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Wells Fargo vs. Bank of America

Bank of America is cheaper: $12 checking waived by one $250 direct deposit and a $10 overdraft fee. Wells Fargo has more offices and a savings promo for $25,000+.

By BestGuide Editorial Team is the BestGuide newsroom. Pages without a named reporter were compiled by staff from the sources listed on the page.Updated October 16, 2026This page was compiled from primary sources: company disclosures and terms, the BBB and regulators. Our ratings method is described on the methodology page.
Runner-upWells FargoBestGuide Score: 4.5 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.
Visit siteRead our Wells Fargo review
Our pickBank of AmericaBestGuide Score: 4.5 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.
Visit siteRead our Bank of America review

Quick verdict

Bank of America is the lower-cost pick for most people. Its Advantage Plus checking costs $12 a month and is waived by a single $250 direct deposit, and it charges $10 per overdraft, while Wells Fargo Everyday Checking costs $15, needs $500 in electronic deposits to waive, and charges $35 per overdraft. Wells Fargo has more offices (4,161 versus 3,598, both across 39 states and D.C.), a next-day grace period on overdrafts, and a Platinum Savings promo at 3.25% APY for new customers with $25,000 or more. Bank of America also has the stronger BBB record, A+ against D-.

On this page11 sections
  1. Quick verdict
  2. Side by side
  3. Ratings and complaint records
  4. Checking fees
  5. Overdraft and ATM fees
  6. Savings rates
  7. Branches, apps and reputation
  8. Pros and cons
  9. Also consider
  10. FAQ
  11. Sources

Wells Fargo vs. Bank of America side by side

FeatureWells FargoBank of America
Main checking accountEveryday Checking, $15 a monthAdvantage Plus Banking, $12 a month Edge
How to avoid the monthly fee$500+ in qualifying electronic deposits, a $1,500 daily balance, $5,000 in linked balances or owner aged 17 to 24One $250+ direct deposit, a $1,500 daily balance or a BofA Rewards tier Edge
Low-cost starter accountClear Access Banking, $5 a month, no overdraft fees, open at age 13 or olderAdvantage SafeBalance, $4.95 a month, no overdraft fees, free for owners under 25 or with $500 daily balance
Overdraft fee$35 per item, up to 3 a day; no fee if you cover it by 11:59 p.m. ET the next business day$10 per item, up to 2 a day; none on declined items Edge
Out-of-network ATMs$3 per U.S. withdrawal, $5 abroad on Everyday Checking$2.50 per U.S. withdrawal, $5 abroad, plus the owner's fee Edge
Foreign transaction fee on debit card3% on debit card purchases abroad, except Premier Checking3% on debit card purchases in a foreign currency
Standard savings rateWay2Save 0.01% APY; Platinum Savings 3.25% APY only for new savings customers who keep $25,000+ EdgeAdvantage Savings 0.01% APY; $8 a month unless waived
Relationship perksPrime Checking free with $20,000 in linked balances; Premier from $250,000BofA Rewards tiers from $30,000 (Preferred Plus), $100,000 and $1 million
U.S. offices (FDIC, June 30, 2026)4,161 offices in 39 states and D.C. Edge3,598 offices in 39 states and D.C.
Total assets (FDIC, June 30, 2026)About $1.91 trillionAbout $2.65 trillion
CFPB complaints, last 12 months22,635 across all products; 9,761 about checking or savings23,829 across all products; 8,671 about checking or savings
BBB ratingD-, not accreditedA+, accredited since 1949 Edge

"Edge" marks the better option on that line for most people. Wells Fargo leads on 2, Bank of America on 5.

Ratings and complaint records

Our score and sub-scores from each company's review, with the facts both reviews list.

FeatureWells FargoBank of America
BestGuide Score4.5 out of 54.5 out of 5
Reputation50 / 10075 / 100 Edge
Services70 / 10090 / 100 Edge
Transparency60 / 10070 / 100 Edge
Customer Satisfaction50 / 10075 / 100 Edge
Scalability90 / 10095 / 100 Edge
CFPB complaints1,25523,829
BBBD-A+
Trustpilot1.2 out of 51.4 out of 5
App Store4.9 out of 54.8 out of 5

Checking fees

Bank of America Advantage Plus Banking costs $12 a month. One direct deposit of $250 or more in a statement cycle waives it, as does a $1,500 daily balance or a BofA Rewards tier. It takes $100 to open.

Wells Fargo Everyday Checking costs $15 a month. It is free with $500 in qualifying electronic deposits, a $1,500 daily balance, $5,000 in linked balances, a primary owner aged 17 to 24, or a qualifying military direct deposit. It takes $25 to open.

For someone paid by direct deposit, both are free. For someone with irregular income under $500 a month in deposits, Bank of America’s single $250 threshold is easier to meet.

Both sell a no-overdraft starter account: Bank of America Advantage SafeBalance at $4.95 a month (free for owners under 25 or with a $500 daily balance) and Wells Fargo Clear Access Banking at $5 a month (open from age 13). At the high end, Wells Fargo Prime Checking is free with $20,000 in linked balances; Bank of America’s BofA Rewards tiers start at $30,000.

Overdraft and ATM fees

Bank of America charges $10 per overdraft item, no more than 2 a day, and nothing when it declines or returns an item. Wells Fargo charges $35 per item, up to 3 a day ($105). Wells Fargo’s Extra Day Grace Period waives the fee if you bring your available balance to zero or more by 11:59 p.m. Eastern the next business day.

Even with the grace period, Bank of America is cheaper for anyone who overdraws and cannot fix it the next day: two overdrafts cost $20 there and $70 at Wells Fargo.

Out-of-network ATMs cost $2.50 per U.S. withdrawal at Bank of America and $3 at Wells Fargo on Everyday Checking, plus the ATM owner’s fee; both charge $5 abroad. Both charge 3% on debit card purchases in a foreign currency, though Wells Fargo waives it on Premier Checking.

Both banks have paid for past fee practices. The CFPB ordered Wells Fargo to pay $3.7 billion in December 2022, including over surprise overdraft fees, and in July 2023 the CFPB and OCC ordered Bank of America to refund more than $100 million and pay $150 million in penalties over repeat bounced-check fees and other practices.

Savings rates

Standard savings pays 0.01% APY at both: Bank of America Advantage Savings and Wells Fargo Way2Save. Advantage Savings costs $8 a month after the first six months unless you keep $500, are under 25, link an Advantage Relationship account or reach a BofA Rewards tier. Way2Save costs $5 a month unless you keep $300 or set up automatic transfers from Wells Fargo checking.

Wells Fargo has the one higher-rate option of the two. Platinum Savings paid 3.25% APY as of October 7, 2026 for new savings customers who deposit $25,000 or more within 30 days and keep at least that much every day. On any day the balance is below $25,000 it earns the standard rate, and the account costs $12 a month unless you keep $3,500 daily. Rates vary by ZIP code.

For balances under $25,000, neither bank’s savings account pays a meaningful rate.

Standard savings at the biggest branch banks pays very little. If you keep more than a small cushion in savings, a separate online savings account or a credit union can pay far more, and FDIC or NCUA insurance covers up to $250,000 per depositor, per ownership category.

Branches, apps and reputation

Per FDIC data as of June 30, 2026, Wells Fargo has 4,161 domestic offices and Bank of America 3,598, each spread across 39 states and D.C. The state lists overlap heavily but are not identical, so check for a branch near you. Bank of America is the larger bank, with about $2.65 trillion in assets against about $1.91 trillion.

Both apps are top rated: Wells Fargo Mobile at 4.9 out of 5 from about 10.8 million App Store ratings and Bank of America at 4.8 from about 5.0 million.

Bank of America holds an A+ at the BBB and has been accredited since 1949. Wells Fargo holds a D- and is not accredited. In the 12 months to October 12, 2026, the CFPB logged 23,829 complaints about Bank of America and 22,635 about Wells Fargo across all products; on checking and savings alone, Bank of America had 8,671 and Wells Fargo 9,761.

Wells Fargo’s regulatory position has improved: the Federal Reserve lifted its asset cap in June 2025. Deposits at both are FDIC insured up to $250,000 per depositor, per ownership category.

Pros and cons

Wells Fargo

Pros

  • FDIC-insured national bank with branches and ATMs
  • 3.25% APY Platinum offer is competitive if you have $25,000 for new money
  • Unlimited Platinum withdrawals, checks and overdraft protection for checking
  • $25 to open and several ways to waive the Way2Save fee

Cons

  • Standard savings rates of 0.01% APY
  • Platinum offer requires $25,000 and is for new savings customers only
  • Monthly fees of $5 or $12 unless you meet waiver rules
  • Rates vary by ZIP code

Bank of America

Pros

  • About 3,600 U.S. offices and a large ATM network with no fee at Bank of America ATMs
  • Highly rated app (4.8 on the App Store) with the Erica assistant
  • Overdraft fee of $10, capped at 2 a day, and a no-overdraft SafeBalance option
  • Fees waived for owners under 25 on SafeBalance and Advantage Savings

Cons

  • Advantage Savings pays 0.01% APY
  • Monthly fees on most accounts unless you meet a waiver
  • BofA Rewards perks now start at $30,000 in balances
  • High complaint volume and a 1.4 Trustpilot score

Also consider

See every pick in our banks guide

Frequently asked questions

Is Wells Fargo or Bank of America better?

For lower fees, Bank of America: $12 checking waived by one $250 direct deposit and a $10 overdraft fee, against $15 and $35 at Wells Fargo. Wells Fargo has more offices and a savings promo for $25,000 or more.

Which bank has more branches?

Wells Fargo, with 4,161 domestic offices to Bank of America's 3,598, per FDIC data as of June 30, 2026. Each operates in 39 states and D.C.

Which has lower overdraft fees?

Bank of America, at $10 per item and up to 2 a day. Wells Fargo charges $35 per item, up to 3 a day, but waives it if you cover the shortfall by the end of the next business day.

Which pays more on savings?

Both pay 0.01% APY on standard savings. Wells Fargo Platinum Savings paid 3.25% APY in October 2026 to new savings customers who keep $25,000 or more.

How do I avoid the monthly checking fee?

At Bank of America, one $250 direct deposit, a $1,500 daily balance or a BofA Rewards tier. At Wells Fargo, $500 in electronic deposits, a $1,500 daily balance, $5,000 in linked balances or an owner aged 17 to 24.

Which is better for teens?

Wells Fargo Clear Access Banking can be opened from age 13 for $5 a month. Bank of America SafeBalance is $4.95 a month and free for owners under 25. Neither charges overdraft fees.

Sources (13)

Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards

  1. Wells Fargo: Compare checking accounts (accessed Oct 12, 2026) (accessed October 12, 2026)
  2. Bank of America: Personal Schedule of Fees, effective August 7, 2026 (accessed Oct 12, 2026) (accessed October 12, 2026)
  3. Wells Fargo: Overdraft services for personal accounts (accessed Oct 12, 2026) (accessed October 12, 2026)
  4. Wells Fargo: Savings and CD rates (ZIP 94105) (accessed Oct 12, 2026) (accessed October 12, 2026)
  5. FDIC BankFind: institution and office data as of June 30, 2026 (certs 628, 3510, 3511, 7213, 4297) (accessed Oct 12, 2026) (accessed October 12, 2026)
  6. CFPB complaint database API: Wells Fargo & Company, Oct 12, 2025 to Oct 12, 2026 (accessed Oct 12, 2026) (accessed October 12, 2026)
  7. CFPB complaint database API: Bank of America, N.A., Oct 12, 2025 to Oct 12, 2026 (accessed Oct 12, 2026) (accessed October 12, 2026)
  8. BBB: Wells Fargo profile (accessed Oct 12, 2026) (accessed October 12, 2026)
  9. BBB: Bank of America profile (accessed Oct 12, 2026) (accessed October 12, 2026)
  10. Bank of America: Advantage Banking accounts (accessed Oct 12, 2026) (accessed October 12, 2026)
  11. CFPB: Wells Fargo ordered to pay $3.7 billion (December 20, 2022) (accessed Oct 12, 2026) (accessed October 12, 2026)
  12. Federal Reserve: Wells Fargo no longer subject to asset growth restriction (June 3, 2025) (accessed Oct 12, 2026) (accessed October 12, 2026)
  13. CFPB: action against Bank of America over junk fees, withheld rewards and fake accounts (July 11, 2023) (accessed Oct 12, 2026) (accessed October 12, 2026)
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