About 4, in more than 35 states and Washington, D. Banking apps ratings from app store users. Customer service. Available by phone Monday-Friday, 8 a.
ET, Saturday-Sunday, 8 a. Both banks cover a majority of states, though Wells Fargo has the edge over Bank of America when it comes to branch count and state coverage. Both have multiple ways to contact customer service. Note: Wells Fargo paid several penalties to government regulators in the past few years due to a series of abusive practices. This included bank employees opening roughly 1. Overdraft fee. Overdraft protection fee. Extended overdraft fee.
Overdraft fees are high at both banks. Other banks charge less, or limit the number of times you can overdraft to once a day.
Some of the best banks don't charge a fee at all. Neither bank charges an extended overdraft fee, which is what banks can charge for having a negative account balance for a certain number of days. Wells Fargo and Bank of America have similar offerings but slight differences in avoiding fees that might tip either bank in your favor. You can find options at NerdWallet's best banks and credit unions.
Snapshot comparison. Wells Fargo details. Bank of America details. Learn More. Choose Wells Fargo if:. Choose Bank of America if:. You want a larger ATM network. Or go with an alternative. Wells Fargo vs. Bank of America: Basic checking accounts. How to get it waived. About 12, ATMs. About 17, ATMs.
Bank of America: Basic savings accounts. Bank of America: Certificates of deposit. Bank of America: Banking experience. Social media support available. Live chat support available. Email support available. Bank of America: Overdraft fees. Even though there are traces of Bank of America dating back to the s, they only became an official company in Before it became Bank of America, it was established in Italy in They first operated out of a former tavern and over the years, grew to the giant they are today.
But, with the rise of deregulation, its initial emphasis on the general consumer eventually created problems for the bank. The founder of Bank America, Amadeo Peter Giannini, soon became one of the most influential figures in 20th-century banking. After all, that was about a zillion years ago! You only have to look at the wealth of experience and success they have under their belt to understand this point is moot.
Not only that, but it showed significant success with the pony express for a good 18 months. How did this come about? They earned it from their consistent high profits and rich dividends. One of the struggles Wells Fargo had to overcome was the drought of This affected transport generally but was a particularly grave hindrance to Wells Fargo, making it challenging to transport gold and other goods for their clients.
This period was known as the Panic of More than large enterprises in the USA particularly in San Francisco suffered huge losses, some even to the point of shutting down. As soon as this period of affliction came to an end, it looked like it would only be onwards and upwards for Wells Fargo. Is this not another reason that proves the reliability and sustainability of the company?
They have survived hard times. Not many years later, Henry Wells faced another threat. In the s, his control of the railroads came under opposition. This gave them a big bank shock. After this challenging period, they decided to relocate its headquarters from New York to San Francisco for a fresh start.
Soon after that, they were in the advantageous position of being able to gain total possession of the trains from San Francisco to California.
The fact that no other company had access to these lines made them an almost-impossible competitor. Anybody who needed goods delivering in this region had no choice but to go through Wells Fargo. Due to no fault of their own, they suffered a period of numerous robbery attacks during the late s, and more specifically, in Massive traumas came as a result, including seven hangings and 16 deaths in total!
Although these were terrible events and something never to be repeated, it forced Wells Fargo to ground itself. They found a defense mechanism that helped them get back to being the reliable bank they once were. They hired security to make sure such an awful turn of events would never happen again. Unfortunately, burglaries plagued many major businesses up and down the country. Not only does it have up to 13, ATM machines and almost 6, branches, but it also has lots of great deals and offers.
Just like most other banks, customers have the option to open a checking account and a savings account. Even in this day and age, finding this can be quite tricky. People tend to operate during business hours only. The bank even offers a Teen Checking account to help teenagers learn how to manage their money. This is usually the main drawback of big banks since they have to keep up with the costs of maintaining thousands of physical locations.
While this is pretty standard for big banks, you can find much higher rates elsewhere. Bank of America has a slightly smaller reach than Wells Fargo with locations in 36 states and D. However, you can still certainly find the bank online and on mobile.
That way, you can open an account and manage your account s wherever you are. Bank of America has fewer account options, as well. Those can help indicate whether an account is right for you or not. Just as with Wells Fargo, Bank of America offers some low interest rates. Both banks offer a standard suite of bank accounts complete with savings, checking and CD accounts.
Neither bank has a money market account option.
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