I received one of those letters today, the one that typically slips into the garbage as junk mail however my wife intercepted the letter and to our dismay we opened it.
It begins like this.
"The purpose of this letter is to let you know that some of the terms of your Credit Card Customer Agreement and Disclosure Statement (the "agreement") are being modified. These changes are not a relection on how you have managed your account with us or your credit score. (In other words we are greedy bastards and are sticking to you)
It continues on with the typical legal jargin regarding specific changes but basically states that they are going to raise the Annual Percentage rate of my credit card from 16.20% to 18.24%.
Fortunately my wife and I don't run too much of a balance on our credit cards and have decent jobs, but I think about the millions of Americans who are hurting in this economic recession. I think about how many people who have floated more debt than they typically do to make it. How many of these folks will actually read these letters that Wells Fargo sent out? How many of these folks will realize that Wells Fargo is taking advantage of people during their time of need?
I must also mention that Wells Fargo took part of our tax dollars for the stimulus only to repay their countrymen with a slap in the face.
I encourage everyone to call Wells Fargo Customer Service at 1-800-642-4720 and give them a piece of you mind.
Please don't do any business with this company until they make thing right.
It is just pure greed!!!
Please rec this up to make folks aware of this company's actions!!!
I should also mention my wife and my credit ratings are close to the 800s. We pay our bills!!!