Complaint / review text:
I am very discouraged with Wells Fargo. I have been a loyal client for 20 years. I do all my business with Wells Fargo. My mortgage, my personal savings and checking, my business savings & checking, my CD's and my credit cards.
Problem 1: First I called Wells Fargo to reduce my interest rate on my mortgage. I bought in 1999 when interest rates were upward of 8%. I was able to reduce my interest rate to 6.25% 5 years ago. This was considered a pretty good rate at the time. I had equity in my home so it was not a problem.
Now interest rates are about 4.1% however since my property has declined in value I am unable to reduce my interest rate. I was advised to try for a loan modification however only about 4% of loan mods are successful and I'm not interested in jumping through hoops and possibly even falling behind on my payments only to find out I don't qualify.
I am also not interested in losing my home. I have an 800 FICO score and have always paid my mortgage on time. Wells Fargo should be thanking me for my business and not punishing me.
My loan is not backed by Fannie or Freddie so I won't even be able to take advantage of the Obama program about to rollout mid November.
Problem 2: I have credit cards with Wells Fargo with high balances and interest rates. Like everyone, I am trying to trim the fat. So I called WF to get my interest rates reduced on my credit cards. I was unsuccessful so tried to reach a supervisor. I got caught up in a continuous voicemail loop and was transferred to different departments simply passing the buck. So far I have eliminated one of my WF credit cards and have slowing moved my assets over to a major competitor.
Wells Fargo does not take care of its own clients. I am totally done with Wells Fargo in terms of doing any new business. I am very disappointed that I have been a consistant and loyal client and have gotton nothing in return.
You blew it Wells Fargo. I am in the realestate business and have lots of influence over clients. You won't be getting any referrals from me either.