Consumer complaint received 2020-07-04
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
On or about XX/XX/XXXX, my Wells Fargo Cashback Visa Signature card 's limit was inexplicably dropped from {$9000.00} to {$2800.00} - which, at that particular time, was actually beneath the current balance owed ( approximately {$2900.00} ). This set me up to have to use valuable funds from a Wells Fargo serviced PPP loan due to the Coronavirus pandemic to make an emergency lump sum payment after deliberating and attempting to work it out with customer service ; I will explain in what follows how unethical I consider this situation, and what steps I reasonably expect to take if no action is delivered in a timely manner from Wells Fargo. 

I am a XXXX XXXX and ( XXXX  ) XXXX XXXX for a living, in multiple states but especially Arizona, where my accounts were originally set up. I have been with Wells Fargo for about 8 years as a long-term small business checking customer ; recently, due to the unfortunate events of the pandemic in 2020, I was forced to apply for life and business saving funds, which my local business banker ( XXXX XXXX ) graciously helped me connect with ; Wells Fargo is my PPP Loan servicer. My personal account, the Visa Cashback card, has been open for going on 6+ years, and I always make my payments on time. The card has also been fully paid off at least once in the past. 

Due to the dire financial situation created by the Coronavirus and shutdown / lockdown orders of the entire country, I was forced like many Americans to use ( some ) of my credit cards. My Wells Fargo Visa card 's balance was less than 30 % utilized by the end of XXXX, with a statement balance of just {$2300.00} ( again, out of a LOC of {$9000.00} ). 

I was so worried about the risk to my credit, by virtue of my limit dropping to beneath the current balance owed on XX/XX/XXXX, and actually ( instantaneously and without warning ) putting me OVER my limit, with no fault of my own having taken place, I was forced to make a lump sum payment beyond my minimum the following week, after efforts to reinstate my LOC clearly failed as indicated by letters sent by the bank. I was afraid of my FICO being negatively affected, and it almost certainly has been by Wells Fargo 's unethical Corporate behavior. 

I am offended as a long term customer, a small business customer, and someone who has received a PPP Loan serviced by Wells Fargo, and was forced to use part of that money not for my business, but for a larger payment on a personal credit card. 

I feel strongly I should bring this to the attention of the media and both traditional news outlets with which I have a relationship, and also my extensive social media network. After Wells Fargo 's account opening scandals of just 2 years ago, I feel it would be both in my and also the public 's best interest to do this, and I have every intention of doing so if a resolution is not reached. I am a XXXX XXXX especially in the context of what I do for a living, and have been interviewed previously with XXXX XXXX XXXX XXXX as well as sources in the XXXX Arizona area.

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