Complaint / review text:
I have been a Wells Fargo customer since June of 2000. About three years I received a Wells Fargo credit card. I uses this card off an on for balance transfer offers only. I would not use the card for purchases because of their excessively high interest rates.
I received a letter today "June 30,2008" dated June 26,2008 stating the my credit card and my overdraft protection was cancelled on June 19,2008. This occured without any advance notice given to me, the customer.
It just doesn't seem ethical to continue to allow the banking industry to toy with the financial state of ethically minded consumers with a good credit history. As a further note, I have what I consider to be very good credit and I have several other credit cards without any problems.
I am writing this consumer complaints so other consumers will now what a ripoff bank Wells Fargo really is. I also plan on writing a letter to Senator Kent Conrad. Hopefully, he and congress will decide to do something to "rein in" these unscrupulous businesses such as Wells Fargo.
I really do not appreciate getting a letter 2 weeks after the fact stating that my credit card has been cancelled. Although, really I couldn't care less if I have a Wells Fargo credit card or not. I also don't care if I never due any business with Wells Fargo again.
Something needs to be done! Especially after Congress and the Federal Reserve has pumped so much money into the banking industry to "prop them up." It would have done the economy much better if the Federal reserve would have given that money directly to the "ethical" consumers which most of us are.