Consumer complaint received 2020-04-08
Company: WELLS FARGO & COMPANY
State: PA
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:
To Whom it may concern, In 2016 I went with an employee of my newly started company to open bank accounts at Wells Fargo. ( The same bank I use for my personal accounts ) While going through the process of opening the business checking account, the business account representative suggested I open a credit card account to help build the credit of the business. 

He explained it was an easy process as I personally had good credit etc. So I said Ok. 

So he ran my credit explained the type of account that would be good for me and then suggested I can get a card for your employee as well. 
I again said sure that would be great. He then asked for her home address and social. 
I asked why he needed that information? 
As did my employee ... as she explained she didn't want him to run her credit. 

He assured us that was not the case that this was just basic information needed for her company card and that the credit account would be under my name and business and he would not run her credit. 

She again pressed as did I .... I don't feel comfortable giving my social ... and I followed up buy saying ... As long as you arent running her credit. 
He again assured us that was not the case. 

He then said you are approved for a XXXX dollars limit. 
I asked if this card had any strange fees or or any type of loop holes I should be aware of. He again assured me that it didn't. 

He then printed out a couple of sheets that we had sign. ( No long form costumer agreement etc ) An that was it. 

Almost immediately issues began. My employee was getting statements sent to her home. We came to find out that the accounts had been split XXXX to her and XXXX to me. That this was not a basic company card. 

I called Wells Fargo and asked why she was getting statements sent to her house? They explained it was nothing more than a mistake. That it would stop. It didn't then ... and hast not stopped in 4 years. 

My employee soon after left the business for another job and returned the card. 
But continued to receive statements. 

I kept calling Wells Fargo asking them to stop sending statements to her home. They would assure me they would. Then I would get a message from my former employee with a picture of another statement. 

I would call and ask again for them to stop. They would again sure me they would stop .... and the same pattern would repeat itself. 

Then I asked them to put the XXXX dollar line of credit back on my card ... .. hoping this would remove her name from the accounts. 
They said they would try. Then explained that it was not possible to do so when I pressed even further. Though couldn't give me a strait answer as to why. 

The statements kept coming to my former employee after I had been assured by costumer service higher ups it would stop. They didn't. 

Then the business began to struggle and I was late on a payment. 1 day after being late they began calling my former employee demanding payment. She explained to the person on the phone she hadn't worked for me in years. The Wells rep explained she was liable for the debt. 

It was then after calling numerous times I finally went to a Wells Fargo branch to speak to someone in person. 
I was there for almost 3 hours while a rep called different people trying to get to the bottom of this. 

Finally we were able to find out that my former employee was put into the Wells Fargo computer system as a Co-Owner of my business. Even though Wells Fargo higher ups had sent us the paperwork while I was sitting in the bank that showed clearly that she is NOT an owner on the paperwork that I gave to Wells with my EIN and LLC info. 

It was then explained to me that she would be removed as an owner of the business from Wells Fargos files as we now had the proof ( in their own Documents that showed that was false ) and the statements and calls would stop. They didn't ... ... 

I then called again and again over months. 
I was sent to different departments and higher up reps until it was revealed to me that it was not just that she had been put into the computer as an owner of the business ... ..but that she was added to the account as a credit guarantor without either of our knowledge!!!!!! 
That in fact I did NOT qualify personally for the line of credit he offered me that day and the only way he could get it approved was by making her a credit guarantor ... .. that came directly from a Wells Fargo Rep. 
That is why he took her SS number as well as her home address and was also why she was receiving statements and phone calls for delinquent payments. 

She is still receiving statements as of XX/XX/XXXX and calls to this day. They have not stopped. 

I then found out that this CC actually came with a MAJOR drawback. 

When I asked if there was any drawbacks or things I should be concerned about or aware of. The rep assured me there wasn't. He lied a 2nd time. 

This card comes with the caveat that is you are late twice in one year .... you are penalized not just a lie fee .... but your APR goes up to 28.9 percent for 1 FULL YEAR and will not be reduced!!!! 
I would have never taken a CC with that type of pitfall .... and again the rep said there were none to worry about. 

So to recap. 
1 : This Wells Fargo Rep lied to us personally and then falsified my application in their system by listing my employee as a Co-Owner of my business and a Credit Guarantor without our knowledge. 
By doing so I was given an account that I didn't qualify for. Wells Fargo after years of trying to work it out with them has not remedied the situation. 

2 : He also lied and said there were no issues or major pitfalls to be concerned about in regards to this CC. I now have a 28 percent APR for late payments and Wells Fargo has refused to help. After again admitting that I should never have been given this account in the first place. 

I have attached proof my former Employee is still receiving statements. As well as the documents given to wells fargo showing clearly XXXX is NOT an owner of the business. 

As well as the signed Documents that we were given that day which clearly show NOTHING about her being a credit guarantor nor the APR hike for late payments. 

Any help would be greatly appreciated. 

Sincerely XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, NJ XXXX

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