Chase , Wells Fargo Banks are a commercial industry that serves the purpose of helping to store valuable items in a safe until it is needed. Banks over the years have grown, especially in this present age where technology is the order of the day, and many more developments are coming into the banking system. At the same time, the bank keeps increasing its utility rather than the regular saving or keeping money.
Among the many banks in the United States of America, four (4) could be pointed to as the movers in the industry. However, two giant movers in the industry are both popularly believed to be the best in the United States. These banks are Chase and Wells Fargo Banks.
Both banks serve their unique functions, but there’s a debate about which is the best of the two? The best of the two can only depend on the choice of a patronizer; in other words, whatever someone looks for best suits the person who answers the question of “best” between the two banks.
Brief History of Chase Bank
September 12, 1877, saw The Chase National Bank, organized by John Thompson, the bank was named in honor of the late former U.S. Treasury Secretary, Salmon P Chase. By 1921, Chase National Bank had grown to be the second-largest bank in the country without any aid from the mergers. Finally, on March 31, 1955, Chase National Bank with the Bank of Manhattan Company ( ranked the 15th largest as of then) merged to establish The Chase Manhattan Corporation.
It merged with some other firms, but the name remained unchanged. Finally, it merged for the very last time on record with an investment bank owner J.P Morgan, resulting in a change of name, J.P Morgan Chase & Co.
Brief History: Wells Fargo
Wells Fargo is a multinational financial services company with its headquarters in San Francisco, California. They were founded by Henry Wells and Williams George Fargo in 1852. Wells Fargo company in California controlled the Sale, purchase, and transport of gold dust and other valuable items during the California Gold Rush.
Wells Fargo was established to aid customers in creating business and also run the management of their money. Steamboats and stagecoaches were being used to deliver money and other valuable items from its office in California to New York and the rest of the world.
Why Chase Bank?
- Chase has the most prominent ATM outlets in the U.S., with over 16,000 ATMs. Chase has the highest in the U.S. top 4 largest banks.
- Chase has a higher number of branches. With branches in 38 states of the Nation
- Chase offers rewards on checking and savings accounts to her customers.
- At Chase, you only need $1000 to open a CD.
Shortcomings of Chase
- Chase Bank has a lower interest rate compared to Wells Fargo’s
- Chase Bank has fewer bank branches across the Nation. They are 400 short of Wells Fargo in bank branches.
- Monthly fees on Chase’s checking and savings account are higher than that of Wells Fargo.
Why Wells Fargo?
- Wells Fargo has more bank branches across the U.S., with over 5,400 branches, while Chase’s
- The platinum savings account in Wells Fargo is a little bit higher than Chase’s savings account.
- Generally, Wells Fargo’s checking and savings accounts have lower monthly fees.
Shortcomings of Wells Fargo
- Unlike the 16,000 ATM outlets that Chase Bank has. Wells Fargo only has 13,000 ATM outlets across the country.
- Wells Fargo only has a presence in 36 states of the U.S., unlike the 38 of Chase.
- To open a standard CD, you will have to pay as high as $2,500. However, it is pretty minor at Chase.
Detailed: Chase vs. Wells Fargo Savings account
The two savings accounts in Chase only pay 0.01% APY, or up to 0.11%, with a balance usually up to $250,000. However, Wells Fargo has three accounts that pay 0.01% to 0.05%, although it is up to 2.15% APY on the Platinum Savings account with a balance of $25,000 or above.
Chase vs. Wells Fargo Checking Accounts
Both banks offer three checking accounts, but Wells Fargo seems the better just because Wells Fargo has a policy and option for teens and also for customers who are not qualified for a standard account.
Chase vs. Wells Fargo: Other products
Both giant banks offer similar products, but Wells Fargo appears to have a wide range of account options.
Chase
- Home loans and refinancing
- Student and military banking
- Credit cards and reloadable card
- IRAs
- Chase Private Client
- Small business and commercial banking
- Brokerage accounts
- You Invest
- Chase Private Client
- Personal, car, and student loans
Wells Fargo
- Financial advising
- Student and military banking
- Small business and commercial banking
- Personal, car, and student loans
- Credit and reloadable cards
- 529 and college savings.
- IRAs and 401k plans
- Foreign exchange
- Home loans and refinancing
- Brokerage accounts
Conclusion
It is rightly said that “two persons cannot be alike,” this is the case with the two giant banks in the United States of America, Chase, and Wells Fargo Banks. They have their strengths and weaknesses, advantages and disadvantages, yet it becomes an individual’s choice to join whomever they think fits.
FAQs
How will I know Wells Fargo is the right bank to do services?
Analyze all the top four banks in the United States and see which is best at what you hold in esteem concerning banks
Are the Channels of Chase okay to trust?
The Channels are always safe to trust, according to them. With many branches in the U.S., it is effortless to determine.
