A year ago, we refinanced the house and rolled our $34k Home Equity Line of Credit (that had allowed us to avoid PMI and refinance our auto loan during our "uber lean year") into our new principle amount. During the refi process we were told that Wells Fargo would charge us $500 to close the account, but WF informed us we could "keep the account open" even if we paid off the balance and there would be no $500 charge for that. So that's what we did.
A couple of weeks ago we received our first Wells Fargo bill in about a year with no line items detailed and a balance of $75. Upon further investigation it turns out this was an "annual fee" that was detailed in our agreement (the rep said snottily) that is apparently "waived" if you carry a balance of $20k or more (soooo it's a $75 "inactivity" fee, right guys?)
So. Even though I've send them about $3k in interest over two years, it will cost me either $500 to close the line or $75 a year to keep it open but with less than a $20k balance. ::: boggle ::: I know they have to make money but dammmmmmmmmn that's obnoxious.
LaLa the Household Hero put on her "crazy lady" knickers and gave them a piece of her mind. IMO "crazy lady" is really just "pointed" with a dash (pinch? hint?) of "outrage" and either way it resulted in her getting transferred to someone with fee reversal powers. She posed the question "Why would I pay $75 a year to keep this account open in the chance that I *might* need it someday when I get offers every few days for lower rates and fees from your competitors?" And with that, the fee was reversed...until next year most likely ;)
Crazy Lady: 1, Wells Fargo: 0