Wells Fargo reviews and complaints 1
View all 1719 complaintsWells Fargo - death of my father
My parents are a personal and small business customer of Wells Fargo (have been for over 10 years). In April, my father died suddenly in a plane crash. Your bank immediately closed the business credit card account and equity line. This is a small business that was using the credit card to do business each month. Not only did you close my father’s credit card account you closed my mother’s credit card account (because she was not primary) making it difficult to do business. Please keep in mind this is an LLC with both listed as managing members
I needed to step in and open a new account with $5000 (not talking a lot of money) to maintain the cash flow of the business until we could get a handle on the Account Receivable. Then, when I applied for a credit card, I was denied credit due to the equity line. It would take another 2 weeks for your “bankers” to tell me that the business was overleveraged because the equity line was due in full when my father died. Seriously, who in their right mind realizes that an equity line is due in full when their fatther/husband dies? Now I realize that in order to extend additional credit you would have to re-qualify based on the business, but was there really a need to close the existing credit line, especially considering my parents were current with their payments and were paying down the debt (not taking on additional debt)?
If anything you are making it difficult to do business and pay off our debts to Wells Fargo. My mother has been into your branch multiple times to explain that we want to continue to pay the outstanding debts owed by the LLC (as my mother is a managing member). Your bank has still not responded and my mother has been required to go into your branch each month with the equity account number to pay on the loan. In the meantime your bank tries to figure out what is going on.
We have paid off my father's credit card, because AGAIN we no longer get a statement or have online access to the account so it was easier to pay it in full at the branch.
Pease note we have another LLC with a competitive bank and they have continued to do business as usual.
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