Wells Fargo & Company Complaint - Wells Fargo yanks my line of credit
SEATTLE, WASHINGTON -- I have banked with Wells Fargo for 10 years. When I started banking with them, they provided me with a $150,000 unsecured line of credit. I have handled the line meticulously and during this period I have increased my cash flow and net worth by over 3X. My credit score is near 800. This year-- 2009 will be one of my best years yet. I am a private investor that makes hard money loans to people on primarily single family homes. Unlike Wells Fargo, the only loss in over 25 years of doing this is $10,000. And that is out of probably $8MM to $9MM in loans.
In mid-July I received a letter from some yahoo in Walnut Creek by overnight mail signature required. I had to drive to the other side of town to pick it up because I am rarely home. Picked it up and the letter said to "assure continued availability of the line" I needed to overnight them copies of my financials, IRS, and every financial account I had anywhere on anything. Did that the next day and did not hear anything from anyone until mid August (my line expired Oct 1). In mid-Aug. I was told by my private banker that WF would renew the line if I kept on deposit 2X what I borrow on the line. I laughed. Would they term it out? The officer did not know and she was going on vacation next week. In the mean time, I sold one of my mortgages earning 13 perct interest so I would have enough money to pay the line. 2 weeks later the account officer got back and she did not know anything. Finally in mid-Sept when I paid the line balance down to about $7,000 (and was planning on paying it off by end of Sept) she said they would term the $7,000 out. Ha ha. Don't bother. And then a few days later (PRIOR to my line's expiration) they yanked the line availability .
I have another 20 or so years (I'm 51) of business activity. And I am going to do my best to make sure that everyone I do business with knows I find Wells Fargo one of the most disgusting corporations in the USA. The only one worst in my memory is MCI and they are no longer in business.
The non-renewal of my line of credit was handled very poorly and this company has permanently alienated me.