Comments on: Very Disappointed In Wells Fargo http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/ A rich life without a lot of money Fri, 10 Feb 2012 16:44:00 +0000 hourly 1 By: Relative» Blog Archive » wells fargo small business credit card http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-30884 Relative» Blog Archive » wells fargo small business credit card Fri, 10 Jun 2011 22:38:10 +0000 http://frugalbabe.com/?p=792#comment-30884 [...] Very Disappointed In Wells Fargo ?» ?» Frugal BabeFrugal Babe Jan 30, 2009 … Same thing occurred with our Wells Fargo small business credit card. Wells Fargo canceled the credit … [...] [...] Very Disappointed In Wells Fargo ?» ?» Frugal BabeFrugal Babe Jan 30, 2009 … Same thing occurred with our Wells Fargo small business credit card. Wells Fargo canceled the credit … [...]

]]> By: Nonnie http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-29737 Nonnie Tue, 03 Aug 2010 17:42:34 +0000 http://frugalbabe.com/?p=792#comment-29737 yet another reason to stick with credit unions ;) I used to work in the credit card department of a credit union and since our focus was on what was best for the members of the credit union, we encouraged people to pay off balances each month in full. I have also worked for a bank and we were constantly pushed to try and get more fees out of people (gee, that's always fun....). We have accounts with a couple of credit unions and we'll keep it that way ;) yet another reason to stick with credit unions ;) I used to work in the credit card department of a credit union and since our focus was on what was best for the members of the credit union, we encouraged people to pay off balances each month in full. I have also worked for a bank and we were constantly pushed to try and get more fees out of people (gee, that’s always fun….). We have accounts with a couple of credit unions and we’ll keep it that way ;)

]]> By: Aurie http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27781 Aurie Thu, 27 Aug 2009 20:13:03 +0000 http://frugalbabe.com/?p=792#comment-27781 Thank you for sharing this post. This is why I made the switch to work for a credit union. Although no financial institution is without fault or problems, it is my opinion that to maximize your financial relationships, you should never put all your eggs in one basket. Whether it is looking for primarily online savings to yield better interest on deposits, going to a local community bank or credit union for better rates on loans, and a combination of self-directed investment strategies, etc. it's sad to say that there is no longer any loyalty in the banking industry. Things have changed completely in our world. It's really messed up how they closed you out because they can't make any interest off you. Thank you for sharing this post. This is why I made the switch to work for a credit union. Although no financial institution is without fault or problems, it is my opinion that to maximize your financial relationships, you should never put all your eggs in one basket. Whether it is looking for primarily online savings to yield better interest on deposits, going to a local community bank or credit union for better rates on loans, and a combination of self-directed investment strategies, etc. it’s sad to say that there is no longer any loyalty in the banking industry. Things have changed completely in our world.
It’s really messed up how they closed you out because they can’t make any interest off you.

]]> By: erin http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27350 erin Thu, 30 Apr 2009 17:06:12 +0000 http://frugalbabe.com/?p=792#comment-27350 I own a small business and just logged into my Wells Fargo account today to pay off the balance off of my business credit card, as I do every month. What do I see? Big red letters stating 'THIS ACCOUNT IS CLOSED'. I was never notified, never saw this coming. My experience very much mirrors that of frugalbabe and is absolutely horrible. This is my business! My life! I've been banking with Wells Fargo for 15 years and this is how I'm treated. I'm switching banks asap. It was so nice to see, though, that I'm not alone... I own a small business and just logged into my Wells Fargo account today to pay off the balance off of my business credit card, as I do every month. What do I see? Big red letters stating ‘THIS ACCOUNT IS CLOSED’. I was never notified, never saw this coming. My experience very much mirrors that of frugalbabe and is absolutely horrible. This is my business! My life! I’ve been banking with Wells Fargo for 15 years and this is how I’m treated. I’m switching banks asap. It was so nice to see, though, that I’m not alone…

]]> By: Beth http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27203 Beth Thu, 19 Mar 2009 18:19:51 +0000 http://frugalbabe.com/?p=792#comment-27203 Same thing happened to me. I had a small business credit card with a huge limit that I told them would never be used. I had recurring bills paid with the card every month and I paid off the card every month. I went to the post office one day to buy stamps and the card was declined. I called WF from the post office parking lot and got the same exact wording, low usage and experian report.... After many calls and visiting a branch, I ended up pulling all of my accounts from WF. I don't want to bank with a company that has so little respect for its good clients. I had my credit report with me at the bank and it was in excellent range. The rep I was working with at the branch told me that he didn't think it was fair what WF was doing either. I would have been ok with them cutting my credit limit down or I might have even been ok if I had been informed of the date it was going to be canceled so that I could get things in order, but my notification came almost 3 weeks after the date I tried to use it. My advice is not to bank with WF, especially for small business. Same thing happened to me. I had a small business credit card with a huge limit that I told them would never be used. I had recurring bills paid with the card every month and I paid off the card every month. I went to the post office one day to buy stamps and the card was declined. I called WF from the post office parking lot and got the same exact wording, low usage and experian report….

After many calls and visiting a branch, I ended up pulling all of my accounts from WF. I don’t want to bank with a company that has so little respect for its good clients. I had my credit report with me at the bank and it was in excellent range. The rep I was working with at the branch told me that he didn’t think it was fair what WF was doing either.

I would have been ok with them cutting my credit limit down or I might have even been ok if I had been informed of the date it was going to be canceled so that I could get things in order, but my notification came almost 3 weeks after the date I tried to use it.

My advice is not to bank with WF, especially for small business.

]]> By: Sharon http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27192 Sharon Thu, 12 Mar 2009 00:40:03 +0000 http://frugalbabe.com/?p=792#comment-27192 Welcome to the new world of financial instability. I have/had 2 cards with Wells Fargo, being human, I forgot schedule a payment in advance as I usually do and remembered at the last minute. I logged on, went to payments and clicked the WRONG card. Now, my husband is 73 and we are on a fixed income. I called Wells Fargo as soon as they opened the following business day. Of course, it had already been submitted so they said they could do nothing about it, to stop payment at the bank. The bank said it was too late to stop payment because it was already in their system, but if there were not sufficient funds to PAY the amt due, they could send it back. Needless to say I could not afford 2 $335.00 payments so I went to the bank, withdrew the money and gladly payed the NSF fee. I called Wells Fargo and explained what I had done and why. They said they understood and I had to do what I had to do. So, I paid the CORRECT account and, made a payment on the other card too. Low and behold now, 10 days after the fact I have 2 $335.00 deductions in my account from Wells Fargo. What the representative DID NOT TELL ME WAS THEY SUBMIT PAYMENTS 3 (THREE) TIMES!. So, ignorant me not only has the original (erroneous) payment deducted from my account, I have $300.00 in NSF charges now also. Am I mad, certainly, will I do anything differently? Yep. Go to a new bank, and close the credit cards.......oh yeah - I forgot only Wells Fargo can close an account when there is a balance......an individual can't. Guess who I am not going to be doing business with anymore. I am on a fixed income, guess what we don't buy for the next 4 weeks until I can pay this off???? I guess I really did need to lose some weight. Welcome to the new world of financial instability. I have/had 2 cards with Wells Fargo, being human, I forgot schedule a payment in advance as I usually do and remembered at the last minute. I logged on, went to payments and clicked the WRONG card. Now, my husband is 73 and we are on a fixed income. I called Wells Fargo as soon as they opened the following business day. Of course, it had already been submitted so they said they could do nothing about it, to stop payment at the bank. The bank said it was too late to stop payment because it was already in their system, but if there were not sufficient funds to PAY the amt due, they could send it back. Needless to say I could not afford 2 $335.00 payments so I went to the bank, withdrew the money and gladly payed the NSF fee. I called Wells Fargo and explained what I had done and why. They said they understood and I had to do what I had to do. So, I paid the CORRECT account and, made a payment on the other card too. Low and behold now, 10 days after the fact I have 2 $335.00 deductions in my account from Wells Fargo. What the representative DID NOT TELL ME WAS THEY SUBMIT PAYMENTS 3 (THREE) TIMES!. So, ignorant me not only has the original (erroneous) payment deducted from my account, I have $300.00 in NSF charges now also. Am I mad, certainly, will I do anything differently? Yep. Go to a new bank, and close the credit cards…….oh yeah – I forgot only Wells Fargo can close an account when there is a balance……an individual can’t. Guess who I am not going to be doing business with anymore. I am on a fixed income, guess what we don’t buy for the next 4 weeks until I can pay this off???? I guess I really did need to lose some weight.

]]> By: K Kranz http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27127 K Kranz Fri, 27 Feb 2009 03:37:11 +0000 http://frugalbabe.com/?p=792#comment-27127 Des, I respect your comments about being in business to make money and you are right....on the business side a company wouldn't want to continue to lose money on a service they provide. The flaw may rest with you if you believe that ever offering the option of a) not using the card, b) using it only occasionally or c) using it and paying it off every month, all of which results in in paying no finance charges (bank profit) actually costs the company money. They wouldn't allow these options if there was a loss involved. Bad business model. While I am not sure how the money is made just yet on the bank side from non-finance charge paying customers, I am reasonably sure that the banks are not losing anything but rather not gaining as much in profits. So, if you can arrange to pay off your credit cards every month to avoid finance charges, by all means do so. To be penalized by an allowable event is hypocritical at best. Des,
I respect your comments about being in business to make money and you are right….on the business side a company wouldn’t want to continue to lose money on a service they provide. The flaw may rest with you if you believe that ever offering the option of a) not using the card, b) using it only occasionally or c) using it and paying it off every month, all of which results in in paying no finance charges (bank profit) actually costs the company money. They wouldn’t allow these options if there was a loss involved. Bad business model. While I am not sure how the money is made just yet on the bank side from non-finance charge paying customers, I am reasonably sure that the banks are not losing anything but rather not gaining as much in profits.

So, if you can arrange to pay off your credit cards every month to avoid finance charges, by all means do so. To be penalized by an allowable event is hypocritical at best.

]]> By: K Kranz http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27126 K Kranz Fri, 27 Feb 2009 03:16:38 +0000 http://frugalbabe.com/?p=792#comment-27126 Great post. I encourage all who bank with the large banks to look for a reputable credit union for the following reasons: 1. Lower borrowing rates 2. More financially sound 3. Fees are much less and there are less of them 4. Personal attention 5. Sources for just about any service you can find at a big bank 6. You are one of many owners by virtue of your membership 7. More forgiving grace periods if needed on loans and debts 8. Will work with you should a problem arise 9. Has positive equity and in no need of a bail out. 10. Better customer service. 11. Less bureaucracy. 12. Reports to the credit agencies. Great post. I encourage all who bank with the large banks to look for a reputable credit union for the following reasons:

1. Lower borrowing rates
2. More financially sound
3. Fees are much less and there are less of them
4. Personal attention
5. Sources for just about any service you can find at a big bank
6. You are one of many owners by virtue of your membership
7. More forgiving grace periods if needed on loans and debts
8. Will work with you should a problem arise
9. Has positive equity and in no need of a bail out.
10. Better customer service.
11. Less bureaucracy.
12. Reports to the credit agencies.

]]> By: Andre http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27121 Andre Thu, 26 Feb 2009 17:30:52 +0000 http://frugalbabe.com/?p=792#comment-27121 I received a letter from Wells Fargo that they are lowering my credit limit from $14,700 to $1,000. I was extremely dissapointed to find out about this because I have never made a late payment and my account was in good standing. At the time they received a credit report from Experian, I had accrued debt because I started a new business but I quickly paid them off. Unfortunately they did not take that into consideration and Wells Fargo said they would be glad to a credit check to verify what I said was true but it would be a hard hit. I told them why would I want to get a hard hit on my credit card to get the limit I once had just because they did not see all of the latest information. Anyways, if all my bills were not automatically debited from this credit card, I would have gladly closed the account and went to another bank but I don't want to deal with the mess of updating all my accounts. My final comment, the credit card I have with them has been opened for over 5 years and it has been in perfect standing. Now that I think about it, I will close my account. Hopefully others will do the same. I received a letter from Wells Fargo that they are lowering my credit limit from $14,700 to $1,000. I was extremely dissapointed to find out about this because I have never made a late payment and my account was in good standing. At the time they received a credit report from Experian, I had accrued debt because I started a new business but I quickly paid them off. Unfortunately they did not take that into consideration and Wells Fargo said they would be glad to a credit check to verify what I said was true but it would be a hard hit. I told them why would I want to get a hard hit on my credit card to get the limit I once had just because they did not see all of the latest information. Anyways, if all my bills were not automatically debited from this credit card, I would have gladly closed the account and went to another bank but I don’t want to deal with the mess of updating all my accounts. My final comment, the credit card I have with them has been opened for over 5 years and it has been in perfect standing. Now that I think about it, I will close my account. Hopefully others will do the same.

]]> By: FrugalBabe http://frugalbabe.com/2009/01/30/very-disappointed-in-wells-fargo/#comment-27075 FrugalBabe Sun, 22 Feb 2009 21:30:19 +0000 http://frugalbabe.com/?p=792#comment-27075 Patricia - That was the first thing I did. I sent letters to our senators, congressional reps, and our state attorney general. I wouldn't have involved them except for the TARP money. Once a bank starts taking taxpayer money, they have to be held to a higher standard of accountability. Patricia – That was the first thing I did. I sent letters to our senators, congressional reps, and our state attorney general. I wouldn’t have involved them except for the TARP money. Once a bank starts taking taxpayer money, they have to be held to a higher standard of accountability.

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