Consumer complaint received 2016-12-02
Company: WELLS FARGO & COMPANY
State: NV
Product: Credit card
Issue: APR or interest rate

Complaint:
I believe Wells Fargo owes me in the neighborhood of {$420.00} ( I earn {$130.00} an hour ) for time wasted attempting to resolve this issue. I sent a request to its board because I could not get satisfaction from anyone at Wells Fargo despite repeated calls, messages and letters. 
Yet, Wells Fargo contends it puts Customer Service first above all else in its XXXX and Values statement. 
Obviously, that is not true as can be attested to by the recent accounts scandal. But Wells Fargo 's scandal does n't end with employees increasing their salaries by opening accounts in customers ' names without their knowledge. I have discovered that Wells Fargo refuses to reduce the APR of any customer even those with good credit so it can reap the large fees of those who carry a balance. At least that is what XXXX of its executive staff told me last week. Apparently, if you get a high initial APR when you open a credit card with Wells Fargo, then that is the APR you keep for life regardless of how well you manage your account. 
My issue, is this : How can a bank get away with this? Is there any logical reason other than filling its coffers that would prompt a bank to increase a person 's credit line by thousands of dollars but refuse to lower the APR? The only reason I could come up with was the bank 's culture of greed. 
It is not employees taking advantage of customers, it is the culture of the bank itself. 
It is illogical for a bank to raise someone 's credit limit if a person 's credit is bad. 
People with bad credit are high risk and so banks charge exorbitant interest rates to protect themselves. In fact, many banks wo n't even give people with bad credit anything but a secured credit card. 
The first time I requested a reduction of APR, I was told it was because I had poor credit even though my credit score at the time was over XXXX and my credit with Wells Fargo had been impeccable. The fact of a bankruptcy in 2010 was the reason behind the initial rate. ( I lost my job during the economic downturn, like millions of others, which caused the bankruptcy. ) Each time I requested a reduction after that, I was told that there is nothing anyone can do about the APR. I totally understood that reasoning initially. That was until my credit line began to climb. From {$2500.00} to {$10000.00}. over the last few years. 
My question then and now is : Why, if I have terrible credit would a bank give me a {$10000.00} line of credit? And if it did give that to me was it not telling me that the bank was more than willing to give me that line of credit because I was a good credit risk with the added benefit of being able to extract huge interest rate fees? 
And how are these actions different from employees opening unauthorized accounts? 
The credit card executive staff employee, XXXX XXXX was unable to answer my questions or do anything about the issue because it was not permitted. 
XXXX came back with the same response. Please get back to me with an explanation as to why Wells Fargo has the right to exploit its customers in this manner.

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