Complaint Review: Wells fargo

  I used to get text alerts and get calls but it wasn't from the card company it was actually from the place I used to bank with. I guess banks and other financial places are different and do business in a different way.

one:I didn't know about the history.

Two I don't try to create conspiracy theories. I am uneducated on the financial history of banks.

So maybe next time I should do my research on history. So basically credit card company is their own and the bank is separate.

Most states have wiped out usury laws, but all 50 states allow credit cards to be used simply because the very few remaining states with usury laws on the books raised the interest rate on what is considered usurious to a rate much higher than what a CC can charge.  You can't generally get a payday loan in these states, and pawn shops generally won't exist either, but there it is.

Now that you know the bank and the CC company are separate legal entities, don't depend on one entity communicating your information to the other.  Now that you know the case as well, perhaps you can stop blaming late fees on anyone except yourself.  If you don't like the fact a CC company enriches itself on late fees, then make your payments on time and stop complaining when you are late.  The only person to blame for a late payment is you.  No questions.  No conspiracy.  No research needed.  It is that simple.

Please take off that Tin Foil hat and stop looking for conspiracy theories around every corner.

Again per the Supreme Court decisions back in 1978 allowed Credit Card interest rates to be exported to other States, which is why the banks hold their Credit Card operations in a few states. If you want to educate yourself you can look up Marquette National Bank v. First of Omaha Corp.

The problem isn't with these conspiracy theories you are coming up with.  The fact is that the fees and interest rates were disclosed when you opened the card.  Where you had an opportunity to either accept the terms or reject the terms. By accepting the card you then agreed to the terms...including the interest rate. Oh and don't say you had no idea of any of these terms, because again per Federal regulations they must provide a truth in lending statement which I can just about guarantee you did receive or have the opportunity to review.

In the end it comes down to what was told to you before. Be sure to make your payments ON-TIME. Other than a very small percentage of credit cards, none have any sort of grace period. That is if the due date is on the 1st, paying it on the 2nd will cause late fees. If they don't have a phone number attached to your account, give it to them. But do NOT expect them to call you to remind you of an upcoming payment. The only time they will use it is when they start up collection efforts if you have missed a payment(and already generated a late fee).  If you are worried that you may make a payment late, then set up recurring payments where at least your minimum due is paid every month automatically from your checking account.   It doesn't mean you can't pay more, but it means that you won't be hit with late fees.  If you do set these up then be sure to account for that in your register so you don't end up overdrawing your checking account.

Of course in the end if you disagree with any of their terms, then stop using the card and pay off the balance as soon as possible. Once you have a zero balance close the card.

Because theirs a line where you can go to another state and not have to follow the other state's usury laws. I love how ever time someone complains, someone comes up with the laws on the books but don't share all the details of the law.

so basically Delaware has relaxed usury laws and bases on where you are you can follow that particular state law and not have to follow the other usury law in the other state.

Routinely calling customers to inform them of their account status would require a costly and massive undertaking; therefore, banks issue cardholders a monthly report commonly known as a credit card statement that contains the details you are requesting.

The people in a branch probably don't know this because they have no knowledge of history.  Years ago, banks and credit card companies used to all be one.  Bank of America had the Bank Americard (now called VISA), Citibank has Mastercard, and everyone else had their own offerings. 

Then there was a lawsuit in the late 60's in which banks wanted to offer VISA or MC but couldn't because the respective banks would not allow it.  On top of it, there were usury issues in which some states could not offer a CC from a bank because the 19.99% APR on the card was considered usurious.

SCOTUS eventually got involved because there were a number of issues at hand.  The decision resulted in credit card functions having to be segregated from their banking sister companies.  No one needs to investigate - this is all historical.  In addition, the decision also pretty much rendered all usury laws on the books at that time in the various states to be unlawful.

Now that you know this, stop creating conspiracies when there are none.  The fact they happen to be separate is actually beneficial to the consumer; there was far more wrongdoing when they were all one company.  Give your phone number to the CC company because the bank won't be able to.  Pay your bills on time so you can avoid late fees.  Don't think the grace period a credit card company means you have extra time.  It doesn't.  Pay one week before your due date.  If you can't, adjust your budget until you can.