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Recently we had the surprise when logging into our online banking that suddently for no apparent reason to us Wells Fargo canceled our business credit card with them. We never received a letter but when we called them they said it was because of "negative information on the credit reports of one of the guarantors" (myself or my wife). It was very surprising considering we have a zero balance on the card and never used more than 1/2 of it's credit limit ever, other creditors have given us much higher credit limits than Wells Fargo (they have a zero balance too), and we both have good credit despite this crappy economy.
I was immediately worried that someone had stolen one of our identities and ran out to pull credit reports from all three credit agencies; nothing was amiss! My score was 740 and my wifes was 720 and according to Experian we were both an 'Excellent' credit risk. The only negative item on there was on my wife's report that is being disputed.
The short version of the story is that my wife had a mammogram at Mountain Vista medical center in east Mesa. Instead of billing the insurance company on our insurance card they sent it to Blue Cross Blue Shield instead (their mistake). My wife had to call them to figure out what they did since it was a covered treatment. Eventually they sent the bill to the correct insurance company and were paid. Meanwhile they sent it to collections (a measly $100!). Their collection agency (NAR INC 10 W. Broadway Suite 610, Salt Lake Utah, 84101) refused repeatedly to accept that it had already been paid and would not contact the insurance company (or aparently Desert Vista Medical Center) to verify that they'd paid the mammogram bill. We're still disputing it with Experian.
Last week when this happened I was furious. It was no small inconvenience to call EVERY VENDOR and change our default credit card. We have all of our business and personal accounts at Wells Fargo; you'd think we'd get some kind of customer loyalty treatment but it's not the case. Instead they treat us like they don't care if we are their customer or not. It will take some time to move to another bank but we're done with Wells Fargo.
GOOD BYE WELLS FARGO YOU DON'T DESERVE TO HAVE CUSTOMERS!
My attempt to have a dialogue with them is below:
Dear John Austin IV:
We appreciate you taking the time to share your concerns with us. We have forwarded your feedback to the appropriate department. We realize that in today's environment, customer service often becomes the deciding factor when a customer chooses a financial institution. Wells Fargo is truly committed to coming through for its customers and we do value your feedback.
We regret that we failed to meet your expectations, but hope you will allow us the opportunity to serve you again in the future.
Thank you for choosing Wells Fargo.
Sincerely,
Natosha
Wells Fargo Business Online Banking
If you have a question about your account, please sign on to your secure online banking session at wellsfargo.com/biz and select "Contact Us." If you are currently in "Messages & Alerts," and have another question about this subject, click the "Reply" button at the bottom of the page. To ask a new question, click the "Contact Us" link at the top of the page.
Original Message Follows: ------------------------
This interchange was an attempt to allow you to rectify your error. I delayed taking action because I wanted to make this decision with a cool head. Since there was NEVER a credit risk and except for my local Wells Fargo representative we have received cold automated responses from Wells Fargo the likelihood that you will have us as a customer AT ALL a year from now is 0%.
This incident is enough an example of the corporate character and customer retention policies of Wells Fargo that I would not recommend your bank or related services to anyone. I will begin the process of closing my accounts with you and moving them to Chase since they have put faith in us since we started our business six years ago. We will first move our business accounts, then personal, then mortgages when we can find a way to refinance them. We will attack our pool loan and try to pay it off by this time next year. We will never come back (just ask Bank of America).
Don't bother responding.
RESPONSE
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From: Wells Fargo Online
Posted At: April 6, 2010
Subject: Account questions or requests (KMM7865064I15977L0KM)
Dear John Austin IV:
When an account is closed due to credit risk, an adverse action letter is sent to the address on file. If you have not yet received the letter or have additional questions or concerns, please call 866-365-7950 for assistance. I apologize for any inconvenience this may have caused.
Thank you for choosing Wells Fargo.
Sincerely,
Sharon G
Wells Fargo Business Online Banking
If you have a question about your account, please sign on to your secure online banking session at wellsfargo.com/biz and select "Contact Us." If you are currently in "Messages & Alerts," and have another question about this subject, click the "Reply" button at the bottom of the page. To ask a new question, click the "Contact Us" link at the top of the page.
ORIGINAL MESSAGE:
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As of yet we have still not received a letter detailing WHY this account has been closed. We called and were told it was due to negative information on the guarantor's credit reports. We have pulled reports from all three credit agencies and THEY consider us an excellent credit risk (lowest score both of us was above 720).
The only negative item on either of our credit reports was a collection that is being DISPUTED because it was due to fault of the hospital billing wrong insurance company, initially giving them the wrong PO box number to pay them, and then the collection agency they sent the debt to refusing to deal with the insurance company that had ALREADY paid the debt.
It was a severe inconvenience to have to contact every vendor we deal with and change credit cards with them. Closing this account without REAL cause has put ALL of our accounts with you in jeopardy and has severely eroded our customer loyalty with Wells Fargo.
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