Wells Fargo CLI - Denied, interesting reason...

[GZG]

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@LADave wrote:

I'm going back and forth on whether to close my WF checking account after my next direct deposit hits the account next week. I've had checking with them for almost 18 years(!) while living in multiple towns across 2 states. They seem to have more branches near me than anyone else, which has always been their main draw for me (and their service has been very good). But I'm keeping more of my cash at Capital One where the APYs are much better, and the early direct deposit is at least as good. And I have a free Union Bank checking account in case I need a local branch, and that will hopefully stay free after they complete their merger with U.S. Bank.

I'll keep some money at Union/U.S. Bank, and hopefully that will make it easier to apply for one of their cards down the road.

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keeping the minimum in the account to avoid fees seems like a good middle option if your preferred options stop working for you for whatever reason, isn't it a $500 minimum?

[TRC_WA]

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@GZG wrote:

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keeping the minimum in the account to avoid fees seems like a good middle option if your preferred options stop working for you for whatever reason, isn't it a $500 minimum?

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@GZG 

I believe so... but I always got the free WF checking because I had a minimum DD of $500 each month.  Easy to meet that. 

What I didn't like was the "low balance checking account" excuse for CLI on my WF CC's that are 1-3 years old with perfect payment history... and having recently went unsecured with NFCU I know they are going to be much nicer to me down the road than WF probably ever will be.

What is the definition of low balance?  My average daily was in the neighborhood of $1500.  If you don't want to give me a CLI at least deny me for my 6 year old Ch 13 bankruptcy.  

At any rate in addition to the CC's I also have a 3 month old auto loan with WF... at least until NFCU refi's it.  

[LADave]

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@GZG wrote:

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@LADave wrote:

I'm going back and forth on whether to close my WF checking account after my next direct deposit hits the account next week. I've had checking with them for almost 18 years(!) while living in multiple towns across 2 states. They seem to have more branches near me than anyone else, which has always been their main draw for me (and their service has been very good). But I'm keeping more of my cash at Capital One where the APYs are much better, and the early direct deposit is at least as good. And I have a free Union Bank checking account in case I need a local branch, and that will hopefully stay free after they complete their merger with U.S. Bank.

I'll keep some money at Union/U.S. Bank, and hopefully that will make it easier to apply for one of their cards down the road.

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keeping the minimum in the account to avoid fees seems like a good middle option if your preferred options stop working for you for whatever reason, isn't it a $500 minimum?

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For U.S. Bank, it's a minimum average account balance of $1,500, or monthly direct deposits of at least $1,000. For my Union Bank account, the sole requirement for keeping it free is to have a pulse. 😂 It's one less thing to keep track of.

[49erFaithful85]

Scratch that! Sorry to hear about your CLI denial. Thought this was a CC app denial in error. 

[difringe]

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@LADave wrote:

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@difringe wrote:

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@desertrose841 wrote:

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

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Sorry to hear about this! Something similar happened to me, I got the Reflect card for a balance transfer, transferred less than 70% of the limit and was making minimum-only payments...then one day I got a letter stating they cut my limit from $8000 to $6750 (not much above what my balance was at the time), with the explanation that I had a low checking account balance. Needless to say, I paid off the card and closed the account once it got to 1yr old.

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This is the first time I'm seeing a DP about Wells Fargo (or any other bank) actually giving a CLD for having a low checking balance. That's a very interesting DP. Do you still have the letter, and can you quote how they said it?

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unfortunately, shredded the letter...idk if they sent anything to the message center, but looks like messages expire after a certain point.  i didn't have any new negatives or anything on my account, i think the combination of paying just the minimum payments (which i mistakenly thought was fine for a 0% BT card...since the whole point of the card is to take the interest that you aren't paying and use it for other stuff) and my low checking balance (i had direct deposit there so the account remained free, but transferred money out to my 'real' account) caused them to lower my limit

[AndySoCal]

@LADave  When I was with US Bank I was able to keep my account free of monthly fees by linking credit card (Cash+) to the checking account

I looked at Smartly Checking and I found this

[LADave]

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@AndySoCal wrote:

@LADave  When I was with US Bank I was able to keep my account free of monthly fees by linking credit card (Cash+) to the checking account

I looked at Smartly Checking and I found this

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I tried US Bank checking last year when they offered a $400 SUB and I wasn't impressed enough to keep it, partly they didn't have a branch particularly close to me. If they keep my local Union Bank branch (and my account terms) I'll be happier.

If they don't keep the account terms, I'd probably go to Bank of America or Citibank, which are also local and have easier terms than U.S. Bank. I can always open a U.S. Bank account later if I want to make it easier to get a card with them.

Edit 2/6/23: I called Union Bank and they could only say that they'll let me know about any changes to my account. Based on my own experience with bank mergers I'm not expecting U.S. Bank to keep my awesome account terms unless I ask for an exception and they give one to me.

[Meanmchine]

WF hates me too

I feel your pain

[NoMoreE46]

There is not minumum to have in the account- But to avoid the $10 monthly fee, there needs to be $500 daily balance OR  DDs of at lesat $500 per period.

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@GZG wrote:

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@LADave wrote:

I'm going back and forth on whether to close my WF checking account after my next direct deposit hits the account next week. I've had checking with them for almost 18 years(!) while living in multiple towns across 2 states. They seem to have more branches near me than anyone else, which has always been their main draw for me (and their service has been very good). But I'm keeping more of my cash at Capital One where the APYs are much better, and the early direct deposit is at least as good. And I have a free Union Bank checking account in case I need a local branch, and that will hopefully stay free after they complete their merger with U.S. Bank.

I'll keep some money at Union/U.S. Bank, and hopefully that will make it easier to apply for one of their cards down the road.

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keeping the minimum in the account to avoid fees seems like a good middle option if your preferred options stop working for you for whatever reason, isn't it a $500 minimum?

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[NoMoreE46]

There was a user who posted success AFTER closing their WF checking account that was cited for the same reason 1). 

It would be interesting if you replicated the results for another DP:

WF CLI after closing chking account .

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@desertrose841 wrote:

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

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