Bank of America vs Wells Fargo: what each publishes
As of October 17, 2026, we hold no rule from Bank of America or Wells Fargo on the 7 industries we track; below, side by side: where each takes companies from, its fees, its terms on closing accounts and its licence.
Not a ranking: the two names are in alphabetical order. The free check applies every provider’s rules to your own answers.
Where it takes companies from
Policy by industry
| Industry | Bank of America | Wells Fargo |
|---|---|---|
| Crypto | No published rule | No published rule |
| iGaming | No published rule | No published rule |
| Adult | No published rule | No published rule |
| Unlicensed financial services | No published rule | No published rule |
| AI and SaaS | No published rule | No published rule |
| Forex and CFD | No published rule | No published rule |
| Marketplace | No published rule | No published rule |
Where owners must live
Bank of America
One of the business owners or controlling managers must be a U.S. citizen or resident.
Wells Fargo
No published rule
Rules about countries
Bank of America
Must be U.S. based. Foreign business customers are unable to apply at this time.
Wells Fargo
No published rule
Fees
Bank of America
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Business Advantage Fundamentals Banking | Not stated; opening deposit USD 100 or more ('Opening Deposit $100 or more') | USD 16 ('$16.00 each month.'), not charged until the thirteenth statement cycle closes; waived with a combined average monthly balance of USD 5,000 or more in eligible linked business deposit accounts, USD 500 or more in qualifying new net purchases with the linked business debit card, or Preferred Rewards for Business membership | · Source |
| Business Advantage Relationship Banking | Not stated; opening deposit USD 100 or more ('Opening Deposit $100 or more') | USD 29.95 ('$29.95 each month.'), not charged until the third statement cycle closes; waived with a combined average monthly balance of USD 15,000 or more in eligible linked business deposit accounts or Preferred Rewards for Business membership | · Source |
Wells Fargo
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Initiate Business Checking | Not stated; minimum opening deposit USD 25 | USD 15; waived with a USD 2,000 minimum daily balance, a USD 5,000 average combined business deposit balance, or a linked Premier Checking, Private Bank Checking or Private Bank Interest Checking account; fee waived for fee periods ending within the first 64 days | · Source |
| Navigate Business Checking | Not stated; minimum opening deposit USD 25 | USD 25; waived with a USD 10,000 minimum daily balance, USD 15,000 average combined business deposit balances, or a linked Premier Checking, Private Bank Checking or Private Bank Interest Checking account | · Source |
| Optimize Business Checking | Not stated; minimum opening deposit USD 25 | USD 75 monthly maintenance fee for the relationship, up to 5 accounts, plus USD 30 for each account above 5; an earnings allowance can offset eligible service fees | · Source |
Closing an account
Bank of America
You or we may close your checking or savings account at any time without advance notice, except that we may require you to give us seven days advance notice when you intend to close your savings or interest-bearing checking account by withdrawing your funds.
Wells Fargo
We may close your account at any time.
Licence
| Licensee | Bank of America | Wells Fargo |
|---|---|---|
| Licensee | Bank of America, National Association · national bank, Member FDIC (FDIC cert 3510) | Wells Fargo Bank, National Association · national bank, Member FDIC (FDIC cert 3511) |
| Regulator | FDIC · | FDIC · |