Date: May 13, 2008 Proposal: Regulation AA - Unfair or Deceptive Acts or Practices Document ID: R-1314 Document 1 Version: Release 05/02/2008 Date: Name: Joshua Jones Affiliation: Category of Affiliation: Address: Private City: Austin State: TX Country: UNITED STATES Zip: PostalCode: Comments: Wells Fargo informed me about a rate change on my Visa's pre-existing balance scheduled to take effect this month. When I received the notice, I called and requested that they not raise the interest rate, but they refused. I informed them I have been a customer for over five years, have never been late or missed a payment, and always pay more than the minimum.
I have a checking account and mortgage with Wells Fargo, which I also maintain in good standing. Except for a 30 day past due payment on a department store card several years ago due to an automatic online bill pay error (I no longer use automatic online bill pay for this reason), my credit history is spotless. Still, they refused to reconsider their unfair practice.
I reiterated that this is a terrible example of customer service, but to no avail. When I heard about the Federal Reserve's action on this matter, I called back to ... more. less.
the Wells Fargo credit department, and even spoke with a supervisor this time. I informed the Wells Fargo employees that the Federal Reserve has identified their action as unfair/deceptive, and requested that they reconsider raising the rate on my pre-existing balance.<br><br> Again, they refused. I hope Wells Fargo gets what they deserve for treating their loyal customers this way. <br><br>