My wife and I have been banking with Wells Fargo for ten years. In my experience, they are only focused on big business couldn’t care less about the little guy. As soon as you are viewed as a risk of any sort, they will hike your rates or terminate your accounts without negotiation!
Here’s why Wells Fargo sucks
- Our Wells Fargo VISA credit card has the highest interest rate; triple that of our capital one card.
- Wells Fargo will not give us a loan for a five year old used car at a decent rate. They sent us to their “Wells Fargo Financial” branch and came up with a car loan for 16.9% APR, which is ridiculous.
- Wells Fargo “was” the online merchant for my supplement business until somebody there performed a random audit and didn’t like some of the LEGAL product on the site. My merchant account was terminated and marked as “TMF” (terminated merchants file). Because of this, most other banks and merchants will not do business with me. It’s like declaring bankruptcy on your credit score. There was no negotiation or warning, just termination. After discussions with the rep from Wells Fargo and convincing him that the products were OK, they still terminated the account because they didn’t want to be linked in any way to the product. Why? Because I was too minuscule for them to care about my lost business or change their thinking.
