Wells Fargo vs. Chase review

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Wells Fargo and Chase are two of the biggest national banks in the US. To help you determine which bank accounts and services may be the best for you, we’ve compared checking, savings, and CDs. We’re also comparing financial institutions in trustworthiness so you can know more about each institution’s history.

Pros and cons of Chase

Pros and cons of Wells Fargo

Checking account comparisons

Wells Fargo and Chase each have an ample number of checking accounts.

Below, we’ve compared two checking accounts that the average person would open if they were looking for a checking account with minimal bank fees. 

Savings account comparisons

Chase and Wells Fargo offer traditional and premium savings accounts. We compared two savings accounts with monthly services fees of $5 (or under if you qualify to waive the fee). 

CD comparisons 

Which bank is more trustworthy?

We use ratings from the Better Business Bureau to evaluate how a bank deals with customer issues. 

The Better Business Bureau gave JP Morgan Chase & Co. (Chase’s parent company) a A rating due to government action taken against the business. Wells Fargo received an F rating because it is responding to previously closed complaints and has received government action against the bank.

A good BBB rating won’t necessarily ensure your relationship with a bank will be perfect. Consider talking to current customers or reading online customer reviews.

Chase and Wells Fargo have also both gone through a few public controversies in the last few years.

Here are recent cases with JP Morgan Chase & Co.:

Meanwhile, Wells Fargo has been involved in the following issues:

• In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.  
• In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo because the OCC said the bank’s compliance risk management program had unsafe business practices.
• In 2020, the Department of Justice required Wells Fargo to pay $3 billion in a settlement that accused company employees of opening unauthorized bank accounts to meet unrealistic sales goals. 
• In 2019, Wells Fargo paid the city of Philadelphia $10 million in a settlement. The city claimed Wells Fargo engaged in predatory mortgage lending to racial minorities.
• In 2019, the bank also paid  $10 million in a settlement with the California Department of Insurance (CDI). The CDI stated that Wells Fargo signed up and charged 1,500 consumers on insurance products without their knowledge.

Frequently asked questions 

Sophia Acevedo, CEPF

Junior Banking Reporter