Is Wells Fargo running out of money?
Crucially, the company's liquidity coverage ratio is excellent at 122%, increasing 300 basis points from its level in 2021. What's more, notwithstanding that its total assets fell slightly to $1.89 trillion, only $510 billion of Wells Fargo's deposits exceed the FDIC's insurance limits.
Wells Fargo bank account deposits are FDIC insured up to $250,000, or $500,000 for joint accounts.
The Office of the Comptroller of the Currency said on Thursday it was putting restrictions on Wells Fargo's ability to expand into risky businesses after it found the bank had insufficient safeguards against money laundering and other illegal transactions.
Fitch Ratings - New York - 28 May 2024: Fitch Ratings has affirmed Wells Fargo & Company's (WFC) Long-Term Issuer Default Rating (IDR) at 'A+'. Fitch has also affirmed Wells Fargo Bank, N.A.'s (WFBNA) Long-Term IDR at 'AA-'. The Outlooks on the Long-Term IDRs are Stable.
Wells Fargo's likelihood of distress is under 10% at this time. It has tiny risk of undergoing some form of financial distress in the near future. Probability of bankruptcy shows the probability of financial torment over the next two years of operations under current economic and market conditions.
- The First National Bank of Lindsay failed on October 18, 2024.
- Republic First Bank failed on April 26, 2024.
- Citizens Bank of Sac City, Iowa, failed on November 3, 2023.
Wells Fargo's behavior reflects the persistence of the nation's too-big-to-fail problem, in which a handful of megabanks enjoy a government guarantee against failure—and may treat their customers with impunity—because of the risks they pose.
"The bank has been going through a clean-up process for years," said Chris Marinac, director of research at Janney Montgomery Scott. "The latest move by the OCC shows that it is still very much under investigation and I would expect that to continue."
“As such, we continually evaluate our branch network in light of changing customer needs, increased usage of digital banking and market factors,” the bank added. In recent months, Wells Fargo has closed 61 branches. In September, the institution closed 25 locations, while another 15 shut down in October.
We at the MarketWatch Guides team give Wells Fargo 3.8 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The company gains points for the number of products it offers, its large number of physical branches and its mobile app.
What is a better bank than Wells Fargo?
Chase has better customer satisfaction ratings, but Wells Fargo offers better interest rates on its savings accounts and the fees are also similar. If you're looking for a CD with a lower minimum deposit, Chase's $1,000 threshold is much lower than Wells Fargo's $2,500 minimum. Why is banking with Chase better?
JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
Total debt on the balance sheet as of June 2024 : $192.13 Billion USD.
Yes, all Wells Fargo savings product funds in both savings accounts and certificates of deposit (CDs) are FDIC-insured up to the maximum applicable limits. Visit our FDIC Insurance page to learn more.
The integration of Wachovia and Wells Fargo is complete, and all Wachovia accounts have been moved to Wells Fargo.
We'll alert you when your card is declined for reasons such as: Reported or suspected fraud. Payments that are past due. An overlimit, suspended, or closed account.
| Bank Name | City | Closing Date |
|---|---|---|
| The First National Bank of Lindsay | Lindsay | October 18, 2024 |
| Republic First Bank dba Republic Bank | Philadelphia | April 26, 2024 |
| Citizens Bank | Sac City | November 3, 2023 |
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| Bank | Motley Fool Money's Rating | FDIC Insured? |
|---|---|---|
| Chase | 4.50 | Yes |
| Capital One | 4.50 | Yes |
| American Express® National Bank | 4.50 | Yes |
| Quontic | 4.50 | Yes |
The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.
Wells Fargo's private banking division, known as The Private Bank, serves high net worth individuals and families with at least $1 million in investable assets.
Which banks will never fail?
The Bank of New York Mellon Corp. Citigroup Inc. The Goldman Sachs Group Inc. JPMorgan Chase & Co.
What is Wells Fargo Financial Strength? Wells Fargo has the Financial Strength Rank of 3. It displays poor financial strength and is likely in financial distress. Usually this is caused by too much debt for the company.
Wells Fargo is a public company, collectively owned by its shareholders. Wells Fargo has traded on the New York Stock Exchange since 1962. The largest institutional shareholders of Wells Fargo are Vanguard, BlackRock, and Fidelity.
(Reuters) - The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported on Wednesday. The probe focuses on JPMorgan (JPM. N), Bank of America (BAC. N),and Wells Fargo (WFC.
“Zelle is owned by Early Warning Services, a financial tech firm and consumer reporting agency that is co-owned by seven of the largest U.S. banks: Bank of America, Capital One, Chase, PNC, Truist, U.S. Bank and Wells Fargo,” NerdWallet says.
