Wells Fargo Visa Rip Off Interest Rates

[azsun2]

I was conned By Wells Fargo to get an overdraft protction card card ( Visa) which seemed to be a good deal at first sight but soon developed into this huge scam. At first they offered a low interest rate, then bumped it to 9% when Obama changed laws and the way the fees the banks could levy against customers they raised me to almost default levels 23.9% and mind you I've never been late! I've called for over 3 and a half years every month and they keep telling me just call back your account is under review and we'll offer you a better interest interest rate at that time. It never happens! Funny thing is if, I default the interst rate would go to 24% so spank me! But my credit would report would also take a dive. I've never been late and can't believe and they persist on ripping off customers who have accounts with them for years / checking/ savings/ ect.

[azsun2]

Is there any Banking or regulatory authority that I can I file formal complaint over this type of abuse. I know there are some places such as Delaware that allow this type of Fraud to take place thats why you see ads for all these scam cards out there with high interest rates, and application fees and such. I've tried to play nice with the Bank people, but they insist on trying to sell me some other type of services in the end which is not what I came here to discuss!

 

That makes me understand that (A) I'm speaking to a wall that doesn't want to hear a thing I'm saying!(B)They're just like a car dealer Sales Driven!

[stroked89coupe]

How much debt are we talking about here that it has taken you three years to pay off. It's going to be hard to file a complaint when chances are this information was in their terms of service that you agreed to. Chances are you knew about the lack of funds in your checking account if we are talking about an amount that is taking more than three years to pay back although I am not sure how this card works exactly . I would chalk this up to a lesson learned the hard way and maybe next time just open up a regular credit card for things you plan on buying that you don't intend to pay back right away.... Remeber overdraft protection is normally ment for smaller (under probably an average 500 dollars) transactions that would typically result in a card decline.

 

 

Is there any chance you could open up a credit card and do a balance transfer at 0%? Do you have any cards already open that may already have a zero percent balance transfer offer?

Edited May 20, 2013 by stroked89coupe

[stroked89coupe]

I have to agree with you though. The intrest rate is high but maybe you could use some of this negative energy to find a way out of this mess. It's obvious wells does not want to help. But we will be glad to. Anyone else have any other ideas?

[road2freedom]

One thing I will offer from experience... it's easier to look at the bank and blame them, but the reality of it is you need to create a plan to dig yourself out. The credit game is only fun when you are winning, and that only happens when you go from being at their will to being in control. I would start with looking for balance transfer options and/or cutting expenses so you can pay it down faster. Good luck.

[boomhower1820]

Chase did the same to me. Took over my WAMU card and adjusted the rate to 29% and refuse to lower it even with a FICO north if 700 and never a late payment on any credit. Oh we'll, I converted it to a Freedom and enjoy the rewards and 0% BT offers. I'll never pay then a cent in interest or have another Chase card. I likely cost them money as a card holder at this point.

 

 

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[cranston3]

Start searching for a credit union or two.

 

We have a checking with Wells and they are very handy with all their branches but their rates are to borrow and save with a joke.

Edited May 20, 2013 by cranston3