Snip: one less tie to Wells Fargo!

January 30, 2011 at 10:31 am (bank)

A year ago I changed my main bank from WF to a solid local credit union, BECU, but I kept all my accounts open, though inactive and drained to almost zero. I managed to move all existing debt from a personal line of credit to various credit cards with zero interest starter rates (otherwise known as the credit card shuffle), and then finally to a BECU credit card (at a much lower percent: 10 down to 6.9). My balance on the personal LoC has been zero for quite a while. They’ve been making some changes, and trying their typical tactics of mysteriously charging fees unexpectedly in case I wouldn’t notice or care. Instead this time, I’m not the gullible consumer anymore!

They sent me a notice for a new annual fee of $25. But I have a zero balance! So I decided since I no longer needed or used this account, I should cancel it. I went into their bank last week to do just that. There was a big confusion, with a manager having to get involved, to see if the fee could be waived before closing the account, and to even see if I could get out of it. I’m happy to report, that at the end of the day, they called me and confirmed they were able to. But it illustrates exactly why I dislike the big banks, and have left. They are all about hidden fees, charges, and the quest to make a profit at the consumer’s expense. They tried that sh*t with my checking account, every few months trying to slip in a $12 fee to see if I’d notice, then doing the same to my savings account. They’d change up the account details very few months with fancy mailed handouts with lots of small type, having to notify you of account changes, and hoping (and expecting) that their customers would just shrug and toss it away into the recycling bin. I’m happy to say, none of that crap has been happening at the credit union. I’ve been with them a year now and nada. What a nice change!

Well, the personal line is now closed. I have cut yet one more tie to Wells Fargo. I still have my personal checking and savings open, but have had no activity on either in a year, and my account balances on both total less than $1. I still have a business checking account, for which they charge a fee annually. The only reason I still have any accounts with WF, and why I haven’t tried to close the business checking, is because of my huge big SBA loan. It’s at $27,798 right now. I have been paying the minimum payment on it for over 2 years, since it’s at a measley 5% interest rate, so I could concentrate on other, higher interest debts. And last year it matured, being more than 5 years old, and they were kind enough to recognize what a golden goose they had sleeping in the barn and moved it over to a business line of credit at the same percentage rate. Why rattle the cage if it keeps paying $115 every month of pure profit? I was told when I opened the account and got the loan that I needed a business checking account to qualify for it. I don’t want to jinx that low rate by closing the business checking account. Heck, I don’t even want to jinx it by asking, and having someone look closely at it and maybe notifying someone that they should raise the rate! So I’m being quiet and meek and not making waves. And next month I finally pay off my only other debt, and can start paying it the hell down!

In February, after I pay the final $654 balance (plus interest fees) on my BECU visa, my very last credit/loan debt outside the SBA loan at Wells Fargo, I will have a little extra I’ll be able to pay towards the SBA loan. Then in March, 100% of all my debt repayments will go strickly and completely towards cutting the very final strings with Wells Fargo, and ridding myself of all nasty debt. I think next month will be the most satisfying month to date since I started this debt repayment journey over 2 years ago. I’ll be starting on paying off my final debt. The end is actually in site!

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