But the cards are essential to our business. We always pay the balance in full, and have never paid any fees or interest on our corporate credit cards.
True to our word, we’ve put approximately $400/month on the cards over the last three years. But we were given accounts with $10,000 credit limits. To back up a bit, when we opened the credit cards, we told the business banking rep at our local Wells Fargo that we would only be spending about $300 – $500/month on our cards. We called the next morning and talked to another rep who told us that the reason the cards were closed was because of low usage on the accounts. That doesn’t make for a particularly good evening. But I would have to call back the next morning to talk to someone during normal business hours to get more information. Well that’s lovely – any particular reason why? The gentleman told me that they were closed because of a report from Experian. I was informed by a very nice employee that our credit cards had been closed as of January 20th. I called the 24 hour number on the back of my corporate credit card to find out what was up. Last Sunday, we got an email from a vendor we use for our business, letting us know that an automatic payment had been declined. We have a perfect record with you and with every other bank/lender/financial institution we’ve ever done business with. But all of our other banking is done with your bank, and has been for a long time. And our HSA and IRAs are with investment brokerage firms.
Our high-yield savings account is not with Wells Fargo, because as far as I know you do not offer one. Last month we opened a corporate money market savings account. Three years ago, we incorporated our business and opened a business checking account, along with a corporate credit card for each of us. Our Heloc is also through your bank, and has been ever since we bought our house. We added my name to his checking account, and opened a joint credit card through Wells Fargo. When we bought our house and consolidated our finances, we decided to merge my bank accounts with his and move everything to your bank (in hindsight, I wish we had moved him to my bank instead, but you know what they say about hindsight). My husband has been with you since the mid-90s. I have been banking with you for six years.
An open letter to Wells Fargo and anyone else who cares:
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