Consumer complaint received 2024-06-12 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: WELLS FARGO & COMPANY
State: NJ

Complaint narrative:
The month before my son left for college I took my son to the bank to apply for a credit card in his name only -just like I did with his brother and sister at age XXXX. They all received the Wells Fargo active cash Visa signature card. These were given with no co-signer, no job, just the knowledge that he was starting college. The first year was fine as he only bought groceries and books. The second year he was diagnosed with XXXX XXXX and all XXXX broke lose. When the card was opened I said the credit limit is not to be raised until he is graduated and was working and the bank told me they wouldnt up it because hes not working. My son began having this repeated response to things and would just keep hitting a button at times not knowing he was making purchases-you can see it on the statement. I understand that this is not the banks problem, but I was never made aware of it until he was in the hole of over {$3000.00} plus the XXXX they pulled with his checking account approving purchases when their was no money in the account. They raised his credit limit on his card to {$1800.00} and then let him spend {$1000.00} over that. They assumed I would just pay it. Its not my responsibility to pay it. I was under the assumption that the bank had certain measures in place that would prevent things like this from happening. They knew he had no money when he was out of funds in his Wells Fargo checking account, yet they perpetuated the issue. Why were laws written to protect people if the banks ignore them. To continue to charge 29.99 % interest should be illegal as well. They created the problem, XXXX willing to pay the debt, just not the interest. I was in XXXX visiting my XXXX  when his checking account kept going insufficient funds. I was not happy about getting on public WiFis to login to the bank and transfer funds-this happened XXXX times while I was there, I was XXXX. When are other people going to start to do their jobs? Wells Fargo opened a case and gave us {$50.00} to offset the interest which is about {$60.00} a month. The sent me a message saying that the bank periodically looks at peoples accounts and decides whether to raise your limit or not. Obviously they based it on my credit worthiness, for if they had looked into XXXX they would have found he is going into his junior year of college and has still not worked a day in his life. They messed up and they wont admit it. The FDIC law 226.51 states that banks are prohibited from increasing credit limits without considering the consumers ability to pay. Wells Fargo blatantly violated that law when it came to my sons credit card and checking account. In all honesty they should pay it all because they knew what was going on ; I did not. Now I have to call another number to decrease his credit limit. Ive wasted enough of my time on this. Their problem they can fix it.

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