vagrants

^ They are not scary at all then

CVG_Kid

I did have a restriction noted by an online message but I called Fraud and they were able to resolve it. Perhaps they should not have but they treated it just like any other fraud block and lifted it after a series of questions.


I quit pulling quite early as it simply took too long. They were all pushes or transfers from checking. Checking was funded through pushes and branch deposits of checks and MO.

The one thing I did do differently than others, I suspect, was fax the High Dollar desk for every submitted payment to have the hold removed immediately. I don't believe this had anything to do with the closure. It was actually recommended by WF in a CFPB complaint response regarding payment holds.

I pull my Chex after every closure so I'll see in a few weeks.

The BSA is fine for banking but using it to close a credit card account raises issues. Specifically the marketing of the 5% promo was not fulfilled and the only reason they will give is 'the bank has determined to close the account'.

It's a fair question whether the FTC will accept that as sufficient for reason to renig on a marketing offer.

My opinion is they've painted themselves into a corner by applying banking regulation to a credit card product. The standard non-answer produced by the BSA won't cut it with the FTC I hope.

Omnipotent

My money order payments will no longer go through directly to the card. Now I have to deposit them to my checking account and make the payment the next day.

Why do we have two 5% Wells Fargo threads?

tech2011

How many months lasted for you WF card?

onehitrenegade

Is opening a WF business checking account and waiting a couple of months enough to build the relationship they need to qualify for this card? Or the does the "relationship" need to be with a personal checking account?

CVG_Kid

four

tech2011

Thanks CVG, Mine lasted fully. Still open CC and checking account.

TravellerAtoZ

I have a Wells Fargo mortgage and just got an offer in the mail for the WF Home Rebate card. It sounds great because I'm in an MS lull right now, but I read on some blog that the Terms and Conditions have "recently" changed to no longer give 5% on VGC purchases. I see in the T&C's that "store gift cards" are excluded. Is this all gift cards, or just "store gift cards" like Amazon?

cbender49

Maybe I'm being naive but I don't think a CC company can see what you're purchasing outside of dollar amount, merchant, and the merchant code. I mean, my prescriptions cost a lot and I have to buy them pretty frequently but I don't see where the bank would be able to get an itemized breakdown. If you're questioned about it, sure, but that seems to get in the way of some privacy regulations.

Stoughton

Depending on the card and the retailer, they can see individual item detail of your transaction.

Mamibear

I have read several reports of people who got FRd by am3x who used their 0bc for purely MS activities at drugstores. I thought HIPAA privacy rule would prevent them from peeking at transactions but it seems they can check and see exactly what those $50x.xx and $100x.xx purchases are. Many have said they were asked directly, "why have you bought a lot of GCs at X drugstore?" Interesting to note they didn't ask what cardholder was buying for huge amounts, but instead they asked why a lot of those GCs were being purchased.

Stoughton

"HIPAA Rules, including the business associate provisions, do not apply to banking and financial institutions with respect to the payment processing activities defined in §1179 of the HIPAA statute." (78 Fed. Reg. 5566, 5575 (Jan. 25, 2013)). -

See more at: http://www.physicianspractice.com/bl....WWuy81hI.dpuf

CVG_Kid

Amex and Discover own their transaction networks and act as both the card issuer and the merchant bank. That's why they can see your transaction detail.

Visa and Mastercard do not own their transaction networks. They have contracts with their merchant banks. When you dispute a charge a request is placed through the MasterCom system to request a copy of your charge detail. MasterCom's rules require a reason code within contract stipulations be provided to turn over this information which is stored at the merchant bank level. A code exists for Fraud but MS does not meet that criteria and exposes the issuers to sanction and legal recourse if they request charge detail outside the contract parameters.

There is a lot of chatter about Level 2 and 3 data from the merchants but I've never heard of this used for charge detail outside of certain merchant codes like hotels and airlines which may pass your itinerary to the issuer.

prasha11

Last year my CC purchases were $50k+ every month, it would be naive to believe they thought I was buying carrots and bananas! Today banksters can see what they want to know, Laws and regulations are meaningful to the extent of enforcement. Justice dept. needs a billion $ fines potentials to justify the cost of investigation and litigation! (all crimes are not prosecuted!)

46sky

I don't know about this - I mean the IRS conducts tax audits on random middle - income bracket workers. There are not billion $ fines at stake there.