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- Good customer service, 24/7 phone support
- Free online money management software
- Mobile banking
- Comparatively low interest
- Various fees and minimums
- Charge for using non-Wells Fargo ATMs
Banking experts say that Wells Fargo competes well among other large banks in the U.S. Its online banking operations have some innovative features, such as free online money management software called My Spending Report and mobile banking. Customer satisfaction is high, and many are pleased with Wells Fargo's round-the-clock support. However, reviewers note that Wells Fargo has many of the drawbacks associated with traditional banks: It has a complicated system of fees and minimum balances on many accounts and savings accounts have a significantly lower APY than online-only banks such as ING Direct or Ally Bank. There's also a fee for using ATMs not on Wells Fargo's network, something some that other banks (such as Charles Schwab) refund to their account holders.
As one of America's biggest banks, Wells Fargo gets annual ratings from a number of organizations, including Keynote Systems, Inc., ComScore.com and the American Customer Satisfaction Index. It ranks first or second in all these surveys. Individual customer feedback on Wells Fargo is also available at BankFox.com, where clients generally praise the bank and its services.
Our Sources
This annual report ranks 24 banks, many of which provide online banking, based on their overall score. Wells Fargo ranks second overall, behind Bank of America, and also ranks well for functionality. For ease of use, privacy and security, and quality and availability, it is within the top five.
Review: Keynote Scorecards for Financial Services/Banks, Editors of Keynote Systems, Inc., April 28, 2010
2. ComScore.comDetails/Subscribe
This report is based on a survey of over 2,500 people conducting online banking at top U.S. banks. Trends are well-covered, since the 2010 results are compared with those from previous years (the first report was in 2006). Though customer satisfaction in banks has slipped recently, the report concludes that Wells Fargo is the best major bank in that category (tied with PNC Bank).
Review: The 2010 State of Online Banking Report, Marc Trudeau, May 11, 2010
3. The American Customer Satisfaction Index
This chart shows historical and 2009 customer satisfaction ratings for 16 banks. Internet-only banks aren't included but the chart does help to rank big banks with online services. Wells Fargo is well in the lead among the banks listed here.
Review: Banks, Editors of The American Customer Satisfaction Index
4. BankFox.com
BankFox.com allows easy comparison of banks and bank accounts, with customizable search parameters. There are no editorial reviews -- instead, customers post feedback on most banks, contributing to an average rating. Wells Fargo gets about 30 reviews, and customers are pleased, if not particularly enthusiastic, about the bank. Wells Fargo's online features are also praised.
Review: Wells Fargo Bank Reviews, Contributors to BankFox.com
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