topic Re: Wells Effing Fargo in Credit Cards

Wells Fargo

Zosimus — Fri, 15 Nov 2024 20:54:06 GMT

So, I've been with Wells Fargo for years — got a CashWise card in 2017, which turned into an Active Cash Card. I also had an Autograph Card that I was leaning on after the nerfing of Vantage West for 3% on gas and 3% on fast food. I also have a checking account there, and my kid got one when he was < 18.

Then, Chase offered me a balance transfer at 0% for a year, so I thought "Why not?" I arranged to have the balance transfer go directly onto my Autograph Card, which had a balance of $885.26. I got the notification that a payment had posted, and I called in to have the credit balance send to my checking account.

"No way," I was told. Balances that exceed $2,500 cannot be deposited into your checking account. We'll send you a check (7-14 business days) and then you can bring it in to deposit it again. Needless to say, that didn't work for me. So, I asked the person to transfer the payment from the Autograph Card to the Active Cash Card on which I owed $2,605.26, giving me a $7,394.74 credit (The $10,000 plus a $50.00 cash back redemption).

That's when the trouble started.

I swung through a Jack in the Box (I use the Upside App) and went to pay with the Autograph Card, but it was declined. I used a backup card and then noticed the email from Wells Fargo saying that a charge was attempted to be made, but it was going to put my account over the limit!! I owed $885.26 and my credit limit is $3600 so obviously no — but here's where their logic comes in. They wanted to "verify the funds" (which came in ACH from Chase) and put a hold on the amount of the credit through 11/7/2024. Then, when the $10,000 was transferred to another account, that made my available credit on that card -$6,xxx.xx and so the card became unusable!!

Still no luck in getting the money transferred from the credit card to my bank account, but I wasn't worried because the Active Cash card also functions as overdraft protection for my checking account. So, I just paid a few bills like normal and thought nothing of it. I figured the amount would pay down over time and, once it was under $2500, I would simply transfer it to my checking account and life would go on as usual.

But no. I got an email at 4 in the morning saying my checking account was overdrawn. How in the hell? And they returned one of the payments. So, I called in, and I was told that no more money could be transferred off of that card because I had hit (get this) my cash advance limit!! You see, sir ... even though the card actually has a credit balance, your cash advance limit is $1500 so we can only use $1500 to cover overdrafts on your checking account.

So, I went into the branch but no help there.

Closed the Active Cash Card. They'll send me the money however.
Closed the Autograph Card.

Grabbed enough money from my kid's account to cover the overdraft.

Arranged a transfer from another account in the amount of $3,000.

Opened an account with BMO Checking. I think they have some sort of a promotion going on.

Planning on winding everything down with Wells Fargo by the end of the month.

Frustrated.

Re: Wells Effing Fargo

FicoMike0 — Thu, 07 Nov 2024 18:13:40 GMT

I may be a little slow. How did you get a balance transfer for more than the balance? Whatever it was, why deposit it in a credit card account rather than checking in the first place?

Re: Wells Effing Fargo

gingerflower — Thu, 07 Nov 2024 18:20:59 GMT

@FicoMike0

I am wondering the same 😏

Re: Wells Effing Fargo

ElvisCaprice — Thu, 07 Nov 2024 18:50:14 GMT

too complicated. Although I'm not a fan of Wells Fargo, your trying to do too much, too soon. Let the transactions clear before proceeding.

Yes, on the checking account SUB's (just did BMO). I churn them constantly, far more lucrative than CC's. I stick it to Wells Fargo once every year +.

Re: Wells Effing Fargo

Zosimus — Thu, 07 Nov 2024 20:36:48 GMT

It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.

Re: Wells Effing Fargo

GreatLife — Thu, 07 Nov 2024 20:54:42 GMT

Aren't FI's required to verify $10K+ transactions? Depositing the funds into a minimal balance credit card account is unusual, and moving the funds to another card account is unusual. Chase origination source was used for the funds which other FI's might be cautious because of the recent TikTok mess. All things considered I'm not surprised by the level of scrutiny.

Re: Wells Effing Fargo

FicoMike0 — Fri, 08 Nov 2024 01:02:52 GMT

I don't do the balance transfer deals, so I'm not familiar. I do get promotional checks on occasion, offering low rate advances on one of my cards. I could take that deal and simply cash the check or deposit it anywhere. Similar deal, I guess. The last offer I remember getting ended up being 5.99% with fees. I had to pass.

Re: Wells Effing Fargo

xenon3030 — Fri, 08 Nov 2024 03:00:40 GMT

WF is a "Weirdo Financial" institute . Before proceeding to any payment, make sure that the prior check or ACH is cleared. Sometimes, they place a hold of 2 weeks on e.g. deposited checks.

I experienced such a long delay with my WF checking account and I closed it, as soon as I got the SUB.

Re: Wells Effing Fargo

gdale6 — Sat, 09 Nov 2024 19:16:14 GMT

Banked with them in the 90s business & personal, no CCs, was constant errors on their end, went to a regional bank and cut off wells. After hearingabout their scandal opening accounts customers never asked for I said never use again but a card they had in 18 amused me so I apped for it, gave me decline, too many new accts in 24 was at 5 new, vowed then never again even though they have some attractive offers.... nope no way no how....

Re: Wells Effing Fargo

FicoMike0 — Sat, 09 Nov 2024 22:53:06 GMT

I did the $325 checking sub and got the active cash, $200 sub. The ac is good for a 2% card, but I'm closing the checking.

Re: Wells Effing Fargo

MrDisco99 — Sun, 10 Nov 2024 02:12:25 GMT

@Zosimus wrote:
It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.

LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down. Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time. If you intend to try this again you'll want to plan further ahead.

Re: Wells Effing Fargo

MrDisco99 — Sun, 10 Nov 2024 02:15:53 GMT

@FicoMike0 wrote:
I did the $325 checking sub and got the active cash, $200 sub. The ac is good for a 2% card, but I'm closing the checking.

Yeah I just got the checking account for the $325 bonus. I might go for the $200 bonus on the ActiveCash since it's easier to get approved as a deposit holder... tried many years ago and was refused. Some of the 4% categories on the Attune would be more useful, but it onl has half the bonus. I wonder if they would PC from the ActiveCash?

Re: Wells Effing Fargo

Zosimus — Tue, 12 Nov 2024 16:25:04 GMT

@MrDisco99 wrote:
@Zosimus wrote:
It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.
LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down. Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time. If you intend to try this again you'll want to plan further ahead.

I disagree that a $10,000 payment triggers anti-money-laundering scrutiny. Sure, if I had walked in with $10k cash there might have been a problem, but $10k from another financial institute shouldn't cause any problems.

At any rate, I still had a 0% promotional balance on Chase. I had to pay that off, and then perform the balance transfer. I won't bore you with the horrifyingly complicated problems I had getting Chase to accept the payment, but the balance transfer went off without a hitch. It's the Wells Fargo side that caused problems.

I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

Re: Wells Effing Fargo

MrDisco99 — Tue, 12 Nov 2024 22:37:51 GMT

@Zosimus wrote:
@MrDisco99 wrote:
@Zosimus wrote:
It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.
LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down. Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time. If you intend to try this again you'll want to plan further ahead.
I disagree that a $10,000 payment triggers anti-money-laundering scrutiny. Sure, if I had walked in with $10k cash there might have been a problem, but $10k from another financial institute shouldn't cause any problems.

At any rate, I still had a 0% promotional balance on Chase. I had to pay that off, and then perform the balance transfer. I won't bore you with the horrifyingly complicated problems I had getting Chase to accept the payment, but the balance transfer went off without a hitch. It's the Wells Fargo side that caused problems.

I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

Both of those situations involve you trying to use your credit card like a deposit account. Banks (and regulators) really don't like when people do that. Take the lesson.

Re: Wells Effing Fargo

Zosimus — Tue, 12 Nov 2024 23:09:48 GMT

Sorry, but I fail to see how taking out a loan from a bank could ever be considered layering. Nor could $10,000 reasonably be considered money laundering. It's too small of an amount. Money laundering — real money laundering — is in the millions and is invariably conducted with the aid of the bank in question. Canadian TD Bank pops to mind.

And as for the situation with the $2,500 credit limit card, the solution that I attempted to implement was suggested by the bank teller herself. I went along with the gag because she suggested that it would work and, when it didn't, she bore none of the responsibility for it.

At any rate, I have no doubt that had I conducted such an operation at any of the many credit unions I frequent, they would have transferred the money into my checking account. It's only Wells Fargo that decided to be difficult about the think. How many times have they recently been under legal scrutiny for, shall we say, questionable business practices? Hmm?

And even if it were layering, how does sending a check made payable by Wells Fargo to the suspected money launderer actually prevent money laundering? That would be an example of integration if anything.

Re: Wells Effing Fargo

xenon3030 — Tue, 12 Nov 2024 23:19:31 GMT

@MrDisco99 wrote:
Both of those situations involve you trying to use your credit card like a deposit account. Banks (and regulators) really don't like when people do that. Take the lesson.

Indeed, some banks may not like it and I liked your last sentence

I also suggest to take more lessons and simply, do your banking elsewhere

Re: Wells Effing Fargo

UncleB — Wed, 13 Nov 2024 04:25:01 GMT

@Zosimus wrote:
I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

Just chiming-in to share that this ^^^ isn't that uncommon, even though it might seem like 'common sense' that it shouldn't be an issue.

I once made an accidental double-payment to one of my Capital One cards, leaving me with a large credit balance. Rather than get a refund I just charged against it, but my overall available credit was never more than my already established credit line. As each new transaction was approved my available credit was reduced, then once the transaction posted the credit balance was reduced and my available credit went back to my full credit limit. This happened for every transaction until the credit balance was depleted. (If I recall correctly Synchrony operates in a similar fashion, but don't quote me on that.)

It sucks that you were told wrong by the employee, but how things played-out in general isn't that strange.

Side note: I'm assuming this was an online or phone transaction (or else you could have just paid the extra bit in cash at the time of purchase). What I did in the past in similar situations was buy myself a store gift card which I redeemed when making my purchase... then I put the remaining balance on my credit card. This may have worked in the situation you described.

Re: Wells Effing Fargo

Zosimus — Wed, 13 Nov 2024 14:59:21 GMT

And there it is. 14 days after they said they couldn't do it, somebody in the back office pressed the right button and the $6,030.38 is in my account. It really wasn't that hard.

Too late, people. I'ma move all that money over to BMO Harris. Screw Wells Fargo.