![]() The Attorney General announced the $20 million settlement in 2020, but the issues with Wells Fargo's RMBSs were from 2005 to 2009.īank of America has been in the following cases: The Maryland Attorney General entered into a settlement with Wells Fargo when it claimed that the bank didn't accurately disclose information to investors about residual mortgage-backed securities.The OCC stated that the bank's home lending loss mitigation program was unsuccessful, and it charged Wells Fargo a $250 million civil penalty. In 2021, Wells Fargo consented to a Cease and Desist order from the Office of the Comptroller of the Currency. ![]() The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts. In 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes.Wells Fargo has been involved in the following situations: You'll want to talk to current customers or read online customer reviews to see if a bank might be a good fit.īoth Wells Fargo and Bank of America have recent public scandals. ![]() Meanwhile, Wells Fargo has an F rating because it hasn't responded to some complaints on the BBB website and has government action taken against the bank.Ī good BBB rating isn't necessarily the be-all and end-all, though. The Better Business Bureau rates business based on responses to customer complaints, honesty in advertising, and transparency about business practices.īank of America received an A- rating from the BBB. Wells Fargo Trustworthiness and BBB ratings Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. This account also offers more ways to waive the monthly service fee. Winner: Bank of Americaīank of America lets you waive the monthly service fee for the first six months. However, if you're only looking to open a saving account, you might prefer Wells Fargo, since you can the waive the fee with a lower account balance. Wells Fargo has fewer options for waiving the monthly service fee. For example, if you open a checking account, you may use the Keep the Change ® feature to help you save. It also may be worthwhile if you want to become involved in some of Bank of America's other offerings. After the first six months, you also might find it easy to waive the monthly service fee if you're a college student or minor. The biggest upside to the Bank of America Advantage Savings Account is that you won't have to worry about a monthly service fee during the first six months of opening your bank account. Save As You Go® transfers $1 into your Way2Save Savings Account from checking each time you swipe your debit card Up to 10% cash back through BankAmeriDeals Keep the Change ® feature lets you round up debit card purchases
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