An Open Letter to Wells Fargo (previously Wachovia)

Filed under: open letters Topics: , ,

Dear Wells Fargo—

I can understand that the past few years have been tough. So, thank you for the notification that you’re reviewing your clients’ accounts to simplify your books by removing credit lines that seem inactive. I’m glad to know that you’re diligent about being bankers.

However, when you remove a $1000-limit credit card serving as overdraft protection for a Wachovia account holder of 20 years with “VERY LOW RISK” (Experian,Transunion,et al.) without any advanced notification, you’re implicitly telling me that I should reconsider who I do my banking with.

I think I’m going to go talk to Chuck. Or Chase. Or ING Direct. Or… [etc.]

Thanks for the heads up!


Your friendly neighborhood CRO
Your friendly neighborhood CRO

Obviously that's not true, because you're bemoaning the loss of your safety net. A truly low-risk customer would simply transfer $1000 or so into his or her checking account and carry on as before.

Obviously you also don't understand the irrelevancy of your credit score in this matter.

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Your friendly neighborhood CRO
Your friendly neighborhood CRO

If you have overdraft protection enabled, you are *by definition* not a low-risk customer. Actual low-risk customers maintain sufficient account balances to obviate the need for overdraft protection.


My credit score and balance in my other accounts would beg to differ.