Posted by: whereisthecommonsense | February 11, 2010

Greedy Wells Fargo Reams Their Customers Again

Wells Fargo this week followed through on their threat last December to raise the interest rates on their revolving credit customers.

Their only reason for this move is pure greed. Wells’ tightens the noose around the necks of  thousands of people who are struggling to make ends meat. And they could care less!

At a time when the cost of money to them from the Federal government is at an all time low, they have the stones to raise that cost to their customers. The same ones whose tax dollars Wells Fargo took in their shameless money grab from the ridiculous TARP program. As I predicted, this is what happens to the average taxpayer in this country when government puts its hands in the publics pockets. We pay coming and going, and get a slap in our faces.

As I said, Wells Fargo can care less. When their customers responded to their announced increase in interest (3%), all of them were coldly told to pay off their balances if they didn’t like it. I am sure thousands were calling to beg Wells Fargo not to raise their interest rates because they are unemployed. Doing everything they can to make their minimum payments, and doing it month in and month out, in spite of no income other than cashing in retirement or some other savings! Some have been out of work for over a year. Yet, Wells simply states they are raising everyone’s rates, and it was just too bad.

I urge all those who are fortunate enough in this day and time, that are in the position of being able to take on debt, not do so with Wells Fargo.  If you have debt with them already, and can switch to another financial provider, I urge you to do so, and thus, cut Wells’ profiting off of you any further. Wells Fargo’s callous disregard for their customer’s welfare, especially in a time of extreme financial distress, is appalling.

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