Wells Fargo is a national bank that provides with consumers all types of financial products one of which is an identity theft protection plan. Wells Fargo employs over 270,000 employees and nationally has over 65 million customers. Nationally, Wells Fargo has over 9,000 retail branches in over 38 states and is considered one of the world’s biggest banks. In the US, Wells Fargo us on of the big four banks with their corporate office located in San Francisco, California. Their identity theft protection plan is offered in every branch through a banker.

The Positives

Wells Fargo offers their bank consumers with two identity protection plans – Identity Theft Protection and Enhanced Identity Theft Protection. These offers vary in features such as credit monitoring, email alerts, Lost Card Recovery. They include a $10,000 identity protection insurance policy underwritten by AIG at 2 different pricing structures.

Wells Fargo is a large company so they can provide adequate support through their branches and online and over the phone for all of their products. Their protection plans include months or quarterly credit reports and scores, but unfortunately, the scores are not the same scores seen by lenders when a consumer apples for credit. Scores provided are “for educational or informational use only” and consumers should not rely on them to get an accurate credit score rating.

The Negatives

When identity theft protection became an almost necessary tool for consumers, a lot of banks started adding these services for their banking consumers at a lower cost or even free addition to their banks. Based on the pricing for other banks, Wells Fargo is priced a bit more than it’s competitors.

Some complaints received from their banking customers about Wells Fargo’s identity theft protection plan, yet no plan is 100% perfect at this time. Some of the most common complains that have been received are due to:

  • Long holding times for customer service
  • Poor customer service help
  • Delayed credit alerts
  • Missing credit alerts
  • A difficult time with cancelling the identity theft protection plan

This complaints for Wells Faro’s identity theft protection is most likely due to the amount of banking customers that their customer service representatives have to help as well. This is one of the draw backs of dealing with a large bank: you may not get the most optimal customer services.

Additionally, the identity theft protection plan that Wells Fargo offers is in essence at it’s core, just credit monitoring. The actual program seems to lack several key features that other companies are providing and does not provide extensive coverage to effectively provide the right protection when dealing with identity theft and identity fraud.


As stated on the Wells Fargo Identity Theft Protection plan includes:

Wells Fargo Identity Theft Protection $12.99/month

With Wells Fargo Identity Theft Protection, when you purchase your plan online, you can:

  • Get online access to your Credit Report(s) and PLUS Score(s)2 .
  • Daily monitoring1 of your Triple-Bureau (Experian, Equifax, and TransUnion) Credit Activity. It can take up to 14 days after date of purchase to establish monitoring.
  • Receive email alerts on reported changes to your credit information.
  • Get quarterly statements with updated PLUS Score(s)2, Score Factors, Alerts History, and more.
  • Receive personalized support and access to Fraud Resolution Representatives if you need experienced guidance recovering from identity theft.
  • Receive assistance through Lost Card Recovery to help you cancel and replace lost or stolen debit and credit cards.
  • Be reimbursed up to $10,0003 for certain expenses covered under identity theft insurance.

Wells Fargo Enhanced Identity Theft Protection $15.99/month

In addition to the benefits of Wells Fargo Identity Theft Protection, with Wells Fargo Enhanced Identity Theft Protection, you can also:

  • Get monthly access to your Credit Report(s) and PLUS Score(s)2 .
  • Keep track of the history of your PLUS Score(s)2 and compare to the national average with the PLUS Score Tracker.
  • Receive Experian PLUS Score Change Alerts when your Credit Status changes or customize your alerts.
  • Use the Experian PLUS Score Simulator to see how behavior changes — such as paying off or opening a new credit card, reducing a debt, or missing monthly payments — may affect your Experian PLUS Score(s).

Contract Information

The following are disclosures quoted from Wells Fargo:

    1. Daily Credit Monitoring will notify members of new inquiries, new accounts, certain new derogatory information, public records, potentially negative information, cards reported lost or stolen or change of address that have been added to their Credit Reports as reported by any of the three major Credit Bureaus.
    2. Your PLUS Score(s) provided for educational purposes is calculated on the PLUS Score model and indicates your relative credit status. This is not the score used by lenders and can vary from the scores used by lenders (e.g. FICO or VantageScore).
    3. $10,000 identity theft insurance coverage is available through this product. The Identity Theft Insurance is underwritten by insurance company subsidiaries or affiliates of American International Group, Inc (collectively, the “Company”) under group policy #7077867. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described.
Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Please refer to the Summary of Benefits document included in the welcome materials or online.

Even without a credit monitoring service, you are entitled by law to a free report every 12 months from each of the three major Credit Bureaus. Information regarding these and other Fair Credit Reporting Act rights is available at the Federal Trade Commission website.

For more information about the difference between consumer purchased scores, like the ones available with Wells Fargo Identity Theft Protection plans (PLUS Score(s)) and lender purchased scores, read this report from the Consumer Financial Protection Bureau.

Wells Fargo Identity Theft Protection plans are not credit counseling services and do not promise to help you obtain a loan or improve your credit record, history, or rating. Identity Theft Protection plans are not FDIC insured.

Company Data

Wells Fargo has stated their company data as of September 30th, 2015 as the following:

“Note: All data as of September 30, 2015 unless otherwise noted.

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company founded in 1852 and headquartered in San Francisco. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

  • $1.8 trillion in assets, 4th largest in the United States
  • $1.4 trillion in retail brokerage client assets, 3rdlargest U.S. retail brokerage firm
  • Provides banking, insurance, investments, mortgage, and consumer and commercial finance
  • 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking
  • Offices in 36 countries
  • Approximately 265,000 team members
  • Ranked 30th on Fortune’s 2015 rankings of America’s largest corporations”

To view Wells Fargo’s Better Business Bureau rating you can find it here: Wells fargo Better Business Bureau.

The Verdict

Overall, Wells Fargo is a great bank and does help millions of their banking customers with a wide variety of banking products. We would recommend that you review their identity theft protection plan directly through one of their bankers and come to your own conclusions as to the pros and the cons.

Although, if you are looking for a more extensive and effective comprehensive package we would recommend a company like Identity Guard or Identity Force instead.

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Wells Fargo ID Protection

$12.99 - $15.99/month
Wells Fargo ID Protection



    Identity Protection


      Recovery Assistance




          Help & Support



            • Straightforward pricing
            • Massive resources to help consumers
            • Easy to sign up


            • Minimum features for identity theft protection
            • Service is basically a credit monitoring service
            • Pricing is expensive considering the features
            • Support is optimal
            • Hard to cancel