Predatory Practices of Wells Fargo Credit Card

Posted on Sunday, October 18th, 2009 at 1:09am CDT by 4088dda4

Company: Not Available

Location: US

Category: Other

Wells Fargo recently passed an across-the-board rate increase of 3% for all its existing credit card holders. If you opted not to accept the increase, the only option you were given, was to close your account and maintain your existing payback at its current rate. Seems reasonable, except for the fact that if you opt to close your account, the closure is reported to the credit bureaus, who generally reflect them as negatives on your credit report. That's right, basically accept the increase, or have your credit negatively impacted. Seriously people, what part of the game is this.?

It goes without saying that these practices are offensive and predatory, but they become downright criminal when you consider that in our current economic situation, many people are already maxed out on credit cards, with the less fortunate of those paying higher interests rates than is reasonable (anywhere from 15-25% interest). Logic tells me that essentially, Wells Fargo has no interest in seeing its customers (especially those who are financially compromised) pay back their debt. If they did, they would never choose to impose such an increase. Its simple, accept our increase, or have your credit ruined. And this differs from the housing scam how?

Its beyond insulting that banks can still get away with these predatory practices after the housing fiasco. And for you "wait a minute, let me defend Wells folks out there", maybe Wells Fargo shouldn't have bought Wachovia, with all its toxic debt. Now we, the loyal Wells customers, are forced to eat those same toxic assets, for the sake of Wells Fargo picking up a few "prized assets". Wow!!! And all of this from the same bank (Wells Fargo) that claimed no fiscal troubles, but still took "bail-out" money.

I'm beyond disgusted and offended. When is the government going to put some reins on these guys. How can companies get away with what amounts to extortion. What a shame.

1 Comment

17bf30df, 2010-04-19, 05:51PM CDT

Thinking about getting a Wells Fargo Financial Splash Card? You better do your homework and then some! That 0% interest for 6 months looks good but be sure to pay it off before the six months are up! My nightmare began with the purchase of a pellet stove from a retailer in my area. I purchased about $4300 worth of merchandise from them thinking that I would be able to pay off the balance or close to it in six months. Financial circumstances changed and that interest rate of an outrageous 23.99% turned my balance of $4300 into almost $4900 at the end of the six month period!! These unethical thieves are making almost $600 in interest on a $4300 principal balance! I recently transferred most of the balance to another card with the exception of $610 which was my second largest mistake! Apparently they state that they sent out a change in terms letter advising me that my minimum due would now be based on my highest billed balance if I did not opt out! I received my opt out letter in an envelope conveniently identical to my statement. I set it aside thinking it was just my statement. So, on a $610 balance my payments should be about $20 right??? WRONG!!! These thieves want $122.00 a month until the balance is paid off!! They will do nothing to reduce this amount and state that since I failed to opt out then I agreed to the terms! I strongly urge you boycott Wells Fargo like the plague. They will not think twice about ripping you off and I am proof of that!

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