings Account and CDs

If you’re also interested in a Wells Fargo business savings account for small businesses, you have two to choose from:

Business Market Rate Savings. A basic business savings account for companies just starting to save.
Business Platinum Savings. An account for businesses with more savings, often those preparing to expand.

Wells Fargo also offers Business Time Accounts (CDs), with a minimum $2,500 initial deposit and terms of up to 144 months.

Wells Fargo Business Loans and Lines of Credit

As mentioned earlier, Wells Fargo offers business loans and lines of credit for a variety of business needs. This includes loans for buying commercial property.

Why Choose Wells Fargo

In addition to the checking options, savings accounts, loans, and lines of credit, a key perk includes the Wells Fargo business solutions. These Wells Fargo business solutions include merchant services and point-of-sale systems that allow you to accept credit cards as payment, as well as payroll and other services, like customized support for business owners.

Important to Keep in Mind

A large difference between personal and business bank account options is that business accounts tend to have larger fees and higher minimum daily deposit requirements to waive those fees. Wells Fargo business account fees for Initiate Business Checking are reasonable ($10 a month), but that account has limited features and may not suit some businesses. The other checking account options have much higher fees.

Opening a Wells Fargo Business Account

You can open Wells Fargo business accounts at a branch, online, or over the phone, though what you need for each may vary.

Wells Fargo Business Account Requirements

To open a small business bank account, you may need:

Employer Identification Number for the business
Social Security number(s) for individual(s) opening the account
Two forms of ID, one of which must be from a government agency
Articles of Incorporation
Articles of Organization/Certificate of Organization/Certificate of Formation (for LLCs)
DBA/Fictitious Business Name statement (if any), business license, and/or partnership agreement (for sole proprietorships or partnerships).

If you apply for your Wells Fargo business account online or over the phone, you will receive instructions for how to provide Wells Fargo with your business documents, and you may also need to complete and sign other documents.

How to Open a Wells Fargo Business Account

When you open your account, no matter where, you’ll be asked questions about your business, including address, industry, and how long you’ve been in business. If you open an account in a banking location, all owners, partners, and individuals who will have access to the account may need to be present.You may also need to deposit a minimum of $25 into your new checking or savings account.

The Takeaway

Wells Fargo offers a fairly diverse selection of business banking products, which is convenient if you need more than one business service. However, if your business has more complex needs than the basic Initiate Business Checking offers, you may be able to find other banks that charge lower fees and offer more services.Lantern by SoFi can help you find the right financing for your business. Just fill out a simple form and see today’s rates for small business loans.Fast funding for your business: Loans up to $2 million.

Frequently Asked Questions

What do you need to open a business bank account at Wells Fargo?

Is Wells Fargo good for small business?

Does Wells Fargo charge for business accounts?

What are the benefits and drawbacks to a Wells Fargo business bank account?

About the Author

Susan GuillorySu Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

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