Wells Fargo’s Actions Are Inconsistent

Here is another example of questionable practices by Wells Fargo Bank (“Wells Fargo Facing Tough Criticism,” March 2):

My company had a line of credit with Wells Fargo. About a year-and-a-half ago the balance stood at roughly $40,000. I had been paying the interest, plus a principal payment, monthly. When the annual fee of $150 came due, my statement said the minimum payment due was the interest plus the $150.

I called, as I had for several years, and asked to have the annual fee waived. As they always did, the fee was waived. That particular month I decided to make an interest-only payment and mailed in the payment less the $150 that had been waived.

Shortly afterward, I wrote a check against the business line for $6,000 and deposited it into my Wells Fargo checking account. I had the credit available.

Imagine my surprise when the $6,000 check bounced, along with several other checks I had written against that $6,000.

When I called to find out why this happened, I was told that because I didn’t pay the minimum payment due (interest plus the annual fee) a hold was placed on my account allowing no new activity. I explained the $150 had been waived.

They acknowledged that fact but, according to the terms of my loan, I had to pay the minimum payment shown on the statement. The $150 would show on my next statement as a credit item.

In addition, I now had a late-payment fee of $35 on my account. The only way I could get my account off hold status was to pay the (waived) annual fee and the $35, even though the $150 had already been credited to my account.

How stupid is that? The whole point of having the fee waived was so I wouldn’t have to pay it in the first place. I paid it, though, because I had to get that $6,000 back into my regular checking account to make good with my vendors.

Since then, I got another line of credit with another bank (with no annual fee and a lower interest rate) and paid off the Wells Fargo account.

The kicker is now that I don’t owe them any money, they are all over me to get my business back with special offers, lower rates and a more generous line of credit.

Too bad they weren’t that nice when they did have my business.

Peggy Ziegler

Pomona