Wells Fargo Initiate Business Checking review

Wells Fargo Initiate Business Checking is the bank's account for the most common business needs: lower balances and fewer transactions. The monthly service fee is $15, and it drops to $0 if you keep a $2,000 minimum daily balance, hold a $5,000 average combined business deposit balance across linked accounts, or own a Wells Fargo Premier Checking or Private Bank checking account. Opening requires a $25 deposit. Day-to-day banking runs through Wells Fargo Business Online and the Wells Fargo Mobile app, which include Business Bill Pay and Mobile Deposit, and there are more than 11,000 ATMs across the country. Businesses with more activity can move to the next Wells Fargo tier, which costs $25 or $0 with a $10,000 minimum daily balance. Compared with the online accounts on this list, Initiate offers fewer finance tools and no interest, so it makes the most sense when you want in-person service and already keep $2,000 in the account.

Who it is for

Low-volume businesses that want a national branch network and more than 11,000 ATMs.

Price

$15 monthly service fee, or $0 with a $2,000 minimum daily balance.

Monthly service fee $15 or $0 Avoid the monthly service fee with one of the following each fee period: $2,000 minimum daily balance
Quoted from the vendor pricing page on November 12, 2026.

Key features

• Monthly service fee waived with a $2,000 minimum daily balance
• Alternative waiver with a $5,000 average combined business deposit balance
• Wells Fargo Business Online and Mobile banking with Business Bill Pay and Mobile Deposit
• More than 11,000 ATMs across the country
• $25 minimum opening deposit

Strengths and weaknesses

• Strength: Large branch and ATM network
• Strength: Two balance-based ways to waive the fee
• Strength: Fee waived for Premier Checking and Private Bank customers
• Weakness: $15 monthly service fee without a waiver
• Weakness: Designed for lower balances and fewer transactions
• Weakness: Requires a $25 opening deposit, unlike most online accounts

Key facts

• Monthly fee: $15 or $0 with a waiver
• Opening deposit: $25
• ATMs: More than 11,000

Where it ranks

Wells Fargo Initiate Business Checking is No. 10 in our Best Business Bank Accounts verdict.