Consumer complaint received 2025-07-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Unexpected increase in interest rate
Company: WELLS FARGO & COMPANY
State: CA

Complaint narrative:
To Whom It May Concern, I am writing to formally express my profound dissatisfaction with the Consumer Financial Protection Bureaus recent handling and closure of my complaint against Wells Fargo regarding the excessive APR and interest charges on my credit account.

Despite submitting detailed evidence and a clear request for a fair review of my accounts near-30 % interest rate, the response and closure letter I received from Wells Fargoand accepted without further inquiry by the CFPBreflects a perfunctory, dismissive approach that fails to protect consumers or enforce the regulatory mandates under the Credit CARD Act of 2009 and relevant federal statutes. 

The following points illustrate why this resolution is unacceptable : 1. Failure to Enforce Periodic APR Review The Credit CARD Act requires credit issuers to periodically review and, if appropriate, reduce interest rates. Wells Fargos reliance on vague internal algorithms and an inflexible risk department policy is an evasion of this duty. The CFPBs acceptance of this justification without demanding transparent evidence or a substantive investigation undermines the consumer protection mission.

2. Inadequate Investigation and Lack of Individualized Assessment The Wells Fargo response provided generic legal disclosures and referred me to their Customer Agreement rather than addressing my specific account circumstances and payment history. This form-letter style reply is insufficient under CFPB standards for meaningful investigation and remediation.

3. Failure to Hold Wells Fargo Accountable for Predatory Interest Rates The APR on my account, currently at 29.24 %, far exceeds reasonable market rates and constitutes a punitive cost burden, which Wells Fargo has refused to adjust despite my responsible account use. The CFPBs closure without requiring Wells Fargo to reconsider or justify this exorbitant rate represents regulatory abdication.

4. Dismissal of Consumers Good Faith Efforts I have made multiple, documented requests for assistance and resolution, all ignored or denied with rote responses. The CFPBs case closure letter implicitly endorses this neglect, damaging consumer trust in the agency.

In light of these failures, I formally request the CFPB : Reopen my complaint and conduct a thorough, substantive review requiring Wells Fargo to provide detailed documentation of their APR calculation methodology and account review history.

Enforce Wells Fargos compliance with the spirit and letter of the Credit CARD Act and related consumer protection laws.

Provide me with clear guidance on further legal and regulatory remedies available given the refusal of Wells Fargo to act in good faith.

Failure to act decisively in this matter will force me to explore alternative legal actions, including engaging state regulators, filing complaints with the Office of the Comptroller of the Currency, and seeking legal counsel.

I trust the CFPB will uphold its duty as a guardian of consumer rights by taking my concerns seriously and correcting the inadequate response thus far. 

Sincerely, XXXX XXXX XXXX ( XXXX ) 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