I went in to my local branch of Wells Fargo. I told them that I wanted to open a CD with a portfolio line of credit.in essence, I am placing a deposit in the bank and taking out a line of credit against that deposit. After taking my money and putting it in a CD, the account rep called and said that they could not put the line of credit in my name because I was a student and had no income. I had to put my husband on the line of credit. Mind you, there were no restrictions like that when they took my money.
When we went in to sign the papers a few days later, the account rep said that the credit was turned down. "Wait a second, aren't I borrowing against my own money." I said?"Yes, well we have the right to change our credit terms at any time, " was the response. Okay, then just give me my money back. "Well, we can do that but we have to charge you three months interest, " we were told. "Wait a second, you knew what the terms of the transaction was before we began. Now you are not keeping your commitment, but you are penalizing us if we don't keep ours. What kind of business practice is this." "This is the same kind of business practice that allows the banks to get bailed out by the U.S. Government, but let's your house get repossessed. Besides you have FDIC."
We filed a complaint with the Federal Trade Commission. All we want is our money back if they aren't going to keep the terms of the transaction.
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