The Wells Fargo Business Choice Checking account is no longer available. Now, the best starting choice for a small business checking account from Wells Fargo is their Initiate Business Checking Account.
The monthly service fee can be easily avoided with either a $500 minimum daily balance, or a $1,000 average ledger balance. Wells Fargo is one of the largest banks in the United States. This account makes it on our list of the best free Business Checking accounts.
Initiate Business Checking Account Overview
- Monthly Fee? $10; see how to waive it below
- Minimum Opening Deposit? $25
- Transactions Limit? 100 monthly. No fee for the first 100 total transactions each fee period. After 100, it’s $0.50 per transaction.
- Cash Deposit Limit? $5,000 monthly. No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it’s $.30 per $100 deposited.
- Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
Wells Fargo is one of largest banks in the United States in terms of branch locations, so ease of access is certainly a factor in picking this account.
You can easily waive the $10 monthly fee by doing one of the following:
- Maintain a $500 minimum daily balance, OR
- Maintain a $1,000 average ledger balance during the fee period.
With all the limitations and the monthly fee that you have to actively waive, the Wells Fargo Business Choice Checking account falls near the bottom of the list of Best Free Business Checking accounts. But, if you need in-branch service and have several convenient locations close by where you live, this may be a good fit. The Chase Business Complete Banking℠ account is a solid competitor.