Most of you know that I'm a Wells Fargo Banker. Many of my customers ask me questions about their credit card accounts, checking accounts, etc. Well, I had a VIP customer call me to say that he tried to lend his son his own credit card to help him pay for renting a car. The car rental place wouldn't let him (as they shouldn't) so his son had to charge the $950 charge on his $500 limit credit card. THE TRANSACTION WENT THROUGH APPROVED! Now, after the fact, Wells Fargo closed out his credit account for charging up his limit past his available credit limit. He had never carried a balance and was always on time. I don't think there is anything I can do for him directly, but wouldn't Wells Fargo be at fault for approving the charge to his card? Any opinions are greatly appreciated!
I'm guessing they would say they did it as a courtesy. When I had credit cards sometimes I would go over by $100 and they would try to charge an over limit fee. I ask how could they approve the charge over the limit and they gave me the courtesy answer. Since you work for WFC do you know if I had charge offs in 1989 would they remember me if I applied for a secured card?
My guess would be, no. I had a checking account back in 1998 with WFB, and when I opened a new one in 2001, there was no record of me at all in the BANK computers. Norwest Bank in Minnesota BOUGHT Wells Fargo, but kept the Wells Fargo name. My only assumption would be that in the bank records, we wouldn't remember you. However, I'm not entirely sure how our credit department reads credit reports, etc. I'd give it a shot! Any other opinions?
David, It seems to me that WF is just as responsible in approving the transaction as he was in using the card knowing it would be overlimit. I'm guessing though that he likely thought he would pay an overlimit fee and be done with it. If he was a good customer as you state, no balance and always on time, WF should be willing, in the interest of customer service if nothing else, to charge him for the overlimit and be done with it. Closing the account reads extreme, says me. Why wouldn't you want to keep him as a customer under these circumstances? or, consider raising his limit? Except that, if he's not carrying a balance and pays on time, WF doesn't get the perks of interest accumulation and late charges. So while he may read to be a good customer by my standards, perhaps not by bank standards. I wouldn't want to do business with a company that would treat me this way for a one-time thing and AFTER it was approved. If WF was interested in anything other than collecting additional charges and fees, they wouldn't have closed his account -- I'm betting he feels the same way. Sassy
I agree 100%. I was considering applying for one of their cards. They just went into the same pile with FUSA/BankOne, Fleet and a couple others that I will not ever do business with. Who needs the nonsense? Not me. I have choices now so far as who get the privilege of getting my business.
Doesn't WF have any way to make allowances for VIP customers? It doesn't make sense that a bank this big wouldn't give someone the discretion to let this guy off the hook. Banks lose a lot of good customers when they don't give long-standing, good customers some extra consideration. I work for a large insurer, and have worked for others as well. All of them can make exceptions based on a customer's tenure and track record with the company.
I was actually able to use my persuasive influence as a banker, and using the customer's good history with us to bargain with our credit department. His next payment brought him below his credit limit. Then we called the Credit department and asked to get the card reopened - and it was a done deal. Thank you for all your posts!
I think that is a very nice thing you did. Many people would have just left it alone, but you didn't, and I think that is great!! Do nice things for people, and it will come back to you ;-)
Do nice things for people, and it will come back to you ;-) Manequinne Manequinne So will the nasties. There is a law out there. It's called reap what you sow. No body breaks it & everybody gets paid. LB 59
David, glad to hear it. It is good to know that if you are a good customer and make a 1 time error, the bank will not penalize you.
Nodding with LKH, Thanks for updating, David, I'm glad it worked out for your customer and you were able to help. Sassy
