ED Magedson – Founder
Wells Fargo Bank Na2500 E 2ND AVE STE 101, denver, Colorado United States of America
"Watch out for Wells Fargo Lines of Credit, Ouch! This is predatory lending at it's worst!" said a Denver attorney who got caught up in one of the bank's predatory lending schemes.<br><br>"They promised me this super low rate" said the consumer who insists on remaining nameless. "After I paid late, they hiked the rate from 8% to 26%!! My payment went from under $300 a month to over $900!"<br><br>What does paying late mean? <br><br> "One day!" the unhappy borrower noted.<br><br> The ex-Wells Fargo borrower said he was used to 'relationship' banking. When there was a problem on the account he was able to resolve it at the branch level. <br><br> "They have taken all the authority away from the branches." the attorney said. "There is no such thing as a relationship with Wells Fargo!." <br><br> The unhappy attorney spoke to the department head in the line of credit department. The Wells Fargo rep said the bank hikes the rates because they make a huge profit. If the borrower can't pay then they haven't lost anything. Then came the phone calls. <br><br>"They call you every week. If you don't pick up on time, they call every hour. They even call on weekends including Sunday!" <br><br>The attorney said the collectors use a variety of phone numbers. If they think you are avoiding their calls they use a disguised telephone number. <br><br>"They embarassed me when I took calls with clients in the room." the attorney said. "It got so bad I was having to dodge calls."<br><br>Wells Fargo collectors are abusive in their attitudes. They demand an explanation about why the escalated payment is late. <br><br>"They drill you!"<br><br>The attorney said the collectors have access to all of his accounts. When he has money in one account they demand to know why he does not give the money to their department. <br><br>"The Wells Fargo line of credit people don't seem to get it, I have lots of other loans with the bank. If I pay the line of credit people then I will default on the rest!"<br><br>The attorney when an abusive collector demanded an explanation, he gave them one. A family member was sick in Mexico. Payment for health services was required in advance. No payment, no medication. <br><br>"The rep on the line said she did not care about 11 year old boys in Mexico.<br><br> All that mattered was when was payment going to be made. <br><br>I don't know why she wanted an explanation." the attorney said.<br><br>Predatory lenders offer teaser rates with hidden terms. When the borrower violates the terms the predatory lender raises the rate to the zenith.<br><br>"When they figured out I was having trouble paying my debt load the unhappy attorney said, they increased my debt load almost five times!<br><br>Wells Fargo does not want you to know about their predatory practices the attorney claims. The best way to avoid predatory lenders is to identify them and avoid doing business with them. <b><br>My 30 year relationship with this bank is over. The attorney stated. I am not their last sucker. Who will be next?
This report was posted on Ripoff Report on 12/01/2009 06:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Bank-Na/denver-Colorado-30331/Wells-Fargo-Bank-Na-Predatory-Lending-Practices-Abusive-Collection-Activities-denver-Co-531768. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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