Guide to Wells Fargo Background Check Processes and Policies

As one of the largest banks in the US, Wells Fargo employs more than 220,000 people worldwide. Their hiring process may include an application, assessments, phone or in-person interviews, drug screening, and a background check. Understanding the process and reviewing your background check in advance can help you feel confident and prepared before applying for a job. Here's what you may need to know about Wells Fargo background checks, as an example. 

Wells Fargo may conduct background checks to evaluate a candidate or current employee’s criminal history, work experience, and skills. Background checks are often a standard part of the hiring process for many financial institutions to help ensure candidates are qualified and eligible for the role and remain compliant with applicable regulations. 

Customers, investors, and the public rely on financial institutions to safeguard their assets. By reviewing employment history, credit history, criminal history, and other aspects of a prospective Wells Fargo employee’s history, the organization can make informed hiring decisions to protect its reputation, clients, and existing employees. 

A Wells Fargo background check may also be necessary to comply with federal, state, or local laws and regulations. For example, Section 19 of the Federal Deposit Insurance Act (FDI Act) prohibits Wells Fargo and other financial institutions backed by FDIC insurance from hiring individuals with certain financial criminal convictions, unless a waiver is obtained from the FDIC. Background checks can help determine if a waiver is necessary to meet federal requirements.

Wells Fargo background checks must adhere to federal, state, and local background check laws. For example, employers that choose to work with a consumer reporting agency (CRA) to conduct background checks must comply with federal Fair Credit Reporting Act (FCRA) requirements. Under the FCRA, employers must provide a candidate with proper disclosure of their intent to conduct a background check, receive written consent prior to doing so, and follow the adverse action process should they decide not to hire the candidate based on the results. 

Additionally, candidates are provided a Summary of Rights under the FCRA which includes the right to know what information is included on their background check report and the ability to dispute any information that is incomplete or incorrect.

State and local laws may impose further restrictions. For example, if you’re applying for a position in a state, city, or county with Ban the Box laws, Wells Fargo, like other employers, may be prohibited from inquiring about your criminal history until later in the hiring process, like after a conditional offer is made.

What shows up on a financial institutions or Wells Fargo background check depends on the types of screenings selected by the company, the scope of each search being conducted, and applicable laws in the candidate’s location.

Wells Fargo determines what checks to perform based on its internal company policy, the details of which aren’t available to the general public. However, some types of screenings that a prospective or current Wells Fargo employee might undergo include:

How far back a Wells Fargo background check might go depends on the scope of the search and applicable laws where the candidate is being hired. Under the FCRA, many financial records can only be reported for seven years, though bankruptcies may be reported for up to ten years. 

Some states impose additional restrictions, shortening the lookback period for certain types of records, such as criminal convictions. An employment verification will usually check at least the most recent employer, while an education verification typically only confirms your highest degree, diploma, or certificate earned. 

The turnaround time for a Wells Fargo background check could vary based on the scope of the background screening, the availability of online records, and other factors. The industry standard turnaround time for background check companies is three to five days. However, a background screening may take longer if initial checks identify the need for further investigation or clarification, a candidate doesn’t provide sufficient or accurate information from the start, or records are not digitized and require a court researcher.

Whether a financial institution, like Wells Fargo, hires people with felonies depends on the financial institution’s internal policies. Under the FDI Act, FDIC-insured banks, like Wells Fargo are prohibited from employing individuals with convictions related to dishonesty, breach of trust, or money laundering (including theft, misappropriation, embezzlement, forgery, false identification, false reports to law enforcement, tax evasion, drug possession with intent to distribute, and writing bad checks). 

In some cases, a waiver from the FDIC may allow for the hiring of individuals with these convictions, but Wells Fargo ultimately decides whether to apply for such a waiver based on its internal policies.

Whether Wells Fargo or other financial institutions hire people with misdemeanors depends on the financial institution’s internal policies. As mentioned in the previous section, the FDIC Act would prevent a company, like Wells Fargo, from hiring individuals with a history of convictions for certain financial crimes without first applying for a waiver.

Whether a financial institution like Wells Fargo hires people with sex offender registration depends on their internal policies, which aren’t disclosed to the general public.

A “failed” background check generally does not automatically disqualify you from the position. Instead, the potential employer must notify you of the results and give you an opportunity to provide clarification or dispute the information, if it’s inaccurate. If the employer ultimately decides against hiring you due to the results of the background check, they must notify you in writing. 

This process is called adverse action, and the employers must send a notification detailing the information on which the decision was based, and provide the name, address, and phone number of the consumer reporting agency that supplied the report. You have 60 days to request a free copy of the report from the consumer reporting agency.

Wells Fargo or any financial institution may perform a background check as part of the hiring process, but you can preview your results by running a background check on yourself. Knowing what may appear on a background check allows you to anticipate questions or dispute inaccurate information before prospective employers conduct checks. 

With Checkr, finding out what’s on your background check is simple. Our personal background checks include common criminal history screenings, along with an SSN trace, sex offender registry check, and global watchlist search. Results are typically ready in minutes and can be easily viewed online. Order a personal background check today.

About the author

Hayley Harrison writes about a wide range of business topics and best practices, including background checks, candidate experience, and recruitment and retention. Her work includes educational articles, e-books, and blog posts.