The personal banker ryan henderson was assiting me on banking issues and suggested a secured credit card through wells fargo. Im a 21 yr old woman and i didnt have any clue what a secured card was so i asked him how it worked. He explained to me "you deposit your money on the card then use the card like a debit card and we will report it to the 3 main credit bureaus as credit transaction." i was very interested so i said whats the catch how much does it cost? He then said "nothing on friday we will transfer $300 out of your bank account to the card and start spending." i then asked can i make cash withdraws off the card? He replied "yes because is your money" so i agreed sign me up. I tell my mom and my step dad that i got a secured credit card so they then explained to me that on a secured card you have to pay a monthly payment for using your own money and i argued with them about it because my banker explained it to me like a debit card. So on 8/3 i went into the bank to complain because i seen that the secured card charged me a $25 annual fee and it just so happened ryan henderson was there again so i spoke with him. He said that he didnt know there was an annual fee and then told me the annual fee was a one time fee so they could report to the credit bureaus so ryan and i sat and talked about the secured card for about 10 minutes and he assured me AGAIN it was jusst like a debit card. So i was ok with a annual fee if there was no monthly fee like my mother and step father were trying to explain so i walked out and called my mom and wanted to reassure her and she told me to go back in and give him my cell phone because she wants to talk to him. So i did. Ryan then tried to reassure my mom that it was just like a debit card and the annual fee of $25 was to report to the credit bureaus and was absolutely sure there was no monthly charge for using your own money. They argued for about 10 minutes then my mom gave up and i left. So i called the number on the card itself and spoke with a represenative and she then explained to me that yes there is a minimum balance that you have to pay its EXACTLY like a credit card but instead of a credit loan its your own cash and depending how much i spend on the card a month depends and how much my monthly charge is. So ryan henderson tricked me into getting this card by completely lying to me and my mother. Why would i want to pay monthly to use my own money?
0 comments