Is Wells Fargo a credit union?
Wells Fargo is not a credit union. It is a commercial bank, which is a for-profit financial institution that provides services such as checking and savings accounts, loans, mortgages, investments, and insurance. Credit unions are not-for-profit organizations that are owned and operated by their members. They offer services similar to those provided by banks, but offer them at lower costs and better terms. Wells Fargo and credit unions differ in terms of ownership, services offered, fees, and membership requirements. Wells Fargo is federally regulated, while credit unions are regulated by the National Credit Union Administration.