Alyssa Lane
Wells Fargo offers a range of investment products and services through Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC. These include the WellsTrade® and Intuitive Investor® accounts, which are offered through WFCS. Wells Fargo Advisors is not an FDIC-insured depository institution, but FDIC deposit insurance does protect against the failure of an insured depository institution, such as Wells Fargo Bank, N.A. Certain investment accounts are not covered by FDIC insurance, and Wells Fargo also offers insurance products through non-bank insurance agency affiliates.
| Characteristics | Values |
|---|---|
| Insurance provider | Federal Deposit Insurance Corporation (FDIC) |
| Insurance type | Deposit insurance |
| Insurance limit | $250,000 per depositor, per insured bank, for each ownership category (single, joint, trust, etc) |
| Insurance conditions | Insurance is subject to FDIC rules, including for pass-through coverage, which require certain conditions to be satisfied for deposit insurance coverage to apply |
| Insurance applicability | Deposit products offered by Wells Fargo Bank, N.A. |
| Non-insured products | U.S. Treasury bills, notes, and bonds purchased through an insured institution |
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What You'll Learn
FDIC Insurance
Wells Fargo Bank, N.A. is a member of the FDIC (Federal Deposit Insurance Corporation). The FDIC was created in 1933 to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system. The FDIC is an independent agency of the US Government.
All types of deposits held at Wells Fargo Bank are covered by FDIC insurance. This includes cashier's checks, money orders, loan disbursement checks, interest checks, and drafts issued by Wells Fargo. The FDIC Standard Maximum Deposit Insurance Amount is $250,000 per depositor, per insured financial institution, for each account ownership category. However, it is possible to qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. Examples of different ownership categories include single, joint, revocable trust, irrevocable trusts, certain retirement plans, and employee benefit plans.
Wells Fargo Advisors is not an FDIC-insured depository institution. FDIC deposit insurance only protects against the failure of an insured depository institution. Wells Fargo Advisors offers the Cash Sweep Program, which includes the Expanded Bank Deposit Sweep and the Standard Bank Deposit Sweep. The Expanded Bank Deposit Sweep provides up to $1.25 million in FDIC insurance ($2.5 million for joint accounts with two or more owners). The Standard Bank Deposit Sweep provides up to $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners).
It is important to note that Wells Fargo, along with its bank and non-bank affiliates, also offers a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products that are not covered by FDIC insurance include US Treasury bills, notes, and bonds purchased through an insured institution.
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Non-deposit products
Wells Fargo offers a range of non-deposit products and investment accounts that are not covered by FDIC insurance. These include:
U.S. Treasury Bills, Notes, and Bonds
Purchasing U.S. Treasury bills, notes, and bonds through an insured institution is a non-deposit product and is, therefore, not covered by FDIC insurance.
Brokered Liquid Deposit
Brokered Liquid Deposit is a flexible cash alternative offered by Wells Fargo Advisors. It is not an automated "sweep" program, and customers must instruct their Financial Advisor before each deposit or withdrawal. This product is designed to help manage non-transactional cash needs and provide a competitive yield for eligible Wells Fargo Advisors brokerage accounts.
WellsTrade® and Intuitive Investor® Accounts
These accounts are offered through Wells Fargo Clearing Services (WFCS), a division of Wells Fargo & Company. They provide financial products and services through various bank and brokerage affiliates.
Wells Fargo Wealth & Investment Management (WIM)
WIM is a division within Wells Fargo & Company that offers financial products and services through its affiliates. The Private Bank is an exclusive level for qualifying WIM clients. WIM offers discretionary portfolio management and other banking, advisory, fiduciary, and custody services.
Insurance Products
Wells Fargo & Company's nonbank insurance agency affiliates offer insurance products underwritten by unaffiliated insurance companies. These products can help protect against various risks, including market volatility, and are tailored to individual needs and circumstances.
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Independent agencies
Wells Fargo Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), an independent agency of the US government. The FDIC was created in 1933 to protect the deposits of failed banks and maintain healthy conditions in the national banking system. FDIC insurance covers all insured deposits in failed banks and thrifts. Wells Fargo offers a range of products and investment accounts that are not considered deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products not covered by FDIC insurance include US Treasury bills, notes, and bonds purchased through an insured institution.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC (FiNet), separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Advisors is not an FDIC-insured depository institution; FDIC deposit insurance only protects against the failure of insured depository institutions.
Wells Fargo Investment Institute, Inc. is a wholly-owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Wells Fargo Advisors Financial Network (FiNet) offers independent advisors the benefits of true independence with the support of a wirehouse. Independent advisors can set their own culture, from how they serve clients to the values and priorities of their team members. Wells Fargo provides a comprehensive wealth management platform and flexible technology solutions to support independent advisors in running their firms. The bank has focused on onboarding more independent advisors as part of its independent business model, where advisors retain a larger percentage of revenue.
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Investment accounts
Wells Fargo offers a variety of investment accounts and insurance products to its customers. Investment products and services are offered through Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC. These are separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Wells Fargo Wealth & Investment Management (WIM) is a division within Wells Fargo & Company that provides financial products and services through various bank and brokerage affiliates of the company. The Private Bank is an exclusive experience level for qualifying clients of WIM. WIM offers financial products and services through affiliates of Wells Fargo & Company, including Wells Fargo Bank, N.A., which offers banking, advisory, fiduciary, and custody products and services, including discretionary portfolio management.
Wells Fargo Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which was created in 1933 to provide insurance protection for depositors of failed banks and to maintain sound conditions in the nation's banking system. FDIC insurance covers all insured deposits of failed banks and thrifts. Wells Fargo Advisors is not an FDIC-insured depository institution, but FDIC deposit insurance can protect against the failure of an insured depository institution.
Wells Fargo offers a Cash Sweep Program, which includes the Expanded and Standard Bank Deposit Sweep, where the interest rate for cash deposited increases with the number of assets held. The Expanded Bank Deposit Sweep Program allows for cash to be swept to affiliated banks, unaffiliated banks, or a mix of both, depending on market conditions and account size. The Cash Sweep Program also offers FDIC insurance of up to $250,000 per depositor, per insured bank, for each ownership category (single, joint, trust, etc.).
Wells Fargo also provides insurance products through non-bank insurance agency affiliates of Wells Fargo & Company, which are underwritten by unaffiliated insurance companies. These insurance products can help protect against risks such as market volatility and other catastrophic events.
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Insurance coverage
Wells Fargo Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC was created in 1933 to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system. The FDIC is an independent agency of the US government.
Wells Fargo, along with its bank and non-bank affiliates, offers a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit products that are not covered by FDIC deposit insurance include US Treasury bills, notes, and bonds purchased through an insured institution.
Wells Fargo Advisors is not an FDIC-insured depository institution; FDIC deposit insurance only protects against the failure of an insured depository institution. If your total deposits at a Program Bank exceed the applicable FDIC insurance limit, the amount over the limit will not be insured by the FDIC. You are responsible for monitoring the total amount of your deposits at the Program Banks to determine the extent of FDIC insurance coverage available. Insurance is subject to FDIC rules, including for pass-through coverage, which require certain conditions to be satisfied for deposit insurance coverage to apply.
Wells Fargo Advisors offers a variety of products and services to help make it easier to manage your investments. For example, with the Expanded and Standard Bank Deposit Sweep, the more assets you hold, the higher your interest rate will typically be for your cash deposited into the Sweep Program. Other benefits include the ability to receive up to $250,000 in FDIC insurance per depositor, per insured bank, for each ownership category (single, joint, trust, etc).
Insurance products are offered through non-bank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.
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Frequently asked questions
Wells Fargo Bank, N.A. is a member of the FDIC (Federal Deposit Insurance Corporation) and has been since 1933.
The FDIC was created to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system. All insured deposits of failed banks and thrifts have been protected by the FDIC.
Wells Fargo provides tools and resources to help you understand how FDIC insurance works. You can also use the tool launched by the FDIC at http://edie.fdic.gov to help calculate your insurance coverage and learn about the rules and limitations of deposit insurance.
