Consumer complaint received 2021-02-06
Company: WELLS FARGO & COMPANY
State: MA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
In XXXX, Wells Fargo sent us balance transfer checks be used before XX/XX/XXXX on our card which balance had been paid in full in early XX/XX/XXXX ; however we continued to get XXXX balance statements through XX/XX/XXXX. Upon attempting to take advantage of the offer on XX/XX/XXXX, we were informed that our credit card was closed. No reason was given over the phone ; we were told a letter would be sent within a week. On XX/XX/XXXX we received the letter dated XX/XX/XXXX which stated that our account was closed on XX/XX/XXXX ( the day we called ) listing 3 reasons, 2 of which were completely erroneous. They claimed amounts owed on credit cards were near or at limit ( we had no credit card balances ; all had been paid in XX/XX/XXXX ), and that there were late payments on our credit report ( had none of these either except for the hardship WF had suggested and granted to us on our mortgage for storm damage in XXXX that many people had experience and which arrearage we paid in full in XX/XX/XXXX ). We pulled our credit report which confirmed our position. On XX/XX/XXXX we again contacted them to file a complaint and state that our credit report was totally contrary to their reasons. We were told via email on XX/XX/XXXX they would " research '' it by XX/XX/XXXX. Instead on XX/XX/XXXX ( one day of " research ''? ), they sent the identical letter to us again and further stated that they had a right to cancel a card " at any time and for any reason ''. Had they " researched '' it and looked at our credit report, they would have seen that their reasons were erroneous. 
The third reason they gave was that we had no checking or savings with WF ; this was/is true. We had a mortgage with WF since XXXX. In XX/XX/XXXX we reached out to WF to refinance at a lower interest rate. They could not meet competitive rates and we began inquiries with other lending institutions. In XXXX, they ( WF ) reached out to us to refinance but again they did not want to reduce the interest rate, only to extend the term, so we refinanced elsewhere in XX/XX/XXXX at a much lower rate. 
As previously stated, up through XX/XX/XXXX we continued to received XXXX balance credit card statements from WF showing a full credit limit available. Up to that date, we were never told the card had been closed, and, if so, why send us the checks. We believe the real reason that WF closed our card was that we refinanced elsewhere, yet they negatively and erroneously reported false information as to why our card was closed. The joke is on them as they have lost all the mortgage interest they would have continued to receive on our refinanced 30 year mortgage. We agree that they have a right to cancel a card at any time and for any reason. We do NOT believe they have the right, however, to fraudulently report false and erroneous reasons and to negatively impact our credit score. We completely understand why they have so many complaints against them.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation