Wells will never stop the Fraud. I received an increase on two of my credit cards without my permission. You need my authorization for any new credit period. This is FRAUD. I am moving my accounts. It is apparent that NEW Management/Board are not capable of changing culture or the criminal activities. When are Regulators going to take over this Bank. A local community Bank doing these practices would have been acquired by the OCC.
13 replies (most recent on top)
I’m guessing the original post and the most recent post, @7ekp, are from the same online troll. Please do not give this person any more time or energy.
You are all fools. No one has a right to increase people credit cards without their permission. Yes to decrease because of non payment or constant delinquencies. What agreement? Are you for real? I requested an agreement and they could not produce. FYI Chase wanted to increase my credit card limit and guess what? They sent me notification and agreement to sign for my increase. Most of the people who work at Wells Fargo better hope they can retain their jobs because your incompetence will be exposed as soon as you get in a REAL bank. You won’t last.
Standard practice and every CC I've ever had over the last few decades did the same thing.
They do want you more in debt, that's how they make money, but you don't have to participate.
It's a trap, but it's legal.
Vote better if you don't like it.
Not fraudulent, however is a bad business practice. They are trying to get people to rack up more debt to boost profits. Unethical and risky? Yes, but not fraudulent. And should you move your accounts, yes moved mine a long time ago.
Like people said, it’s in the agreement you signed (fool), but I called them after they did this a second time to my WF CC and I asked they not increase my credit limit anymore and they haven’t. And that was at least 3-4 years ago.
Do you actually work here? Are you really that dumb? Wells Fargo needs to do some house cleaning.
OK Karen!
- It was probably in the agreement you signed.
- If you don’t like the answer above, open a CFPB complaint.
Agree with all below. You are completely wrong, read your cardholder agreement.
Yes it is - standard practice.
yep - this is a standard practice
Lol you’re mad because you have access to more credit?! You get a higher limit and it’s Fraud? Wow, People will cry about anything. Wells and other big banks gave out free money for the ppp loan and now they are being sued. The banks gave out free money and is being sued! News flash all financial institutions increase your credit or they can decrease your credit line amount At any time, it’s in the fine print in the disclosure your received when you first opened your credit card. We have become soft as a Society we complain and cry about anything that we think is unfair. We are to safe and to soft.
It pains me to defend Wells Fargo on this one. I think their top execs are inept, unscrupulous, and pompous. However I literally have never had a bank request my authorization before they raised my limit on a credit card. I have a card with Wells, Bank of America, Chase, Target and Macy’s. If they initiate the credit increase, it is just a soft inquiry which does not affect your credit score. However if you request an increase, than it is a hard inquiry which could affect your credit score.