I have been a Wells Fargo customer for over 7 years now. I have several accounts with them (checking, savings, etc). I have been fairly satisfied with them until today. I recently received a letter from them telling me that the interest rate on my credit card was going from 4% to 20%! This is appalling. I have never been late on a payment in 7 years. My credit is great.
WF took bailout money from the government, see here. The agent that I spoke told me emphatically that WF did not take bailout money from the government. I guess when the taxpayer helps you out, you reward them by giving them default like interest rates to good customers who pay their bills on time. This agent told me that there was nothing that could be done. I had no choice but to close the account. I had moved some other high interest debt on this card in an effort to pay it down because WF was giving me a great interest rate and they were fair. Now, we have a lying agent who argued with me regarding WF taking bailout money and she did absolutely nothing to help. All she could say was “I’m sorry”. That is customer-no- service!
I will be looking for another bank, I have never been so disgusted in my life. I used to recommend people to WF because they were a good and fair bank. Now they have turned ugly.
If they had raised it from 4 to 8,9, or 10 % this would have been reasonable and I could have lived with it, but 20%! Unbelievable! They are on-par with the payday lenders!
If anyone from Wells Fargo reads this, I challenge you to make this right…. I do not think that you will.