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Reasons to avoid Chase, BofA, Elan, Wells Fargo?

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longtimelurker
Epic Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@NRB525 wrote:

Chase and BofA balance chased me for no reason! Chase even closed a couple of my cards for no reason! I hate them now! 

 

( When vcontacted for comment, Chase and BofA claim NRB525 had very high utilization on their cards, as well as cards from Citi, all visible across the credit report, which were also balance chased and closed by Citi. )

 

That's a lie! They just wanted to be mean to me!

 

Every story here about challenges with banks has More To The Story. 


I'm very sorry to hear about your experiences, but just want to point out that vcontact (without a Federally issued permit) is illegal in all 50 states + DC.   So don't mention it on public forums!

Message 21 of 36
artaqua403
New Member

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?

I haven't had good experiences with Wells Fargo, and they don't offer automatic credit line increases.  I have a student card with them and am stuck with a small limit unless I want to use a hard inquiry (could be soft, who knows) on a credit line increase request or they decide to graduate me to another card (who knows what card) and if they would even increase my limit then.  Chase is similar; they "offer" automatic credit line increases but it's been 18 months with usage for me and it hasn't increased at all, and a credit line increase request is certainly a hard pull if requested.  Bank of America isn't super easy to deal with be it savings/checking or credit cards (also, I just don't like their credit card design/feel).  I just opened a Fidelity Rewards Visa Signature card which is issued by Elan, and haven't had any issues yet.

Message 22 of 36
LADave
Established Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@artaqua403 wrote:

I haven't had good experiences with Wells Fargo, and they don't offer automatic credit line increases.  I have a student card with them and am stuck with a small limit unless I want to use a hard inquiry (could be soft, who knows) on a credit line increase request or they decide to graduate me to another card (who knows what card) and if they would even increase my limit then.  Chase is similar; they "offer" automatic credit line increases but it's been 18 months with usage for me and it hasn't increased at all, and a credit line increase request is certainly a hard pull if requested.  Bank of America isn't super easy to deal with be it savings/checking or credit cards (also, I just don't like their credit card design/feel).  I just opened a Fidelity Rewards Visa Signature card which is issued by Elan, and haven't had any issues yet.


I believe you're thinking of soft pull CLI requests when you're talking about auto CLIs. "Offering" an auto CLI is an oxymoron. Banks will either give it if you meet their unpublished criteria or they won't.

 

My S.O. has received two Wells Fargo auto CLIs in the last several months and I received an auto CLI from Chase. Neither were "offered," although we were certainly happy to get them. There's no way to apply for an auto CLI, and no way to get them except to meet their unpublished criteria during the time frame when they might be giving them.

Message 23 of 36
SoCalGardener
Valued Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?

I'm a big BofA cheerleader, so of course I'm not going to try to dissuade you from going with BofA. In my [very long] experience with them they've been nothing but helpful, courteous, kind, even...can you imagine....HUMAN?! Yes, they treated me like one human being should treat another, especially when they're down. I can't say enough about how much I love BofA, so I'll just leave it at that. If you have specific questions, please ask and I'll see if I can answer.

 

WF had some very bad press due to the actions of a small group of individuals who chose to make really rotten decisions. I have a soft spot for WF dating back many decades, and although I don't currently have any accounts with them, I wouldn't hesitate to accept one of their card offers (if I wanted another card) or use them for checking/savings (if I ever wanted to leave BofA). My advice is to weigh any product of theirs that you're interested in against similar products from other banks, and see which looks better. If you're bothered by the old WF problems to the point that you don't want to do business with them, then move on. Smiley Happy

 

I have no experience with Elan, and really don't recall ever hearing its name until I got active on this forum. So no input there.

 

My mom had accounts at Chase for many years and when I'd go with her to a branch, they always treated her with great respect and courtesy. She had no complaints about their services or products or anything, but that's about the extent of my 'knowledge' when it comes to Chase.

 

I'm very accustomed to stellar customer service, and I tend to measure everything against the banks who do it best--for me. Those are, in order: BofA, Amex and Discover (tied). Honorable mention to Citi. Points taken away from Cap1 because, well, just because. I don't like them and I don't even know why I don't like them! Yeah, I know that makes no sense, but it is what it is.

 

You'll see that different people champion different banks--because we're all different. Both the banks and us customers. So no two people are going to have identical experiences with any one bank. Personal experience is best.

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Message 24 of 36
Crowhelm
Established Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@Swatch wrote:

Talk me out of wanting credit cards with Chase, BofA, Elan, or Wells Fargo? Or should I ignore negative posts about these banks since it's a small percentage? (I haven't searched for negative comments on Elan.) I have not been too happy with Chase in terms of checking/etc, but they (and the other two) have some good rewards/signup offers especially BofA and Elan. I am trying to avoid banks which are going to annoy me with their customer service, being stingy, asking me jump through hoops, etc but I am also trying to get rewards/cashback, offers, etc. (I've gotten used to the great service with AMEX and Discover and certain newer or smaller banks.)


BOFA is horrible, had a very bad experience, and know 12 other people with bad experiences. Wells Fargo has nothing worthwhile to get from so why even mention them? Plus their scandal a few years back, yeah I would stay clear. Elan I have no idea, I like Elan Musk but that probably has little to do with it. And Chase, well, if you get let's say the Amazon Prime card they can be quite ok, but they can be very stingy with their prime cards. Others had better results but it is very hit and miss.

 

I am not going to say all credit unions are great, but I can highly recommend BECU (even though their cards are lackluster these days), AOD, and Affinity. Even though we have other cards these three are pretty much all we use but mostly AOD and Affinity now.  All three have first-class customer service.

 







Message 25 of 36
SoCalGardener
Valued Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@Crowhelm wrote:


BOFA is horrible, had a very bad experience, and know 12 other people with bad experiences. Wells Fargo has nothing worthwhile to get from so why even mention them? Plus their scandal a few years back, yeah I would stay clear. Elan I have no idea, I like Elan Musk but that probably has little to do with it.

 


I doubt Elon Musk has anything to do with Elan bank--considering they're spelled differently. Smiley Happy

 

As for BofA being horrible--perhaps for you, and those 12 other people you know about, but not for me, or millions of others. As I've said, in my 31 years of experience with BofA, they've been nothing but exceptional in every way. Like everything in life, YMMV--or the OP's. Smiley Very Happy

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Message 26 of 36
lns1976
Regular Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?

@SouthernCredit It sounds like you found a bad CU and just like there are bad banks there are bad CUs.

 

They may be member owned, but they still operate as a business and policies come down from the top and whoever manages the credit union.

 

I've dealt with Credit Unions for years and some are good, some are bad, but you can't bundle it the way you did against "ALL CUs".

It's no different than if you were to say "ALL BANKS" because you experienced a major issue with a single bank.

 

And from the way that read, it sounds like your experience was all at the same Credit Union.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 27 of 36
SouthernCredit
Frequent Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@lns1976 wrote:

@SouthernCredit It sounds like you found a bad CU and just like there are bad banks there are bad CUs.

 

They may be member owned, but they still operate as a business and policies come down from the top and whoever manages the credit union.

 

I've dealt with Credit Unions for years and some are good, some are bad, but you can't bundle it the way you did against "ALL CUs".

It's no different than if you were to say "ALL BANKS" because you experienced a major issue with a single bank.

 

And from the way that read, it sounds like your experience was all at the same Credit Union.


Cross-collateralization is a "feature" of credit unions that isn't generally practiced by regular banks (though they can write this into loan agreements if they wish). Most credit unions practice cross-collateral to mitigate losses to their members in the case of default. While my business was with one particular credit union, any (and many) credit union(s) can practice this and do to mitigate loss. Because cross-collateralization is practiced by so many credit unions, I lump them in together. 

Message 28 of 36
lns1976
Regular Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?

@SouthernCredit I do understand what your saying about Cross-Collateralization, but from what I read that wasn't what turned you against CU's.

 

The customer service, the continued harassment after a BK, and the continued problems with your wife all among this same Credit Union.

 

That isn't normal with credit unions or banks and I wouldn't tolerate that kind of treatment either.  


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 29 of 36
SouthernCredit
Frequent Contributor

Re: Reasons to avoid Chase, BofA, Elan, Wells Fargo?


@lns1976 wrote:

@SouthernCredit I do understand what your saying about Cross-Collateralization, but from what I read that wasn't what turned you against CU's.

 

The customer service, the continued harassment after a BK, and the continued problems with your wife all among this same Credit Union.

 

That isn't normal with credit unions or banks and I wouldn't tolerate that kind of treatment either.  


To be clear, I did not learn about cross-collateralization until my BK, and it is what first turned me off to credit unions. Because of that one thing, I would never pursue business with any CU again for more than one account at a time, and then only for something that was directly collateralized (like an auto loan). 

 

The continued issues with that one CU will keep me away from that specific credit union forever. 

Message 30 of 36
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