Hello i had fallen into hard times but I’m trying to rebound and be a stand up person and do the right thing and pay back my debt but Wells Fargo closed my credit card and a personal loan i had with them and I’ve almost been paying them back for the past 5 years but was wondering if anyone knows if they have the right to increase the interest rates every time time there is an interest increase by the Fed’s since they closed both accounts ? Shouldn’t the rate of the apr stayed the same as when they cancelled these accounts ? If anyone happens to know or if it’s happened to them i would like some input thanks for your help in this matter
Mark, I found this article which may help. It appears all banks can raise your cc interest rate under many circumstances.
Thank you mintjulep so i guess the moral of the story is if possible read the fine print before giving blood to the blood suckers I’ll eventually pay them back by the end of the year God willing if he let’s me wake up tomorrow one things for sure is I will never ever do any sort of business will Wells Fargo again so long as i walk on God’s green earth thanks again , but it does say if you opt out you can pay the remaining balance at the original rate they closed my accounts which they haven’t live up to as far as I’m concerned !!!
Mark G, I won’t do business with Wells Fargo either. The list of fraud and clandestine activity is amazing…you and I would be in prison for breaking the law as they did. https://finance.yahoo.com/news…eline-194946222.html
Thanks for sharing your fine print though!!! That’s great that you found a clause allowing you to close out at the original interest rate you were quoted. I hope it’s possible for you to do that. I personally think banks run this country…ugh!