Consumer complaint received 2022-04-19
Company: WELLS FARGO & COMPANY
State: WA
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:
I had a XXXX limit CC with XXXX XXXX  and a XXXX limit CC with Wells Fargo prior to 2020. During the pandemic ( ~May of 2020 ) I entered into a deferred status with the both cards via calling the company prior to becoming delinquent and informed both banks that I had been furloughed from my employer, the XXXX XXXX XXXX due to the aviation industry as a whole taking a pause. Thus I would effective-immediately no longer be liquid, due to loss of primary employment. Further, my new income was based upon state-unemployment which was delayed for months in WA state due to a myriad of issues related to the pandemic. 

Nonetheless I called back Wells Fargo XXXX days later ( to continue my deferment ) and Wells Fargo informed me they needed me to call on day 45 to continue keeping my card in open/deferred status ( even though the pandemic still had no end in sight @ XXXX of 2020 ). Thus WF was my first ever CC to be closed. Through many calls I learned that WF needed me to call back just a few days earlier and this issue could have been alleviated, nonetheless WF refused to make any accommodations at that point. Keep in mind the pandemic showed no signs of letting up at this point ( Summer 2020 ) but Wells Fargo had no problem applying " the juice ''. 

So I called XXXX XXXX immediately to extend my Covid-related deferment, only to find that their time-frame for me to call back was also 45 days or less. However the silver-lining of all of this was my XXXX XXXX  XXXX had a 60-day window ( for Covid deferment follow-up ) and was willing to accommodate me so I remained us a customer ( also noteworthy : XXXX holds my highest limit and is my primary CC but also went into Covid-deferment at the same time as WF and XXXX XXXX  ). 

Consequently I still have my highest credit limit with XXXX but this just goes to show me that smaller banks like XXXX XXXX  and Wells Fargo ( smaller relative to my account and smaller relative to Chase ) must've been taking more aggressive risk-reduction tactics amidst a global pandemic despite the human affect, ultimately inflicting the most pain on people like me, low credit-limit, unemployed by Covid, and low savings individuals.

I was very disappointed that I was being preyed upon by mid-tier Banks at a serendipitous/unscrupulous moment for banks to close-out ( low limit ) credit cards that were in Covid-deferment status quicker than normally would have pre-pandemic. Ultimately I suspect that due to these accounts ' high doubt of repayment because they were in Covid-related deferment and low-limits, that is why it was in the banks interest to have them closed. If they wanted to keep them open, policy would have allowed for it. WF settled with me for ~60 % of the XXXX limit. XXXX XXXX  remains attempting to debt collect. I am now employed again but I fear I may have hurt my chances with WF because I accepted a settlement. Please help

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