Payday loan, title loan, or personal loan -- Credit limit changed -- Complaint #4593043
Complaint Overview
Complaint ID: 4593043
Company: Wells Fargo & Company
Product: Payday loan, title loan, or personal loan
Sub-Product: Personal line of credit
Issue: Credit limit changed
State: Texas
ZIP Code: 78731
Date Received: 2021-08-01T12:00:00-05:00
Date Sent to Company: 2021-08-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Wells Fargo customers recently received a notice stating that it will close all Personal Lines of Credit effective XX/XX/2021. As is common, these Personal Lines of Credit are typically used to provide overdraft protection, for consumers, at a much lower cost than other options. With the termination of these accounts the remaining options will be either 1 ) Pay an overdraft fee of {$35.00} per item, 2 ) open a Savings account ( and pay any associated fees ) to serve as overdraft protection and to pay a {$12.00} fee per transfer or 3 ) Open a Credit Card account and tie it to serve as overdraft protection and pay the Cash Advance fee plus a much higher interest rate. The closing of these Personal Lines of Credit may be within the terms and conditions of the account, but Wells Fargo is unable to provide me with a copy of the account agreement despite multiple requests. While most banks are making the effort to make it easier and less costly when an account has a temporary need for additional funds, Wells Fargo seems to be moving in the opposite direction and removing options and making it more costly when this occurs. These actions will certainly help Wells Fargo increase fee income while removing options for consumers to prevent overdrafts on their accounts. In addition, the notice from Wells Fargo states that they will show these accounts as Closed by the Bank which will likely have a negative impact on the credit score of consumers. This negative impact seems like a terribly unfair and deceptive way to treat long time clients who have handled their accounts responsibly for many years. This just seems to be one more harmful act and unfair way that Wells Fargo is treating its customers who have supported it for over 40 years.
Frequently Asked Questions
What is Complaint #4593043 about?
Complaint #4593043 was filed against Wells Fargo & Company regarding Payday loan, title loan, or personal loan specifically about Credit limit changed. It was received by the CFPB on 2021-08-01T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.